Burbank Estate Planning Attorney
Estate Planning 101
“Failing to plan is planning to FAIL.” - Ben Franklin
I am not Rich, Why do I need Estate Planning?
"Joseph McHugh, our Estate Planning Attorney is passionate about ensuring your final wishes are legally documented in a way that they will be followed in case of your death. More importantly, your wishes in case of you suffer a tragic event as a result of illness or injury, leaving you unable to manage your life or your financial affairs."
People do not like to envision their own death or the death of a loved one. However this is something everyone should focus on to make sure their personal wishes are legally documented. Maybe more important, is to plan in case you become incapacitated and choosing who will make decisions about your medical situation and also someone to be authorized to handle you financial affairs. It is important to name who you wish to be the guardian of any minor children you may have and / or to set up what you wish to happen to any non-human loved ones with proper Pet Trust legal documents.
What will happen if I do nothing?
If you do nothing and leave your estate and final wishes unattended, this can be disastrous in most cases. Do you want the California court system to decide how you want your end of life health care decisions made? Do you want the California courts to decide who gets your property? It is important to plan for the worst case so you can document your decisions about your estate, no matter how small it may be. If you do not properly plan for your estate's distribution, your chosen beneficiaries may not get what you wanted them to receive and there may be legal court battles between squabbling family members.
Working with an Estate Planning Attorney and creating an Estate Plan gives you the peace of mind that your property will be given to the intended heirs with the least amount of tax payments. You can rest knowing you have chosen the person(s) you would like to manage your estate in the event you become incapacitated or upon your death.
Without a proper Durable Power of Attorney, if you become incapacitated, and you are unable to manage your finances, your family or the court system will be forced to establish a Conservatorship in order to legal be able help you manage your financial affairs. A Conservatorship is expensive, court intrusive and can be very stressful to your family. LA LAW Estate Planning Lawyers want to stress the importance of setting up an suitable estate plan in advance and any possible crisis. The best news would be that this planning never has to be enacted until you are a very old person at the end of your life.
What is An Estate Plan?
At a minimum, anyone over the age of 18 should have an Estate Plan that includes a Will, Durable Power of Attorney, and an Advanced Health Care Directive. However, in California, anyone with an estate valued over $100,000, or having any real estate should also consider setting up a Living Trust for any property they may own. This helps your estate avoid costly and time-consuming probate proceedings. Know that having just having a Will that is not properly drafted can be contested by other possible heirs in a court of law resulting in your wishes not being honored. There are many cases where bad relatives that should have been disinherited get a good portion of estates because of no planning or every poor planning.
Creating an Estate Plan should be done with the guidance of an experienced Estate Planning Attorney to prevent the possibility of your final wishes being ignored. While you can go online to a legal web site, and try to set up your own Estate Plan, it can be a risky scheme. If you want to make sure your wished are legal documented, it is best to seek the advice of an attorney experienced in Estate Planning in California. The LA LAW attorneys can advise you if a Will alone is enough to secure your property and your final wishes or if your assets and estate would be better protected with a trust or other types of legal protection.
If you were asked, "What would happen to your assets if you were gone tomorrow?". Joe McHugh, our Estate Planning Attorney can help you have peace of mind & be able to confidently say "Yes, I know exactly what will happen!"
After a thorough review of the best strategies for your estate plan and our fees for the scope of work, we will structure a comprehensive estate plan created specifically to protect your assets and allow you to stay in control of your life and your money.
Our Law Office is located in Southern California; however, we serve many clients throughout the state and love an occasional road trip to help all of our clients, their family and friends.
We are very proud of the many personal and professional referrals we receive from happy clients and colleagues. Please contact our office today to schedule a free consultation.
Take advantage of a free phone consultation or appointment for a free 30 minute consultation to review your individual situation and determine if you would benefit from our experience and legal services.
Call us at: (818) 241-4238