Although no one wants to think about death or permanent disability, creating an estate plan with the help of an experienced attorney is one of the most important things you can do to protect yourself, your assets and and your loved ones and face the challenges that life inevitably presents.
Providing for Incapacity
A properly established estate plan allows you to designate a spouse or trusted family member or friend to manage your assets and pay bills in the event you are unable to do so without the high cost and delays of dealing with the courts. In addition, estate planning also allows you to plan for medical situations. Planning options such as a durable power of attorney allows a spouse or person of your choosing to make healthcare decisions according to your wishes.
A probate is a legal proceeding in which the assets of a person who has passed away is transferred to the decedent’s heirs. Probate is a costly and public process involving substantial attorney and court fees. A properly drafted estate plan, on the other hand, allows for the same transfer of property, usually without court involvement, resulting in significantly lower fees. Best of all, the entire process remains private.
Providing for Minor Children
A properly drafted estate plan to provide and designate guardians for your minor children. One of the best features of such a plan is providing for different alternatives such as in cases where there is a surviving spouse versus placing your children with a trusted guardian. In addition, there can be a separate trustee that oversees financial assets which would provide a check and balance. All of these issues can be discussed with a qualified estate planning attorney.
Planning for Death Taxes
The size of your estate will determine whether there will be any federal or state estate owned. It’s important to speak with a qualified attorney to take advantage of substantial tax exemptions and plan to minimize any tax burden.
Charitable Bequests – Planned Giving
An estate plan can also provide for charitable organizations or causes that may be close to your heart. A well-crafted plan can also provide you with income for life and minimize taxes.
A well-crafted estate plan will give you peace of mind that you have taken the steps necessary to provide for your family and loved ones.
With offices in Fremont and San Jose, California, and Metro Manila, Philippines, the attorneys of the Gervacio Denda Law Firm assist clients throughout California including Campbell, Santa Clara, Los Gatos, Saratoga, Cupertino, Sunnyvale, Milpitas, Mountain View, Castroville and Marina in Santa Clara County, Monterey County and San Benito County.