Estate Lawyer Orange CA
If you’re wondering how to prepare for your future, an estate lawyer in Orange, California, can help. As we grow older, we grow wiser – but we also have more questions, especially about our legacy and our estate. We’re only here for a short time, and everything we build up for ourselves over the course of a lifetime should be passed on according to our best wishes.
You may have questions about how your estate can be divided between your family members and your friends, or you may have questions about how you can plan for a debilitating illness or incapacitation. Life is full of possibilities, but the right lawyer can help you navigate your way towards a well-planned estate for your ease of mind and the good of your beneficiaries. Read on to learn more about how an estate lawyer in Orange, CA, can help you plan ahead.
DURABLE POWER OF ATTORNEY
Many people establish wills detailing what should be done with their assets upon their death. Unfortunately, not many people take the time to consider what should happen if they cannot make decisions or care for themselves anymore. If your family has a history of Alzheimer’s or other neurodegenerative diseases, you might want to take some time to establish a durable power of attorney.
If you’re no longer able to handle your financial and personal affairs because of disease or accident, you’ll need to trust the decision-making to someone you know you can rely on. A durable power of attorney means giving someone legal authority to make decisions on your behalf, and your estate lawyer can help you determine who is best suited for the task. The right estate lawyer can also show you how to navigate the legal requirements to give a durable power of attorney in an emergency.
A durable power of attorney grants someone the authority to make decisions on your behalf, but what about the people you care about? No man or woman is an island, and if you’re incapacitated or deceased, the people who were depending on you for their wellbeing shouldn’t be left abandoned. If you have children, older relatives, or disabled adult dependents, you’ll need to establish guardianship in case of emergency.
When you reach out to an estate lawyer, you can take steps to provide for your loved ones. A legal guardian assumes responsibility for your loved ones when you’re no longer able to care for them yourself. Some guardians are solely allowed to manage finances or assets (guardians of the estate), and some have responsibility for individuals (guardian of the person). Guardianship is an integral part of planning your estate and your future, and a lawyer from Holborn Law can help.
CONTACT HOLBORN LAW TODAY
At Holborn Law, we know your loved ones deserve care even if you’re no longer able to provide for them. When you plan your estate, you’re taking steps to protect your assets, but you’re also taking steps to plan and provide for any dependents who might rely on you.
It’s important to leave behind a workable estate plan that your loved ones can follow in the event of your incapacitation or death. An estate lawyer in Orange, CA, is available to help you through the process: Contact Holborn Law today and plan for your tomorrow.
Estate Planning for the Future
Having an estate lawyer from Orange, CA, is highly recommended when planning for the future. Estate plans are living breathing documents that clearly outline your wishes when you become incapacitated or are no longer walking this earth. Professionals from Holborn Law can assist clients with understanding estate planning and providing guidance that helps with making decisions suited for the needs of you and your family. Estate plans are often out of sight, out of mind, meaning they’re easy to put off for another day. It’s important to know that your family should be made aware of any critical decisions made when you engage in this process, as this can help alleviate discord down the road.
Understanding an Estate Plan
An estate plan is a process of making decisions for when the unexpected should occur. An estate plan can be essential while a person is still living and after they pass. For example, when a person is still living and becomes incapacitated or can no longer make decisions, an estate plan may guide what to do next. An estate plan is made up of several documents, all of which serve a different purpose. Typically an estate plan will include:
- Letter of Intent
- Last Will & Testament
- Irrevocable or Revocable Trusts
- Power of Attorney
- Advanced Healthcare Directive
- Beneficiary Designations
An estate lawyer in Orange, CA, will play an imperative role in the estate planning process. While it can be tempting to undergo estate planning using a DIY tool or on your own, be aware that this could be dangerous. Developing an estate planning tool on your own can put you at risk for creating documents that are not valid and do not consider federal and local laws.
When to Initiate the Estate Planning Process
Estate planning is not just for people who reach old age or are exorbitantly wealthy; it’s something that any person should consider. Outlining your wishes can help your family make decisions even with minimal assets. If you are considering when the right time is to start estate planning, you already have the answer. Now. While an estate plan can be easy to put off, you must act now by initiating the estate planning process.
Preparing for Your First Estate Planning Meeting
Estate planning can be complicated for those unfamiliar with the process, but developing these documents with a lawyer can be relatively straightforward. When you carefully prepare for the first meeting, it’s possible to come up with an estate plan relatively quickly. Here are some things you can do to prepare for your first meeting with an estate planning lawyer:
- Property Information
- Financial Information such as:
- Bank Accounts
- Retirement Accounts
- Life Insurance Policies
- Investment Accounts
- Personal Items
- Family Heirlooms
- Family Information
- An Idea of Who to Appoint as:
Holborn Law is dedicated to helping our clients develop vital documents for the future. Estate plans help clients and families have a clear idea of their final wishes. The benefits of taking time with us to endure the process are well worth it. Start estate planning today with our Orange, California estate lawyer.
Why Should I Have An Estate Plan?
In short, you should have an estate plan so that you can have a peace of mind regarding what will and will not happen to your property. Your property is anything you own in your name, such as your car, bank accounts, furniture, etc. You don’t want the care of and possession of these things to be left to chance or for a probate court to decide when you can make these decisions right now for yourself. After all, who knows your family better than you? You, not some probate court, are more qualified to say which relative deserves what or who can most benefit from, say, your washing machine and dryer.
What Should I Include In My Estate Plan?
Far too often, many people overlook very critical documents when they are planning their estate–especially when they do not have the benefit of having a knowledgeable estate lawyer helping them. Before you start planning out your estate, consult with one of the most skilled and compassionate estate lawyers Orange CA has to offer, the lawyers at Holborn Law. We have been in this business for years and our positive client reviews speak for themselves.
Here is a non-comprehensive list of some of the items you should certainly include in your estate plan:
- Naming any charities you want a portion of your money to go towards
- Naming a legal guardian of your children, if they are minors
- Detailing what should become of your pets, if you have any (name a legal guardian, sell, etc.)Naming a beneficiary or beneficiaries for your life insurance policy or policies
- Naming a beneficiary for your pension, ROTH IRA, or 401(k)
- Creating a trust so that your estate pays less taxes and your family can benefit immediately from your estate’s finances should they need the money
- All titles and deeds to your property
- Any funeral instructions
Should I Leave My Grandkids My House Now Or Later?
An estate plan is different from a will. Your wishes can go into effect immediately, not only after you die. Therefore, you can decide to leave valuables, such as your home, to beneficiaries while you’re alive. If you’re no longer able to live on your own and you want to ensure that your home is take care of, or if you’re too excited to see the jovial expressions of happiness of your loved ones faces before you pass on, there are several things to consider regarding whether to leave your grandchildren your house now or later.
One: Are they ready for this gift?
A house is a responsibility, so you may want to ask yourself if your grandchildren are mature enough to handle it. Are they gainfully employed or are they “between jobs”? If they’re all in school, including college or grad school, chances are they may still be too immature for the responsibility of keeping up the lawn, paying for quarterly pesticide visits, fixing the roof, repainting walls, and so on.
Two: Do You Care If They Sell It?
Sometimes, grandparents fancy this idea of all their children or grandchildren sharing one big home, but that dream is rarely made into a reality. One grandchild may not like the home. Another may not care to share space with her or his siblings now that they’re adults. Another may want to make certain aesthetic changes to the home that the others do not. In the end, they might decide that selling the home and splitting the return is best for all of them.