Given the complexities of most estate plans, you’ll want to work with a qualified estate planning attorney. You may also find it helpful to work with other professionals, such as a financial planner, an insurance agent, or an accountant. But your attorney should always be the one who prepares your estate planning documents.
Should you create a last will or a living trust? In determining if you should create a last will or a living trust, it is important to understand what happens after you pass away, including the legal considerations, the role of your executor, and the distribution of your specific assets.
A document that I often prepare for my clients as an essential part of their estate plan is the Advance Health Care Directive. This document is important so your wishes regarding medical decisions and end-of-life decisions will be known to your loved ones and medical providers.
A durable power of attorney allows your property and financial affairs to be managed the way you want in the event you become incapacitated.
A pourover will is a will used in connection with a trust. A pourover will is like any other will, except that the primary beneficiary is your living trust.
One of the biggest decisions you will make when creating your living trust is choosing your successor trustee. I always tell my clients it is important to select a successor trustee they count on, as that person will ultimately be responsible for protecting and distributing your assets to your loved ones.
After the pandemic in 2020, the popularity of people preparing their own wills grew. As many of us realized after the pandemic, it is more important than ever to put legal affairs in order. While I always recommend contacting a lawyer to prepare your estate planning documents, if you decide to prepare your own last will, here is some helpful information that would have saved my past clients a lot of grief.
Many people I have worked with over the years come to me not really knowing what an estate plan includes. Most have heard the terms “living trust” and “last will”, but are not sure what they need, or how a trust or a will can help them. We can help you determine what the best estate plan is for you.
Proper estate planning by an attorney who is a member of the LGBTQ+ community ensures you are working with someone who understands your unique needs. Ensuring your assets will go to who you want, your estate is managed by the person of your choice, and in the event you are incapacitated, your medical decision and financial matters are handled by the person you want, is essential to protecting yourself as a member of the LGBTQ+ community.
We often do not think about death and its impact until we, or someone we love, has experienced the pain and confusion that comes with losing a loved one. I would be very happy to help you and your loved ones navigate through protecting your home and family today. If you have questions, or would like to learn more about the difference between a living trust and a will, please contact our office at (760) 673-7600.