Whether you have modest means, or you have accumulated a significant amount of wealth, estate planning is a necessity. An estate plan not only addresses how your assets are handled upon your death but, an estate plan can also protect you, and your loved ones should you become disabled.
An estate plan involves more than drafting a will or creating a trust. When properly done, your estate plan will contain powers of attorney to ensure your health care needs, and your financial matters are taken care of in the event of your disability. Some of the document which may be included in an estate plan include:
Powers of Attorney – to ensure your finances are addressed while you are disabled.
Will – addresses the distribution of your assets upon your death.
Health Care Directives – ensures your wishes for your medical care are followed.
Trusts – you can name a successor trustee to take over in the event of your death or disability, ensure that your assets are distributed according to your wishes, and avoid the necessity of probate by creating a revocable living trust.
Guardianship Documents – for those who have minor children or a loved one with special needs, it is important to designate someone to care for them in the event of your death.
A properly crafted estate plan can help ensure your family is not facing higher than necessary estate taxes, property taxes and capital gains taxes, and ensure your property is distributed in accordance with your wishes. If you need help developing an estate plan in San Diego County, contact the Law Office of Elise Paul, APC. We will take the time to understand your goals and help develop an estate plan that meets your needs.