North Highlands, CA Estate Planning

If you believe estate planning is only for the rich, think again. An estate plan is the only thing between your family and the courts in the event of your death. In the case of an accident or unexpected surgery, a Living Will or Durable Power of Attorney establishes a trusted agent to make medical and financial decisions for you. Our clients in North Highlands appreciate the value of the quality 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 is what takes place when any estate beyond $100,000 is left behind, even if you have a last will and testament. A will simply discloses your beneficiaries, while paying your debts and actually transferring the deeds and accounts that were formerly in your possession is all part of the probate process. If you want to help your beneficiaries avoid the legal system, your estate plan should include a living trust.

The Living Trust

The living trust is a legal entity that owns your things 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, actually 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 instantly to your beneficiaries, because they are listed as members of the trust. One or more people that you list are responsible for distributing the property 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 North Highlands also want a Power of Attorney for Health Care and a Power of Attorney for Asset Management. When you cannot speak for yourself, due to injury or illness, a power of attorney names an agent ahead of time to speak for you and care for your financial affairs. How often relatives and associates spend valuable time and effort battling over health questions, end of life decisions and funeral rites! Delineating advance health care directives lets your loved ones and physicians know just what procedures you are willing to pay for in order to maintain your life. Without such directives, it is possible for people to remain hooked up to life-saving machines for years, with no hope of recovery. In many cases, this was not in accord with their personal beliefs, 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 assets can be tied up in the legal system while they languish in a hospital. The Power of Attorney for Health Care and Power of Attorney for Asset Management stop all of these difficulties.

Think Ahead

An estate plan features provisions for your end-of-life commands, how your property will be distributed, and who will speak for you should you lose the capability to do so. Make these decisions now and give yourself great peace of mind, knowing that whatever happens, you are ready. Clients seeking estate planning in North Highlands 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.