Sacramento, 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 surgery, a Living Will or Durable Power of Attorney allows a trusted agent to make medical and financial decisions for you. Our clientele in Sacramento appreciate the value of the expert legal advice from Farrell, Fraulob & Brown for all of their estate planning.

Avoiding Probate

In addition to difficulties with family 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 are left in the decedent's name after death. Even with a will, the courts arrange the assignment of your valuables and paying any debts of your estate. This procedure is usually expensive, burdensome and extended. Thousands of dollars and months, or even years, are spent handling probate. The solution is a living trust.

The Living Trust

Why use a living trust instead of a will? A properly executed last will and testament passes your property to whomever you name. This is not enough, however, to avoid probate. In essence, your directions are specified through your will, but another step is required to keep your descendants out of court. What you need is a trust, a modern invention of the law that creates a fictitious "person" that holds your property. It does not change your ability to buy, sell, trade or make income off your funds. It merely transfers ownership from you as a person to your living trust, declaring you the trustee. It is a clever way of guaranteeing that after you die, a "living" entity owns your property, thus avoiding probate. Inheritors are listed as members of the trust and one of them is chosen to administer the trust and distribute its funds, according to your directions, after your death. The courts are avoided!

Power of Attorney for Health Care and Assets

Most of our clients in Sacramento also need a Power of Attorney for Health Care and a Power of Attorney for Asset Management. When you cannot decide for yourself, due to injury or illness, a power of attorney names an agent ahead of time to decide for you and care for your financial affairs. How often relatives spend valuable time and effort distressing over health questions, end of life decisions and funerary rites! Specifying advance health care directives lets your family and caregivers know just what procedures you are willing to pay for in order to save your life. Without such directives, it is possible for people to remain tethered to live-saving machines for years, with no hope of a return to normal life. In many cases, this was not in accord with their personal wish, but the individual never stated 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 Attorney for Asset Management prevent all of these difficulties.

Think Ahead

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