Regardless of age, planning for the future is an important step for you and your loved ones. Whether you need to draft a will that will simply divide a few assets or if you’re a wealthy individual who needs a far-reaching plan, trust Law Offices of Ansari Link to provide you with the guidance and legal counsel you need. The use, conservation, and transfer of one's wealth should always include a well-thought-out estate plan that takes into consideration: (1) The increase in value of an existing estate so that the needs of the family are met; (2) The preservation and protection of the estate from unnecessary taxes and costs; and (3) The orderly administration and disposition of assets upon the death of the owner.
The typical documents in an estate plan are:
Last Will & Testament Declaration stating the disposition of your property to be performed after your death and nominating the person to act as the personal representative. Designation of Healthcare Surrogate Appoints another person as an agent and confers authority on that person to consent to your medical treatment.
Living Will Governs the withholding or withdrawal of life-sustaining treatment from an individual in the event of an incurable or irreversible condition that will cause death within a relatively short time.
Durable Power of Attorney Appoints another person as an agent and confers authority on that person to perform certain acts or kinds of acts on your behalf.
Trust Declaration created by a grantor for the benefit of designated beneficiaries which appoints a trustee to manage the trust assets and income for the economic benefit of all the beneficiaries. Such a trust may be revocable or irrevocable. Sometimes a revocable trust is called a "Living Trust.” By creating a trust, one can generally avoid the probate process and the statutory fees charged by attorneys. California Probate Code §10810 sets the maximum on the fees, which vary according to the size of the estate. A California Will, however, is often subject to probate.