A person’s estate is comprised of all the real and personal property that belongs to him at the time of death. Estates include both assets and debts. Estate planning is the process of anticipating both the needs of the owner in later life, and the needs of those who survive him. Your estate planning attorney will help you prepare documentation that:
When you and your lawyer plan your estate, you will need to do the following:
Trusts are very useful instruments that carry a number of advantages. Your Redondo Beach estate planning attorney will tell you that a trust can help the estate to:
It is important to keep in mind that an estate plan needs to be reviewed occasionally in order to account for the many changes that life can bring. Tax laws change, beneficiaries move to other states, and changes in the family occur through birth, death, and divorce. Your Redondo Beach estate planning attorney recommends that you review your estate plan every 2-3 years.
Most people understand and intend to keep their “affairs in order” so that beneficiaries, spouses, and family have a way to move forward upon one’s incapacity or passing. Effective estate planning is the process of putting one’s affairs in order. Without an adequate estate plan, upon death, a court proceeding will likely be necessary and your assets will be distributed according to the state’s rules of intestacy. Those rules might surprise you.
Simple animated scenarios of intestacy in California:
Married couple: no estate plan
Single, never married, no children: no estate plan
When you develop a plan for leaving assets to your heirs, it is very important to work with a knowledgeable Redondo Beach estate planning attorney who understands the complexities of probate law. ETM lawyer E. Thomas Moroney has extensive experience helping individuals with their estate planning needs. Call the Law Offices of E. Thomas Moroney today.
E. Thomas Moroney, Attorney
811 N. Catalina Ave., Ste. 2206
Redondo Beach, California 90277