Carmichael, CA Estate Planning

If you think estate planning is only for the rich, think again. An estate plan is the only thing separating your family and the courts in the event of your demise. In the case of an accident or unexpected surgery, a Living Will or Durable Power of Attorney empowers a trusted agent to make medical and financial decisions for you. Our clients in Carmichael appreciate the value of the expert legal advice from Farrell, Fraulob & Brown for all of their estate planning.

Avoiding Probate

Probate - the word itself can be chilling. It does not sound good and it is not. Probate happens when any estate beyond $100,000 is left behind, even if your descendants can point to a last will and testament. A will simply names your beneficiaries, while paying all your debts and actually transferring the deeds and accounts that were formerly in your possession is all part of the probate process. To help your beneficiaries avoid court, your estate plan should include a living trust.

The Living Trust

The living trust is a legal entity that owns your valuables for you. You are the trustee and administrate the trust. Therefore, you still use all of the assets in the trust. You live in your house, you drive your cars, you pay your bills from the trust bank account, just as you lived before. The property, however, really belongs to the trust. If you are incapacitated, control can be temporarily transferred to a named member of the trust. When you die, your estate passes automatically to your beneficiaries, as long as they are listed as members of the trust. One or more people that you list are responsible for distributing the estate of the trust to your inheritors. Since the trust has owned everything, and not the deceased, the courts involvement is not required, if the trust meets all legal requirements.

Power of Attorney for Health Care and Assets

Many of our clients in Carmichael also require a Power of Attorney for Health Care and a Power of Attorney for Asset Management. When you cannot make decisions for yourself, due to injury or illness, a power of attorney names an agent ahead of time to make decisions for you and deal with your financial affairs. How often family and friends spend valuable time and effort battling over health matters, end of life decisions and funerary rites! Writing out advance health care directives lets your loved ones and doctors know just what medical treatments you are willing to pay for in order to maintain your life. Without such directives, it is possible for people to remain tethered to live-saving machines for years, with no hope of a normal life. In many cases, this was not in accord with their wish, but the individual never declared in advance what their medical choices would be or who would be responsible for making those judgments. Even worse, their funds can be tied up in court while they lie in a hospital. The Power of Attorney for Health Care and Power of Attorney for Asset Management avoid all of these complications.

Think Ahead

Farrell, Fraulob & Brown are prepared to help clients in Carmichael think through their estate plan. Write a rock solid set of documents for the benefit of yourself and your loved ones. Call (916) 442-5835 today to set up a simple consultation or contact us via our website.