Top Estate Planning Attorneys in the Atherton, CA Area

Hire the Best Estate Planning Attorney in the Atherton, California Area

Estate planning is difficult. Whether you are a parent or not, you are a provider for your family. Estate planning forces you to plan for a future that you will not be in. You are tasked with trying to predict the best way to provide for your family when you are no longer around to provide for them in person.

Your estate plan consists of many legal documents that outline your final wishes over a broad range of subjects. Your comprehensive estate plan will tell your family which medical treatments you are comfortable with receiving should you be unable to communicate. It will also outline how you want your wealth distributed. Using things like a living trust allows you to assist your family by making the probate process less invasive. Proper planning while you are alive can help alleviate estate taxes owed on your estate after you die.

Let’s check out a few estate planning techniques you can use to maximize the transfer of your wealth and how The Singh Law Firm can assist you every step of the way.

What is a Last Will & Testament?

You have probably already heard of this part of estate planning. Your last will does several things and should include a range of information and instructions for your executor.

When you create a will, you are the testator of that will. You will choose an executor to administer your will and work through the probate process. Your executor will be tasked with gathering the assets of your estate, assessing the value of everything, paying creditors from the estate, and paying the estate taxes. Once the debts of your estate are settled, they will then distribute the remaining assets of your estate to your beneficiaries, which are usually your family members and other loved ones you would like to leave anything to.

All wills must go through probate.

How Can Trusts Be Used in Estate Planning?

Probate can be a lengthy legal process. The probate court validates your will and ensures your final wishes are being honored. Unfortunately, because of legal fees, mounting bills, and interest rates, probate can become an expensive process. Using something like a trust can help your family avoid probate and maintain privacy, and the right trust can even help lessen the tax burden on your estate.

A trust is a legal entity that you can create and then transfer assets to. The creator of a trust is called the trustor. As the trustor, you would pick a trustee, someone you trust to manage and administer the assets within the trust. Like your will, you will choose beneficiaries who will receive assets from the trust. Unlike a trust, there may be circumstances where you are the trustor, trustee, and beneficiary.

Trusts come in two forms: revocable and irrevocable. Each one of the types has many sub-types under their umbrella. Certain irrevocable trusts, which cannot be easily altered or revoked once they are created and have assets placed into their ownership, can be used to lessen estate taxes owed on your estate or ensure your special needs loved one doesn’t lose their eligibility for government benefits with an inheritance.

What is Probate?

We’ve mentioned probate a couple of times, and you may be curious as to what it is.

Probate is a legal proceeding where a will is validated by the court. If you die without a will, you are considered to have died intestate. This means that instead of your assets being distributed the way you wanted, the court will follow something called intestate succession to distribute your assets after any debts owed by your estate are paid. The court will assign an executor to administer your estate.

This process can be cumbersome and expensive. It also allows disputes to arise surrounding your will and your intentions. Using something like a trust allows you to give specific instructions as to how you would like the assets within it to be distributed, and it can minimize the amount of time it takes for your family to get those assets.

What is an Advanced Directive?

Not all estate planning measures go into effect after you die. Things like your advance directive usually take effect when you become incapacitated and are unable to communicate your healthcare preferences.

When you create an advance directive, you will choose someone to act on your behalf and make important medical decisions for you. This person is your healthcare proxy.

You will also outline which medical treatments you are comfortable receiving should you become incapacitated. You are able to outline when your directive goes into effect and under what circumstances. You can outline your medical treatment wishes in your directive; for example, if you are unconscious because of a coma and your healthcare provider believes you will never recover with a substantial quality of life, you can outline your medical treatment wishes in your directive.

If you would like to avoid certain end-of-life measures, such as being put on a ventilator, being intubated, or being placed on dialysis, you can decide as such in your advance directive. Your medical providers will not give you the treatment you wish to avoid so long as it is outlined.

While an advance directive governs your healthcare treatments, it has an even more important function: It allows your family the peace of mind of knowing you are receiving treatment that you would agree to while conscious and able to communicate. Your family will not have to guess what your wishes are, and they will be able to work closely with your doctor to ensure you are well taken care of.

Why Does Your Family Need You to Plan Your Estate?

While estate planning is something you do regarding your final affairs, it is all actually for your family. Estate planning removes the guesswork, allowing your family to make many decisions for you with the assurance that they are doing so according to your wishes.

If you have ever been in the position of making important decisions for someone else without their input, you know how stressful it can be. Help your family by creating a solid estate plan with The Singh Law Firm. Call 888-828-2864 to schedule a free consultation!