Estate Planning

Estate planning is the process of disposal, distribution, and management arrangements regarding a person’s estate (tangible properties such as land, house, vehicles, financial accounts, etc.) while he is still alive in an anticipation of possible incapacitation or death.

LIVING TRUST

The best way to do estate planning is through LIVING TRUST. A living trust is a legal document created during a person’s lifetime to protect his assets from going to probate when he passes away.

A living trust is not only for the wealthy. It is for anyone who has an asset or assets to protect.

WHAT’S IN A LIVING TRUST?

In a living trust, there is a beneficiary or beneficiaries. These beneficiaries are usually a spouse, children, siblings, any next of kin, or anyone the trustor chooses. The owner of the trust appoints a designated trustee. This trustee is responsible for handling the trust and making sure that the deceased trustor’s wishes and instructions are executed accordingly.

There are several other legal documents included in a living trust. These are the following:

Durable Power-of-Attorney: This is a legal instrument granting powers to an appointee to perform financial transactions on behalf of a trustor.
Medical Advance Directives: This allows a person appointed by the trustor to make medical or health decisions if he can no longer decide for himself.
Pour-over will: Per investopedia.com, “This is a legal document that ensures an individual’s remaining assets will automatically transfer to a previously established trust upon death.”
Guardianship is when a trustor designates someone to be responsible for minor children in case of the trustor’s death or incapacitation.

TAKE CARE OF YOUR FAMILY

Please do not leave your family behind, wondering how they will survive when you are gone. Estate planning is the right way to ensure they are cared for and will continue living in the same standard of living they have been accustomed to.

We can help you with your Estate Planning. CALL US!