What is an Estate Plan?
An Estate plan is more than a will, it is making all of the plans necessary for the orderly transfer of your assets to your loved ones, to whom you intend to go. A good estate plan also helps to provide for you if you are incapacitated or in need of medical decisions when you are unable to make those decisions by yourself.
Who should have an estate plan?
The answer is just about everyone. Even if you have a will, an estate of more than $150,000.00 must go through the Probate Process. This process can be expensive and time consuming. Your assets could be tied up for months or years, while your family struggles in your absence.
Probate
Probate is the method used by the State of California to pay your bills and distribute your remaining assets after your death if you have not taken the steps needed to take care of yourself. This does not mean that you prepare a will. A will still has to go through the Probate process. A $1,000,000.00 estate will cost more than $22,000.00 in fees and costs to go through the Probate system. This can be completely avoided by creating an estate plan, including a revocable living trust.
Fundamental Estate Planning Documents Prepared By the Law Offices of
John P. O’Connell:
- Revocable Trust
- Will
- Durable Power of Attorney
- Advanced Health Care Directive