Planning for the orderly management and distribution of your estate during periods of incapacity and after your death is something people often put off. After all, it’s not fun to talk about becoming incapacitated or dying. However, everyone ought to do some estate planning. Nobody knows when that plan will come into play; having your wishes formalized in legal documents can provide you with valuable peace of mind.
Experienced San Jose Estate Planning attorney Barry Mangan helps people with their estate planning needs.
Planning for Estate Distribution after Death
There are no one-size-fits-all solutions for estate planning. The tools and vehicles that will work best for you will depend on the types and sizes of assets that make up your estate, how those assets are owned, and what your goals and wishes are for distribution.
If you want to avoid probate court proceedings, your estate planning attorney may recommend using a trust instrument, or using a combination of tools including a will and beneficiary designations. If minimizing the amount of taxes paid after your death is a concern, your attorney can help you craft a plan designed to maximize available exemptions.
Parents with minor children should use their estate planning documents to provide for physical guardianship, if the worst happens while they still have minor children. Trust provisions can also allow for the management and distribution of assets to children or other beneficiaries of any age, over a period of years.
Planning for Periods of Incapacity
Because none of us knows if or when we might become disabled, your estate planning documents should also include advance directives for medical and financial affairs.
Advance Health Care Directives are used to authorize someone else to speak for you in the event you’re unable to make your own wishes for your medical care known. You can also spell out some of your wishes in that document, providing a roadmap of sorts for your loved ones.
Similarly, a financial Power of Attorney form authorizes someone else to handle your financial affairs during your lifetime, eliminating the need for court conservatorship proceedings.
Contact Mangan Law Offices in San Jose Today
Formalizing your wishes in your estate plan is a valuable gift you’re giving your loved ones. While it’s not a fun subject to discuss, planning now can make a world of difference in the complexity and work involved in managing your estate later.
Take the first step toward creating or updating your estate planning documents by contacting San Jose Estate Planning attorney Barry Mangan today at 408-309-2596.