Rancho Cordova CA Estate Planning

If you believe 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 death. In the case of an accident or unexpected medical procedure, a Living Will or Durable Power of Attorney allows a trusted individual to make medical and financial decisions for you. Our clients in Rancho Cordova appreciate the value of the experienced 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 greater than $100,000 is left behind, even if you have a last will and testament. A will simply reveals 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. If you want 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 holds your things for you. You are the trustee and control 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 immediately 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 property of the trust to your inheritors. Since the trust has title to everything, and not the deceased, the courts involvement is not needed, if the trust meets all legal requirements.

Power of Attorney for Health Care and Assets

Many of our clients in Rancho Cordova also want a Power of Attorney for Health Care and a Power of Attorney for Asset Management. If you cannot decide for yourself, due to injury or illness, a power of attorney appoints an agent ahead of time to decide for you and deal with your financial affairs. How often relatives and associates spend valuable time and effort arguing over health questions, end of life decisions and memorial rites! Crafting advance health care directives lets your loved ones and professionals know just what procedures you are willing to undertake in order to maintain your life. Without such directives, it is possible for people to remain connected 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 personal beliefs, but the individual never declared 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 court while they lie 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 care, how your property will be allocated, and who will decide for you if you lose the ability 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 Rancho Cordova 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 pleased you did.