Recently updated on October 25th, 2022 at 11:02 am
Most people believe estate planning is simply about drafting a will or a trust. A lot needs to be included to ensure the smooth transfer of assets in the future. The estate planning attorney San Diego can help you with the right advice for creating real estate documents.
San Diego is a famous city located in California, USA. The total housing units in San Diego are 556,735 according to the 2020 census, and there is a demand for licensed attorneys to help with estate planning. Regardless of wealth and family dynamics, estate planning is vital. It will save a person from stress and frustration related to properties.
List of Documents Prepared by an Attorney
Table of Contents
1. Will and Trust
A will or a trust is not only meant for the rich people. The documents refer to the management of an estate after the owner passes away. The possessor decides who will receive his assets post demise. The proper documents determine the actual value of a will or a trust. As per the advice of a San Diego attorney, in the case of underage children’s will, one must mention a guardian and backup guardian.
2. Guardianship Nomination
These documents determine how someone would like their children to be raised in case anything happens to the parents before a child turns 18. This nomination designation is applicable in the case of minor children. An estate planning attorney guides the client in choosing a suitable guardian. In case of not filing these documents, a child may have to live with someone his parents did not admire.
3. Power of Attorney
Power of attorney is an estate planning paper to assign another person to make financial decisions when the person himself is unable to do so. This paper can be used even during a person’s life and not necessarily after death. If the assigned person is financially savvy, it can help them make sound decisions. The designated person may or may not be a family member.
4. Healthcare Directive
This document helps to indicate the healthcare instruction in case the person cannot verbalize. Another person in the family can decide on behalf of a person’s incapacity. Designate someone who is trustable and will take decisions one is likely to agree with in times of absence. An attorney offers the right advice in assigning an agent in a legalized manner.
Benefits of Estate Planning
An estate planning attorney in San Diego can cost you between $2,500 to $5,000, but it is worth it. The services are not just meant for wealthy people and have legal, financial, and medical importance.
- It provides financial security to the family after a person’s demise.
- The presence of medical and financial directives in case of a person’s incapacity to make decisions saves from falling into probate court trips.
- A document helps in ensuring that all beneficiaries receive things fair and equally.
- It helps reduce the excessive estate taxes that are not supposed to be paid in the first place.
- It also helps avoid the family discord that can occur while settling an estate.
Both federal and state governments in California are constantly passing laws that directly impact estate planning. Since San Diego is a major city in California, USA, it has an effect. The will is only a start to estate planning and involves deeper aspects. The idea behind the process is to secure family members and other beneficiaries in a person’s temporary or permanent absence.
Everyone may not require intense estate planning but must contact an attorney for a legalized will. So, find a suitable attorney to make the right estate plan immediately. The process can be tricky, but not with the right attorney.