Citrus Heights, CA Estate Planning

If you think estate planning is only for the wealthy, think again. An estate plan is the only thing between your family and the courts in the event of your passing. In the case of an accident or unexpected medical procedure, a Living Will or Durable Power of Attorney empowers a trusted person to make medical and financial decisions for you. Our clients in Citrus Heights appreciate the value of the experienced legal advice from Farrell, Fraulob & Brown for all of their estate planning.

Avoiding Probate

In addition to difficulties with loved ones when there is no estate plan, an estate must be probated when a person dies leaving more than $100,000 in assets. You hold legal title to your property (think of your house, cars, bank accounts and heirlooms). This means that all assets stay in the deceased's name after death. Even with a will, the courts oversee the disbursement of your worldly goods and resolving any liabilities of your estate. This procedure is usually expensive, bothersome and long. Thousands of dollars and months, or even years, are spent settling probate. The solution is a living trust.

The Living Trust

The living trust is a legal entity that holds your worldly goods for you. You are the trustee and direct 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 given to a named member of the trust. When you die, your property passes immediately to your beneficiaries, because 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 title to everything, and not the deceased, the courts involvement is not mandated, if the trust meets all legal requirements.

Power of Attorney for Health Care and Assets

Many of our clients in Citrus Heights also request a Power of Attorney for Health Care and a Power of Attorney for Asset Management. If you cannot act for yourself, due to injury or illness, a power of attorney selects an agent ahead of time to act for you and care for your financial affairs. How often family and associates spend important time and effort battling over health matters, end of life decisions and memorial rites! Specifying advance health care directives lets your loved ones and medical professionals know just what medical procedures you are willing to request in order to prolong your life. Without such directives, it is possible for people to remain tethered to live-saving equipment for years, with no hope of a return to normal life. In many cases, this was not in accord with their desires, but the individual never stated in advance what their medical choices would be or who would be responsible for making those decisions. Even worse, their estate can be tied up in going to court while they languish in a hospital. The Power of Attorney for Health Care and Power Attorney for Asset Management prevent all of these difficulties.

Think Ahead

An estate plan contains provisions for your end-of-life wishes, how your estate will be distributed, and who will act for you if you lose the capability to do so. Make these decisions now and give yourself great peace of mind, knowing that whatever happens, you are prepared. Clients seeking estate planning in Citrus Heights may call Farrell, Fraulob & Brown at (916) 442-5835 today or contact us through our website to chat with an attorney about a family estate plan. You will be happy you did.