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Estate Planning Attorney Ventura, Oxnard
What Is Estate Planning? How Is It Important?
Estate planning is process of preparing to divide your assets and possessions among your heirs in the event of your death. This is very important process and involves careful planning as to where and how your assets shall be divided when that time comes. In simpler terms, before you pass away, you will be planning how you want your assets to be distributed among your children or others as well as how you would like your minor children to be looked after in the event of your passing when there is nobody to take care of them. The majority of estate plans are set up with the help of a Ventura County estate planning attorney such as Grennier Law.
A typical estate plan determines how your assets will be preserved, managed, and distributed after your death or incapacitation:
- It comprises creating a trust and/or will
- You will also name the executor and beneficiaries of your estate
- You may also provide instructions to your children/heirs as to conditions for receiving distribution.
- You may control who gets what, and how much
- Lets you avoid any disputes among your beneficiaries in the future
- Protects them from making unwise decisions with regard to the share they receive from your estate.
What Are The 5 Components of Estate Planning?
These are the primary legal documents that you will have to prepare. They help you maximize your legacy and prevent it from diminishing the moment it reaches the hands of your heirs.
A will will list who you want to administer your estate, who the beneficiaries are to be, and what property they shall receive. A will may also designate who you might want to serve as the guardian of your children should they still be minors.
A trust is similar to a will but with a few differences. The trust is effective upon creation, as opposed to a will which is only effective upon your death. A trust gives you more options as to how you would like your estate distributed as well, but perhaps most importantly, a trust allows you to avoid probate. A will in and of itself does not avoid probate.
- Power Of Attorney
The majority of people become incapacitated, either temporarily or permanently, at some time in their lives. A power of attorney allows you to designate anybody of your choice to step in and manage your estate and finances on your behalf if that should happen to you.
- Healthcare Directive
A healthcare directive is a written statement that provides instructions regarding your healthcare and any end-of-life decisions that need to be made when you are unable to do so. Those decisions are left to a person you designate. Obviously, that person should be someone you trust very highly.
What Legal Documents Are Required For Estate Planning?
Apart from the legal documents mentioned above which are your will, trust, power of attorney, and healthcare directive, there are 3 more important documents that you should be aware of.
How Our Estate Planning Attorney Can Help You?
Nobody likes to contemplate “the end,” but if you do not do so, you may well leave behind a mess for your family, at a time when they should not have to go through additional distress. Your estate may have to go through probate, which can be a long and costly procedure. In the process, family members may fight with each other over your assets and how they should be distributed.
Unfortunately, the best intentions may turn ugly and combative. Is that what you wish to leave behind? No! Our estate planning attorneys, Ventura at Grennier Law can help you avoid such pitfalls. Let us help you come up with an estate plan that fits your and your family’s needs and gives you the peace of mind of knowing that whatever else may take place, these matters are taken care of. Get in touch with us for an instant consultation right away.