In Rancho Palos Verdes, estate planning refers to the procedure of deciding what should be done with one's assets after their death.
Estate planning frequently requires the advice of a legal and/or financial expert, because the issues involved can be difficult, 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 competent estate planner in Rancho Palos Verdes can make the procedure of planning your estate go much more smoothly, and maximize the chances of your wishes actually being carried out with legal force.
Common Features of Rancho Palos Verdes Estates
Will: Wills are a very important part of almost all estate plans. In simplest terms, it answers the question "who gets what after I die?" Generally, you can leave your property to anyone you wish. If you die without a will, your property will usually be given to your closest living relative (usually a spouse or child).
Living Will: This is a document which lays out instructions for your medical care, should you become so sick or badly injured that you are unable to express your wishes. It should state under what circumstances you want to remain on life support. A well-drafted living will can prevent you from being kept alive in a permanent vegetative state (if that is not what you want), while guaranteeing that you receive medical care as long as you have a chance at recovery.
Power of Attorney: What if you become incapacitated, and can't make your own decisions? It would be nice if somebody knew what you would want in a given situation, and, on top of that, had the legal authority to make that decision for you. Power of attorney lets you do exactly that, granting a person of your choice the ability to make certain decisions for you, in case you, for whatever reason, can't (you can, of course, control the scope of power that you grant).
Funeral Arrangements: Some people, for religious and other reasons, have very particular wishes regarding the disposal of their remains after they die. Some want to be buried. Others, cremated. No matter what your preferences on this matter are, it's essential that you inform your family of them far in advance. These instructions should be included in a document that is likely to be read before your death (such as a living will), or very shortly thereafter. This excludes a will, because it's often weeks after a person dies until their will is read.
Do I Need a Rancho Palos Verdes Estates Lawyer?
A reputable estates lawyer in Rancho Palos Verdes can make the estate planning process much easier. He or she can maximize the chances of your wishes being given effect. Furthermore, a good and clear estate plan is far less likely to result in litigation in the future, since disputes of this nature are almost always the result of ambiguity.