Bakersfield Estate Planning Attorney

What is an Estate Plan?

An estate plan is a comprehensive arrangement for managing and distributing a person's assets and responsibilities in the event of their incapacitation or death. It typically involves a series of legal documents that specify how assets should be handled, who should make decisions, and who will care for dependents. Key components of an estate plan can include:

• Will: A legal document that specifies how your assets will be distributed upon your death and names guardians for any minor children.
• Trusts: Arrangements that hold and manage assets on behalf of beneficiaries, potentially providing tax benefits and avoiding probate.
• Power of Attorney: A document that designates someone to make financial and legal decisions on your behalf if you become incapacitated.
• Healthcare Directive: Also known as a living will, it specifies your wishes regarding medical treatment if you are unable to communicate them yourself.
• Beneficiary Designations: Instructions on who should receive assets like life insurance policies and retirement accounts directly, bypassing the will.
• Letter of Intent: A non-legally binding document that provides guidance to your executor or beneficiaries regarding your wishes for specific assets or funeral arrangements.

Several benefits of having an estate plan include:

• Control Over Asset Distribution: Ensures your assets are distributed according to your wishes, rather than state laws dictating the process.
• Protects Beneficiaries: Provides for minor children and dependents by appointing guardians and setting up trusts to manage their inheritance responsibly.
• Minimizes Estate Taxes: Strategic planning can reduce the tax burden on your estate, preserving more assets for your heirs.
• Avoids Probate: Certain components, like trusts, can help bypass the often lengthy and costly probate process, allowing for a faster and more private distribution of assets.
• Reduces Family Conflicts: Clearly defined plans and wishes can help avoid disputes among family members about asset distribution and care decisions.
• Manages Incapacity: Designates individuals to make healthcare and financial decisions if you become unable to do so, ensuring your preferences are respected.
• Protects Your Business: If you own a business, an estate plan can outline the succession process, helping to ensure the business continues to operate smoothly.
• Charitable Giving: Allows you to support causes you care about by including charitable donations in your estate plan.
• Peace of Mind: Provides reassurance that your affairs are in order and that your loved ones will be taken care of according to your wishes.

Last Will & Testaments, Living Wills

Most people are familiar with the term "last will and testament." This estate planning document details your end-of-life wishes and how you wish to distribute property among beneficiaries when you pass away.

However, just as vital is a living will. You can use a living will to establish healthcare and financial power of attorney, determining who takes care of you and your estate should you become incapacitated at any stage of your life.

Our Bakersfield estate planning attorney can help you understand the estate planning process in more detail, working with you to ensure you're familiar with processes such as probate. We'll draft a comprehensive, equitable will on your behalf that ensures your estate is distributed properly among beneficiaries and your loved ones obtain the care they need and deserve when you pass away.

Trusts

Trusts serve the same purpose as a last will and testament in some ways, enabling you to determine how certain estate property is distributed among beneficiaries.

However, trusts are not subject to the probate process, making them an exceptionally effective way of transferring valuable property to beneficiaries while making the estate administration and probate processes easier for your friends, family, and loved ones.

Our trust attorneys can help you develop a separate or joint trust that protects your assets and helps preserve your legacy for beneficiaries.

At Divorced by Design, our Bakersfield estate planning attorney uses an empathetic, client-first approach to estate planning. We'll work with you every step of the way to ensure you receive the skilled legal counsel you deserve to draft comprehensive estate planning documents that will safeguard your rights and interests, as well as those of your beneficiaries.

To schedule a consultation with our Bakersfield estate planning lawyer and learn more about how we can help you develop the ideal estate plan for your needs, contact us online or via phone at (661) 760-2872.