Frequently Asked Estate Planning Questions
Estate planning is an important, yet complex legal matter that will require knowledge of the process. I am Attorney David F. Albrecht, P.A. and I have nearly four decades of experience helping clients through their delicate matters. To help you with your case, my firm has answered a number of frequently asked questions on estate planning. For answers to your specific questions, do not hesitate to contact my firm!
What would an advanced estate plan include?
Advanced estate plans not only include tax planning and a Last Will and Testament, but it will also involve entities that are created to take possession of and operate specific assets. It can include:
- Grantor trusts
- Irrevocable trusts
- Irrevocable life insurance trusts
- Limited liability companies
This type of estate planning goes far beyond the creation of a will.
What are the benefits of a trust?
One of the primary benefits of a trust is that property held in it will be protected from your creditors. It will also bypass the challenges presented in probate. Trusts that are designated to manage your assets will provide a relatively easy transfer of property if you name a trustee.
What is a power of attorney?
With a power of attorney, the individual you select will have the power to make financial decisions on your behalf. You can limit the power they have to certain actions or give them full power to make all of your financial decisions. The one that you elect in the power of attorney is your agent or attorney-in-fact. Your agent can be brought into power immediately or when a specific event occurs, depending on your wishes.
What is a healthcare proxy?
If you obtain a healthcare proxy, this will give your agent the ability to make decisions regarding your healthcare on your behalf. The person you choose should be trusted to follow out your medical desires and will not have any biases preventing them from following ensuring that your wishes are fulfilled.
What if my loved one dies without a will?
If an individual dies without a will it is called dying "intestate." If this occurs, the state will determine how to divide property and the probate process will be much more complex.
Contact the Vero Beach Attorney Today
With a strong understanding of California's laws pertaining to estate planning, I can help you through each aspect of your case. Do not hesitate to contact my firm and see what I can do on your behalf! My firm can provide you with all of the answers to your concerns regarding estate planning.
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