There is a common misconception that estate planning is reserved for the wealthy. In reality, everyone should plan for the future. With an appropriate plan, any assets, from real estate to life insurance policies, are more likely to be protected for future generations.
You do not have to navigate this process on your own. A skilled attorney could provide you with the resources you need to be ready for the future. Let an Irvine estate planning lawyer answer your questions and advise you on your options.
Probate
Probate is the name for the court system that divides a person’s assets after their passing. The process can be lengthy and costly, so many people work with an estate planning attorney in Irvine to avoid probate entirely.
Wills
The foundation for most estate plans is the last will and testament. This formal document determines how a person’s assets will be distributed after their passing. To be valid, it is vital that the will meets the formal requirements under the law, including being in writing and signed by the creator. Wills often work together with other tools like trusts to distribute the estate and avoid the probate process.
Conservatorship
A conservatorship is the legal responsibility of one adult to provide for the needs of another, usually a person who has become incapacitated through some illness or injury. Conservatorships can be temporary, especially when people recover from their debilitating condition. Often, this relationship remains in place for a person’s lifetime.
A person who wishes to become a conservator must file a petition in court. They must be an interested party, which is an individual with a close relationship with the person, like a child or spouse. Once all interested parties are notified of these proceedings, the judge must decide whether the person in question can no longer care for themselves.
Business Succession Planning
Transitions can be difficult when it comes to small business ownership. These challenges are especially difficult to navigate when the owner of a closely held company passes away. A lawyer in Irvine who has estate planning experience could help construct a plan that addresses everything from tax complications to beneficiary identification.
Guardianship
When a child’s parents are unable to care for them, the courts may empower another individual to act on their behalf. Known as guardians, these parties could be awarded the power to make crucial decisions regarding the healthcare or finances of their ward.
Any adult of sound mind could serve as a guardian, but a judge will only make this appointment when necessary. In some cases, an order might be temporary, allowing the ward to regain control over their life in the future.
Trusts
Trusts are another powerful tool available in the estate planning process. They can be used to avoid probate by acting as the formal owner of a person’s property. These structures can also provide for the simple transfer of assets at the time of the creator’s passing. An Irvine estate planning lawyer could help establish a trust so a person’s wishes are honored after their death.
Powers of Attorney
There are times when one person might want another to be able to make decisions on their behalf. This is most common when a person is incapacitated. A power of attorney grants another individual the right to make important decisions on someone else’s behalf.
Speak to an Estate Planning Attorney in Irvine
You are not required to work with an attorney when making these decisions, but the support of legal counsel can help you avoid serious errors. A single mistake could upend the process entirely. Reach out to an Irvine estate planning lawyer to learn more about your options.
