To make arrangements for the end of your life and death, estate planning is the finest method. It is, nonetheless, one of the most crucial components of financial planning, despite the fact that it is a sensitive subject. If you need assistance understanding the ins and outs of various documents and plans, a Laguna Niguel estate planning attorney can assist you.
Careful estate planning will help you and your partner to make plans for the future while also ensuring that you and your partner will have a say in healthcare decisions and the distribution of inheritance. You should keep the following issues in mind while you make your preparations.
Choices Regarding Health-Care Providers
In the event that one spouse becomes disabled, married couples have the right to make decisions about the healthcare of the other. Unmarried partners, on the other hand, are typically replaced by family members appointed by the court.
There are steps you may take to guarantee that your spouse is in control of making healthcare decisions on your behalf, and you can designate them as your healthcare proxy. Also known as the durable medical power of attorney, this duty serves a long period of time.
As long as you are incapacitated, your healthcare proxy will have the authority to make medical decisions on your behalf. In the event that you are asleep or not in the proper mental state to make decisions for yourself, this will take effect on your behalf.
Having someone you can rely on to make medical decisions on your behalf is critical to your well-being. Following an accident, a medical emergency, or even end-of-life care, may be necessary.
Power of Attorney in General
A power of attorney (POA) is a useful tool for preparing for the possibility of illness or incapacitation.
No one will be able to legally manage your affairs unless they are appointed as a conservator unless you have specified a power of attorney. The conservatorship process will take a significant amount of time and money, and the conservator will be appointed by a judge rather than the conservator and conservatorship court.
If you are unable to manage your affairs yourself, a general power of attorney allows another person to take charge of them. Among these are medical, financial, and legal issues.
Example: This individual will be able to handle your taxes, pay all of your bills, and complete other tax forms. Also under their authority will be medical decisions made on your behalf by a physician.
This designation will ensure that your partner is able to handle as many of your affairs as is reasonably practicable for you. Keeping your life together when sick or preparing for end-of-life care will be much easier as a result of this.
Co-Ownership of Real Estate
Most of the time, married couples are entitled to specific privileges, such as inheritance rights in the majority of cases. In the event that you and your partner are not married, you will need to make certain arrangements to ensure that your partner inherits your assets.
Homeownership is a secure investment for both partners when they share a single piece of real estate. To be termed joint tenants, you must have an equal part of the ownership.
Having joint tenants means that you both own an equal portion of the property. If one of you passes away, the other owner will assume the deceased person’s portion of the business and become the sole owner. Known as the right of survivorship, it enables you to avoid going through the probate process.
It may be possible to meet with an attorney and prepare a document that defines you as joint owners, even if you prefer to have one partner identified as the only owner of the company. If you have any questions, you should consult with an experienced estate attorney who knows what they’re talking about in terms of taxation and estate planning.
The fourth step is to draft a will.
In any estate planning process, the creation of a will is a mandatory step. In spite of the fact that you may have specified beneficiaries for your bank accounts, trusts, and other financial assets, a will is still quite necessary.
An intestate individual is one who dies without leaving a will, and the law will determine what happens to their estate once they have passed away. The majority of laws are written with married couples in mind, and an unmarried partnership does not have the same weight in the eyes of the law that a married partnership does in most cases.
If you have a will, it allows you to write down your final wishes, such as how you want to be buried, as well as the distribution of your possessions to the individuals who you want as beneficiaries. You can include a vehicle, a painting, and other goods in your inventory.
You’ll also be able to choose a guardian for any underage children who may be in your possession. This stops the courts from making that decision on your behalf, as they would otherwise. No matter how well-intentioned the individuals involved are, they frequently lack a comprehensive understanding of the family’s dynamics, and the process of locating a guardian can be extremely traumatic for a child.
Having a will also provides the option of appointing an executor, who will perform responsibilities such as paying off your final payments and shutting your bank accounts after your death.
Building Trust is Number Five.
A trust is a fantastic tool for making long-term financial and personal decisions. Moreover, it lets you to name beneficiaries and specify the terms under which they will receive their inheritance.
The use of a trust can be beneficial for unmarried couples who want to share access to their financial resources. If you don’t want to deal with complicated legal difficulties, you can create a trust with clear-cut instructions that allows your spouse to handle money on your behalf in specific circumstances.
For all assets held in the trust, you will be able to avoid having to go through the probate process. Instead, they will be transferred immediately to your beneficiaries, such as your spouse.
Because it allows you to make changes at any time, the majority of people utilize a revocable trust for this purpose. You can move assets in and out of the account and modify the beneficiaries at any point in time if you so choose. In addition, unlike assets held in an irrevocable trust, you’ll be able to access them at any moment.
Make use of the services of a knowledgeable Laguna Niguel estate planning attorney
A trust attorney will be necessary if you want to construct a trust that meets your goals while also complying with local laws. It is necessary for you to hire an attorney who is familiar with the legal jargon used in Orange County courts.
Making arrangements for your estate now will alleviate worry for you and your partner in the case of a medical emergency or death in the family in the future. Unmarried couples may be required to do more paperwork, but a probate attorney may assist you in navigating the legal system and making the best decisions for your particular circumstances.
You and your spouse will have the legal safeguards you require if you and your partner do their homework. Contact Parker Law Offices today to schedule a consultation with one of our attorneys.
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