Estate planning is not something that should be taken lightly; one wrong word can make a major difference in your intent. It is well worth it to hire an estate planning lawyer in Anaheim. There are valid reasons for making this critical decision.
- Avoid probate: Even those people who do not fully understand probate want to avoid it. Although the laws that govern probate vary somewhat between jurisdictions, there are similarities. There are many steps to follow during the probate process including authenticating the decedents will, locating the assets, identifying and notifying known creditors, ensuring all taxes and bills are paid and finally distributing what is left of the estate to the named heirs. A well-drafted estate plan will avoid all of this.
- Reducing estate taxes: State and federal estate taxes can take a considerable “bite” out of one’s estate. Married couples can have an estate planning lawyer in Anaheim set up various types of trusts as a component of their wills or set up a revocable living trust to hold title to their assets. These vehicles are quite basic; there are also estate planning techniques that are considerably more advanced, which can be used by individuals and couples. If done right, estate taxes can be eliminated.
- Protecting beneficiaries: Effective estate planning can protect minors as well as adults from outside influences, creditor problems and more.
The law protects minors by insisting that a guardian is assigned to oversee their finances and needs until they reach the age of majority. In the event the beneficiary is lacking in money management skills, an estate plan can be developed that will protect the adult beneficiary from themselves and others that may prey on them.
Many people have, at one time or another, witnessed problems caused by the lack of proper estate planning. It is never too early or too late to consult with an experienced estate planning lawyer in Anaheim.
If you wish to pass on the bulk of your assets upon your death, then you need to guard them with an effective estate plan. A knowledgeable estate planning lawyer in Anaheim can help you do just that, for further information contact the Law Offices of Norman J. Homen.