5 Common Questions About Estate Planning
According to a professional real estate attorney in San Diego, estate planning is one of the biggest legal decisions people make. However, these legal documents can be confusing for first-time trustees. So, it is only fair that many trustees are riddled with questions. Here’s what you should know:
- Who can you name as a beneficiary?
You can name nearly anyone as a beneficiary: spouse, children, grandchildren, friends and even charities. You will likely have a primary beneficiary who inherits first from your death and anyone afterward will be a contingent beneficiary.
- What is the purpose of an executor of your estate?
Your estate would be left to ruin if it was not for an executor of your estate. They will handle many of the necessary requirements to care for your estate while it goes through the probate process.
- When should you get a power of attorney?
People, typically, wait until later in life to make a will and, thus, a power of attorney, but there should not be any delay. Having someone who can take over your financial and medical decision if you are incapacitated may be crucial at any point in life.
- Can my pet be named in a will?
California treats pets as property and, as such, they can’t have any assets directly given to them. In the eyes of the law, that would be like giving your fridge the title to your house. Instead, every experienced San Diego real estate lawyer suggests that you could put your pet in your estate plan to be given to a new caretaker.
- Should you seek legal help?
When making any kind of legal decision, it’s always best to know your options. Having someone who is experienced in the law may be to your benefit.
What do you include in an estate plan?
Planning your estate could be one of the best decisions you can make – for you and your family.
It’s not a hidden fact, however, that estate plans include a lot of features. Here’s what you should think about including in your own plans when you’re looking at the future:
- A will
This legal document outlines any defining features that are unique to your final wishes. Your will may include how your funeral is arranged and how your assets are distributed. However, heirs will have to go through a probate period before they receive any assets.
- A trust
Alongside a will, testators may consider making an additional legal document that ensures family and friends receive their inheritance. Trusts have several benefits such as circumventing probate and taxes.
- The Executor
After you pass away, someone will need to oversee your estate, otherwise, it could come in disrepair or be stolen before it’s in the hands of your heirs. An executor of an estate can be assigned to an extensive number of tasks such as caring for your home and vehicle, paying for any bills or relocating pets and plants.
If you’re wanting to make an estate plan, you may want to know everything you’re expected to include. You may need to reach out for legal help from a real estate or business lawyer in San Diego at The NALAN Law Firm, PC to know your options.
