There are many things that we know will happen but we simply donít want to think about. One of those things is the time when we will pass on and leave our earthly possessions to family members and friends. But itís important to start the process of estate planning early, especially if you want to set up living trusts and other financial assets that protect you and your family. A lot of people here in Carson are doing the necessary estate planning long before they actually need to have drafted a will.
Many people protect their finances and their families by opening a living trust. A living trust is created in order to reserve finances or an estate for someone else, usually a minor. You can be the trustee yourself, ensuring that you have control over the living trust, but the property or assets will eventually be available to a family member. If you have a family member who has special needs or a disability, you can set up a living trust to ensure that they are always provided for. Plus a living trust avoids probate court, so the responsibilities can be passed on to another family member should the need arise. Living trusts are an important part of estate planning.
Writing a Will
Writing a will is something that everyone in Carson should do when they are still young. You can always change your will if you decide that your assets should be divided differently, but having a will means knowing what would happen in the event of an accident. Wills are one of the most important parts of estate planning, and they can provide protection from financial uncertainty. However, your will will not avoid probate unless the value is below a certain threshold.
Estate Planning with an Attorney
All estate planning must eventually involve an attorney or other registered individual who can certify the documents you draft. Fortunately, working with an attorney in Carson can be a valuable and interesting experience, especially if you are interested in living trusts, powers of attorney, and domestic partnership agreements. There are many ways that you can divide and protect your assets, and the person best situated to inform you about your options will be an estate planning attorney.
Estate planning is more than just writing a will. It is a process that can ensure that the things youíve worked so hard to achieve are passed on to your family as you expect.
The Law Office of David J. Workman offers estate planning services to the greater Carson area and much of southern California. For more information about living wills, powers of attorney, and other estate planning topics, get in touch today.