Estate Planning Lawyer Roseville, CA
When planning for the future of your estate there are five crucial elements that you should make sure are covered while making your plans for the future. Those elements include Will, Trust(s), Power of Attorney, Health Care or Medical Directive, and Beneficiary Designation.
A will is a legally binding document that indicates who will receive your property and assets after your death. A will designates an executor, which is the person who will carry out those directives that you have listed in your will. A will identifies a guardian or guardians who will take care of your minor children or dependents if you die or become incapacitated. You can change your will throughout your lifetime. It’s important to keep your will updated especially after any major life events like a marriage, divorce, birth of a child, purchase of a property, etc.
A trust is a legal arrangement that gives a trustee the possession of the legal title to the property on behalf of a beneficiary or beneficiaries. With a trust, the person creating the trust can dictate how and when beneficiaries will be able to receive the assets in the trust. There are two basic types of trusts: Revocable Trust and Irrevocable Trust.
A revocable trust gives you the control of all assets in the trust with the freedom to cancel or change the terms at any time. An irrevocable trust is when the assets in the trust are no longer yours and you will not have the power to make changes without the beneficiary’s consent. An estate planning lawyer will be an important resource when it comes to deciding which trust could be the best for you and your particular situation.
Power of Attorney
A power of attorney is a person who is assigned to step in and manage your affairs if you become ill or incapacitated. This person has the power to make financial decisions on your behalf. It’s important to designate a power of attorney if you are single. Without one, the court will select someone to serve as your guardian.
Health Care or Medical Directive
A health care or medical directive designates someone to make health care decisions for you if you are unable to make decisions on your behalf.
Beneficiary designations state who will receive your retirement plan benefits when you pass. These designations supersede what’s in your will. This is why it’s important to review your beneficiary designations regularly.
If you want to get a start on your estate planning then speaking with a professional like an estate planning lawyer in Roseville, CA from a law firm like Yee Law Group, P.C. could help you with the process and understand more how a real estate lawyer could help you with your situation.