Creating Your complete estate plan with the help of an Estate Planning and Trust Lawyer in Orange County.
Our Estate Planning Trust Lawyer, Robert Miller, has noted that many clients, have a tendency to think of estate planning as consisting only of a Living Trust, or maybe a Will and a Living Trust. The truth is, however, that a living trust (or a will) is only one part of creating a complete estate plan.
An estate plan that is thoughtful drafted to cover future planning should have all of the following:
1. An Advance Directive for Healthcare (A Living Will);
2. A Durable Power of Attorney;
3. A Living Trust;
4. Any necessary supplemental trusts, like a special needs trust, a medicaid trust, or a minor’s trust or retirement trust.
5. A succession plan, if there is a family business or other business entity that needs to be planned for;
6. A last will and testament; and
7. Ceremonial, burial, or cremation instructions.
An experienced Orange County Estate Planning Trust Lawyer should craft a custom estate plan, which is not something you can get using forms, and will schedule to continually review the plan as the law changes, or as the family goals change.
The lack of proper documents can cause problems, the least of which can be minimized effectiveness of the other documents. The purpose of the supplemental documents, above and beyond a mere living trust, are to make sure that spouses, or other family members, have access to financial accounts, can move funds, and allows you to appointment certain persons to be a guardian, an executor, and to have your end of life wishes for healthcare, and for specific wishes regarding ceremonies or other rituals be followed. A will also makes sure that any assets that were not transferred into the trust, or aren’t part of the trust, will get into the trust, by virtue of the pour over provision in a properly drafted will.