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(USGovernment-News.Com, November 15, 2013 ) Carlsbad, California- If you have been procrastinating about setting up an estate plan, then it is about time you took the first step. The first step is somewhat easy. It involves educating yourself before you consult with an estate planning attorney. In this article, you will become familiar with the five things every estate plan needs in order to avoid unnecessary taxes and maximize your beneficiary’s inheritance.
The first thing you need is an inter vivos trust (i.e. living trust). Think of your trust as a big box that you will place all your assets into. This will allow you to avoid a costly and drawn out probate proceeding upon your death. A trust also provides your estate with privacy, unlike a probate which is open to the public.
Next, make sure you have a power of attorney in place. A power of attorney will allow your agent to handle all of your finances in case you become incapacitated. Your trust will allow your trustee to manage only the accounts in your trust. But a power of attorney will allow your agent to take care of any accounts not currently in your trust, such as life insurance and retirement accounts.
A pour over will is also a must have. Any assets (up to $150,000 in California) not in your trust will “pour” into your trust upon your death. This will protect any assets not currently in your trust so that the assets outside of your trust are not probated.
An advanced health care directive will list out your medical wishes upon incapacity. Do you desire to be kept alive on life support or do you prefer to be let go? Take the burden off your loved ones by making these tough decisions in advance.
Finally, a grant deed will transfer your real property into your trust. Often, this is overlooked and the result can be catastrophic for your beneficiaries. The best route to take is to make sure your real property is in your trust so that your largest asset is protected from probate.
For more information please contact the Law Offices of Jack B. Friedell. You can visit us today at www.friedelllaw.com.
Attorney Jason Kenyon is a member of the national attorney network on LawyerCentral.com.
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