In Monterey Park, estate planning refers to the procedure of deciding what should be done with one's assets after their death.

Estate planning usually requires the advice of a legal and/or financial expert, because the issues involved can be difficult, and are regarded by most to be quite important. A flawed estate plan might create conflict between your survivors, resulting in your intentions not being given effect.

In addition to deciding what to do with your assets after your death, your estate plan should also contain things that might become relevant during life. Power of attorney is a big one. Power of attorney is an arrangement in which you provide another person the ability to make decisions for you, if you become incapacitated. Additionally, effective estate planning can help reduce the effect of taxes and court fees on your final disposition to your chosen beneficiaries.

A reliable estate planner in Monterey Park, can make this process much easier, minimizing the chances that your estate plan will end up in court, saving your survivors a huge amount of time and money.

Common Features of Monterey Park Estates

Will: This is the centerpiece of most estate plans. A will is a document written by a person (the "testator"), typically with the help of a lawyer, which says what is to be done with their property after they die. Most provisions in a will are legally binding, to the extent that ownership of the property legally passes to the named beneficiary. Nonetheless, a will cannot compel a person to do anything against their wishes (though it can certainly state your preferences on the matter, phrasing them as requests).

Living Will: This is a document which articulates your wishes regarding your medical care, to give instructions to your family and doctors in the event that you become incapacitated. While directly consulting it will hopefully never be necessary, one never knows - unexpected illnesses and injuries can happen to anyone, at any time. While making a living will might require a person to acknowledge the existence of some unpleasant possibilities, it can end up saving their loved ones a great deal of grief and uncertainty.

Power of Attorney: Power of attorney is the permission to make binding decisions for another person, when that person becomes unable to make or express their own decisions. You can grant power of attorney to anyone you want, but, for obvious reasons, you should only grant it to somebody you trust, and discuss your exact wishes with them, in case they actually have to make a decision for you.

Funeral Arrangements: If you have any strong preferences concerning the disposition of your physical remains, you should make them known to your family early, and should not include funeral instructions in your will. Wills are frequently read weeks after the testator dies, so in most cases, it will be too late by then.

Do I Need a Monterey Park Estates Lawyer?

A poorly drafted or executed Monterey Park estate plan can have major negative consequences. For instance, it might be confusing to the people who are most directly affected by it. This confusion can frequently lead to costly litigation. For that reason, the guidance of an efficient estate planning attorney can be invaluable.

Life in Monterey Park