Estate Planning Law Firm Victorville, CA
Estate planning is a proactive method to ensure your wishes are known and adhered to following your death. Without the benefit of estate planning, your assets and finances could wind up in probate court, which is a more complicated process where you essentially lose your say in how your possessions are distributed among your heirs. Whether your estate is small or large, advance planning is always a good idea for communicating your desires and attempting to quell family disputes from occurring after your death.
Estate planning includes drafting a detailed will on how you want your finances and assets distributed. A will is a legal document which is effective only at your death. The will documents for the court and your executor how your estate is to be managed and distributed upon your death. You can also assign durable powers of attorney to a trusted friend or family member for your financial affairs, properties that you may own, and medical directives to be carried out should you become incapacitated.
Setting up a trust as part of your estate plan can mean more than providing money for your heirs after you have passed away. A trust is also commonly referred to as a revocable inter vivos trust. A trust is a written agreement between the settler or settlers, the individual or individuals establishing the trust, and a trustee. The settler transfers his or her interest in their assets to the trust to be managed by the trustee. The trust may be revoked or amended at anytime during the settlers life, provide they remain competent. Upon the death of the settlers the trust becomes irrevocable and the assets are maintained or distributed by the successor trustee in accordance with the trust instructions.
Experienced Estate Planning Attorney
The Law Offices of Ripley & Associates, in Victorville, California, represents clients throughout the high desert area. Contact us toll free at 800-540-8713 to arrange a free initial consultation with an experienced attorney.
