Proper and effective estate planning is a multi-step process. Not only do you need to decide what you want to happen to your assets after your passing, but you should also have a plan for situations such as incapacitation that may impact your family before your death.
If you have a significant amount of assets you would like to pass down, you could use trusts to transfer property to others at any point in the future. It is also possible to create plans that detail what will happen with your company should you retire or become ill.
A Los Angeles estate planning lawyer at the Law Offices of Terrence Fantauzzi could work with you to protect your present and future. Get in touch with Terrence Fantauzzi, an experienced trusts and estates attorney today to learn more about how we could help you.
Planning for the Future with Testamentary Documents
When most people imagine creating an estate plan, they imagine planning for the future after their death with a will. While this is certainly an essential part of any plan, many families also benefit from creating other testamentary documents, such as trusts.
A traditional will informs a probate court of one’s wishes after death. It can name heirs, specify who gets certain assets, and nominate an executor to oversee the process. Wills must meet the legal requirements contained in California Probate Code § 6110 to be considered valid.
Trusts can also go into effect after death. These carry additional advantages of transferring property free from the probate process and taxation. However, placing property in trust means that the trust maker surrenders all rights to that property until death. A knowledgeable lawyer like Terrence Fantauzzi could help families understand the different types of testamentary documents available to them.
Immediate Benefits of Estate Planning with a Los Angeles Attorney
Estate plans should certainly detail what happens after a person’s death. However, they can also have immediate benefits.
Advantages of Trusts
Placing property in a trust can help the trust maker save money and secure their assets for the future beneficiary. Once a property goes into a trust, the original owner is no longer required to pay taxes on those items. Placing valuable items into a trust could also help make an individual eligible for government benefits like Medicaid.
The Value of Business Succession Plans
Business owners could benefit from having a business succession plan. These plans could provide contingencies in case of incapacity due to illness or injury. They could also lay the foundation for a smooth transition when a future retirement date approaches.
Having a comprehensive plan in place can bring peace of mind to families and business partners. A seasoned attorney like Terrence Fantauzzi could explain more of the short-term and long-term benefits of estate planning.
Reach Out to a Los Angeles Estate Planning Attorney
Effective estate planning can bring substantial benefits to every part of your life. Creating these legal documents can bring tax advantages and ensure long-term support for your heirs or company. Having a valid will or end-of-life trust can help you to retain control over where your assets go after you pass away.
A Los Angeles estate planning lawyer like Terrence Fantauzzi could work with you to identify your assets, name your heirs and beneficiaries, and draft documents that meet the legal standard and reflect your desires. Contact us today to learn more.