Using The Latest Technology To Ensure Your Estate Plan Is Solid
Estate planning is for everyone. Entrepreneurs starting a new business. Newly married couples who are buying their first home. Small-business owners. Parents with young children. Long-time business owners restructuring or selling their business. People with a change in their life circumstances such as a divorce or death of a loved one. But not everyone understands why they need an estate plan.
Without an estate plan, family members are left to make choices they may not be ready to make on behalf of their loved ones. Without a will, your assets may be given to your legal heirs you had no intention of giving anything.
At Ling Law Group, APC, we help individuals from all walks of life create an estate plan to safeguard their legacy when they pass away and to protect their right to choose their medical treatment while they are alive but cannot communicate for themselves.
Estate Planning Basics
Ling Law Group, APC, tailors every estate plan to meet an individual’s circumstances. Generally, an estate plan comprises several documents, including:
- Advance health care directives – You have a right to make your own health care decisions. This document allows you to express your wishes for health care treatment if you cannot communicate for yourself. It also allows you to assign a trusted agent to speak for you.
- Financial powers of attorney – This document allows you to assign a trusted agent to act on your behalf for handling your business and financial affairs.
- Wills – Many people are familiar with this legal instrument that allows you to choose a personal representative to ensure your wishes for distributing your assets are followed. Your personal representative will also be responsible for ensuring your final affairs, such as paying debts and final taxes, are in order. You may also nominate your choice of guardian for your children who are minors.
- Guardianship designations – This document can designate who would take over raising your kids if something happened to both you and your spouse.
Your estate plan will also include a trust, such as a revocable living trust, special needs trust, or charitable trust. Trusts are legal instruments that create a relationship between the trustor and trustee, and assigns a trustee instructions to follow for distributing property and assets in the trust.
At Ling Law Group, APC, we know it can be challenging to talk about end-of-life matters. We will help you with compassionate and practical guidance. Because California’s estate planning laws are continually evolving, we use the latest technology to ensure your estate plan contains the most up-to-date language and will stand up to court scrutiny in the future.
The Time Is Now To Create Your Estate Plan
Many people delay thinking about what will happen to their assets and their family upon their incapacity and death because they think they are too young, that their family will figure it out once they are gone, or that they do not have enough assets for an estate plan to be effective. Regardless of your age, family situation, or assets, completing an estate plan today will give you peace of mind knowing that your estate will be administered according to your values and priorities and will ease your family’s burden of caring for you and your assets once you are no longer able to. A comprehensive estate plan will address the following important questions:
- Who will manage your assets and make healthcare decisions for you if you become incapacitated?
- If you pass away, who will care for your minor children?
- Who will receive your assets upon your death?
- Who will be in charge of administering your estate plan upon your death?
- Can you continue to keep your assets within your family after your death and ensure the family assets are protected in the event of your spouse remarrying or a child’s divorce?
- If you own guns, how can you pass them down to your loved ones after your death?
- How can you ensure cryptocurrency is not lost and that your administrator has access to it upon your death?
Preparing an estate plan now will not only answer all of these critical questions and more, but it will also ensure your wishes are followed, minimize family disputes, potentially reduce income, property and estate taxes, and avoid the time and expense of probate.
The Ling Law Group, APC has extensive experience with preparing estate plans for clients of all ages and varying net worth. We understand that each person’s and family’s needs are different. Our team will take the time to listen to your goals and concerns and will craft a finely-tailored estate plan carrying out your wishes and ensuring your family is provided for.