A Comprehensive Estate Plan Includes:
- A Living Trust
- An Advance Health Care Directive (Living Will)
- A Durable Power of Attorney
A comprehensive estate plan is more than merely preparing a will. A valid will ensures that your estate passes according to your instruction through the probate process. But the reality is that probate is complicated, involves the courts, and is both lengthy and expensive. Comprehensive estate planning is much more than a will.
Note: without a will (and without any estate planning) your estate passes according to state law through the probate process.
A Living Trust:
In conjunction with a will, outlines the legal agreement in which you (the initial trustee) continues to own and control your property. Property that is ultimately transferred to the beneficiaries.
An Advance Health Care Directive
Often called a Living Will, appoints the person of your choice to direct your medical care (under a power of attorney) and as outlined by specific instruction related to any potential health care decisions that may become necessary.
A Durable Power of Attorney:
Appoints the person of your choice authority over your assets and financial accounts in the event that you are unable to make financial decisions for yourself.
The best way to avoid the probate process is to have a living trust in place long before you expect to need it.
A Comprehensive Plan provides for your needs & eliminates the requirement of probate for your loved ones.
Book a consultation to talk about comprehensive estate planning for you and your family.
Bay Legal helps you in your legal matters
- Innovative solutions
- Protection of assets
Blog Posts
HomeShare Agreements: Unlocking Home Equity Without Debt – A Comprehensive Guide
Benefits, Requirements, and Tax Considerations In recent years, HomeShare agreements have emerged as an innovative financial solution for homeowners.…
Continue Reading HomeShare Agreements: Unlocking Home Equity Without Debt – A Comprehensive Guide
Demystifying Estate Planning in California:
A Guide to Making the Right Choice Estate planning is a term that often brings to mind images of…
Continue Reading Demystifying Estate Planning in California: