Whatever age you are – protecting and preserving your wealth will always be a priority for you and your family. Estate Planning will give you peace of mind. You will know that everything is taken care of for those events we cannot anticipate.
Estate Planning involves much more than just writing a Will. In fact, a Will, in and of itself, is a worthless documents as it does not avoid the necessity of a Court Probate which would most likely have provided the same result as if no Will was written at all. In many cases, it is most recommendable to establish a “Living Trust” or “Revocable Trust”. Those trusts serve a number of important purposes including the avoidance of probate, and offer a measure of asset protection as well as saving taxes.
Last Will and Testament
A Will is the legal instrument that allows you to declare whom you want to inherit your estate, your properties. Whether or not you have a Will, a Probate Court will decide who inherits your Assets, based on your Will or based on the Law if you do not have a Will. In any case, your beneficiaries or children will have to pay hefty legal fees and court costs, with or without a Will. Your assets cannot be distributed to the beneficiaries or children until the lengthly Probate prosess is finished. It is always preferable to establish a Living Trust, to avoid the necessity of Probate and the unnecessary delay in the distribution of your assets after your death.
Living Revocable Trusts and Irrevocable Trusts
A trust may be a good choice when looking at estate planning for your family if you have a net worth of at least $200,000, or own a house. Either of those will trigger the necessity of Probate after your death.
Attorney John Khoo can help you set up a trust to avoid Probate.
Power of Attorney, and Advance Health Care Directive
Sacramento Estate Planning Attorney John Khoo helps you legally appoint someone to make financial and health care decisions in case you cannot do them for yourself, in the future.
An Estate Planning Package will include
- Living Trust
- Pour-Over Will
- Durable Power of Attorney for Management of Personal Property
- Advance Health Care Directive
Sacramento Estate Planning Attorney John Khoo practices law since 1987. He can help you with making the best decisions and share his insight having gone through the estate planning process with countless clients.
Call him at at (916) 736-3678 or use the consultation form to describe your case.