An Attorney Represents Peace of Mind When Estate Planning

Estate planning can help ensure that your assets are secure after death. Living clients who become incapacitated due to illness or injury can also benefit from estate planning. The process prevents familial legal disputes, lowers taxes, ensures the payment of assets to any beneficiaries, and ensures the collection of money.

A lawyer can protect assets by scheduling certain plans to be set in motion at an appointed time. These plans include a trust, a pour-over will, and a power of attorney.

A Trust

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A trust arranges for a third party, the trustee, to control assets on behalf of a beneficiary. A beneficiary inherits assets whether or not an asset is meant to go to a beneficiary. Another commonly used term is "heir," which designates relatives who inherit in the absence of a will. The client chooses the third party for the beneficiary.

A Pour-Over Will

A pour-over will is often used in conjunction with a trust and ensures that all property that passes through the will upon death transfers to a trust, i.e. pours over into that trust. From there, the property is divided and distributed to the beneficiary as designated by the client.

Power of Attorney

A power of attorney is a legal document that designates a third party to step in to make decisions for you, should you become mentally incapacitated. This third party is called an agent. A power of attorney is vital because, without it, your family members may have to go to court to obtain control of your estate.

Agents Appointed Time

Each state follows its own laws about when the appointed third party begins making decisions as a legal agent. California law stipulates that a person can draft control that is enacted as soon as the agreement is signed or wait until incapacitation for it to go into effect. If the client arranges for the power to begin upon signing, the client must clarify that the agreement is durable. Otherwise, the agreement automatically ceases if the person suffers incapacitation. If a client doesn't want the power to immediately transfer, a springing durable power of attorney must be enacted. This makes clear that the power remains untransferable until a doctor certifies incapacitation.

Duties of an Agent

The duties of the agent include paying ongoing fees or outstanding bills, depositing money into bank accounts, monitoring investments, collecting benefits from the government or insurance company, and handling other estate planning matters. The agent will know what to do because he or she will have a clear lawyer-assisted plan to follow that prevents having to guess about the timing of these important financial matters.



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