Estate planning is an important process for everyone. Estate Planning Awareness Week is here to remind us of this from October 17th through the 23rd. If you have not made any plans of your own, fix that by contacting a Woodland Hills, California estate planning attorney from our firm. We can help you make a customized plan that protects your assets and makes it easier to leave something behind for your loved ones.
Is Estate Planning Just For Rich People?
A popular misconception is that estate planning is only for the rich. If you don’t have multiple homes and cash stashed in all sorts of bank accounts all over the world, making a plan is just not necessary. Having a will is more than enough.
This is not true though! Having a will is great, but it’s just the first step. This allows you to leave certain assets behind for your loved ones, but what about the probate process? What happens if you are incapacitated? Who makes your decisions for you? These are all things that can be addressed through the estate planning process.
What Kinds of Estate Planning Tools Can I Use?
Our lawyers can help you figure out what kinds of tools can be used to make the ideal plan for you and your family. Aside from your will, a plan can include things like:
Trusts: When you place assets in a certain type of trust, you can avoid the probate process and save your family time and money. Usually, assets left behind in a will must go through probate, but this can take a while and cost your family money in court fees. If you can help them avoid that, why not do so? There are also other kinds of trusts, like ones that can help you donate to charity after you have passed away or trusts that can be used to provide for minor children or loved ones with special needs.
Power of attorney: If you are incapacitated for whatever reason, there could be a court fight to determine who can make decisions about your health or estate. You can avoid these battles by giving someone power of attorney. Financial power of attorney allows someone to make financial decisions for you and healthcare power of attorney allows someone to make your medical decisions.
A living will: This document can contain instructions about what kind of medical care you would want if you were incapacitated. Whoever is given your healthcare power of attorney can look to it for guidance.
Do I Need an Estate Planning Lawyer?
It can be tough to make an entire estate plan on your own. This is why we recommend working with an attorney. Every estate is different so every plan is different. We will help you figure out what kinds of tools and arrangements work best for you and your loved ones.
Schedule Your Consultation
If you want to learn more about the estate planning process, contact the Law Offices of Yacoba Ann Feldman. We can schedule a consultation and tell you more about how this all works and what kinds of tools you can use to protect your estate. We look forward to hearing about your plans and priorities.
