In Orinda, 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 confusing, and are regarded by most to be very 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. Also, effective estate planning can help reduce the effect of taxes and court fees on your final disposition to your chosen beneficiaries.
A reputable estate planner in Orinda, 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 Orinda Estates
Will: This is a legal document which transfers ownership of the testator's (the person making the will) property to named beneficiaries after the testator's death. The beneficiaries can be just about anyone the testator chooses, but smaller estates, usually only include family members, and maybe very close friends. If you want, you can place conditions on gifts (say, leaving a certain amount of money to your son, but only if he graduates college before he turns 25 - this is just an example). However, a will can't actually compel anyone to do anything, and some conditional gifts won't be enforced, typically because they involve an illegal act, or require a person to marry or refrain from marrying a specific person.
Living Will: A living will contains instructions about your medical care, generally for the purpose of informing your family and doctors of your preferences if you suddenly become incapacitated. A living will is very critical if you have any strong preferences in this area. It should be written with the advice of a doctor, so you know the particular medical consequences of your decisions, and a lawyer, so it is virtually guaranteed to be legally binding.
Power of Attorney: Power of attorney, while important, is not to be used lightly. This is because it involves granting someone else the power to make legally-binding decisions on your behalf. Usually, your spouse will automatically have power of attorney if you become incapacitated. If you are not married, however, you need to make a document explicitly granting that authority to someone you trust (a life partner or close family member, for instance).
Funeral Arrangements: You should make it very clear to the individuals handling your funeral what type of funeral you want, and what you want done with your body. You should not put these instructions in your will, because wills are often not read until days or weeks after the testator dies, by which point it may be too late to give their wishes on this subject effect.
Do I Need a Orinda Estates Lawyer?
A reputable estate planning professional in Orinda can be invaluable, and you will probably find their services to be well worth the price. They can make the whole process a great deal simpler, and they can also help to minimize the chances that your estate plan will be disputed, saving your survivors a great deal of time, money, and energy.