Estate planning documents should be reviewed periodically to address any changes in state and federal laws, and updates to individuals named in the documents, accounting for death or estrangement.
The importance of an estate plan cannot be underrated as individuals who have worked hard to acquire possessions and real estate should have a choice in who will receive their assets once they pass on. California estate planning lawyers can assist with the drafting of relevant documents and provide guidance for individuals as they prepare estate plans.
Estate plan
The areas that may need attention include:
- a last will and testament, with guardianship if there are minor children.
- an advance healthcare directive for end-of-life care.
- a durable power of attorney.
Trust
Additionally, an estate plan may include a trust which can be expensive and intricate to a person’s requests. Simple trusts may account for support of loved ones including cars and college tuition for example and may be smaller documents. Business trusts could exceed 100 pages depending on the degree of detail contained in them. Trusts are created to address specific requirements or needs after a person dies with consideration for support, disabled loved one care, estate and gift tax minimization and reduced taxes overall. A business succession trust would allow an entity to be passed to the next generation. It is important to speak with a seasoned estate planning lawyer as they can identify a client’s needs and concerns and draft a trust in accordance with those. If a person has a substantial estate or owns a business, not having a trust could cause delayed support and negative tax consequences that could be costly. Preserving wealth for retirement and beneficiaries is accomplished through a variety of trust provisions. A trust can reduce estate taxes and gift taxes. A trust may also avoid probate proceedings, allowing the trustor to determine how assets should be distributed and to whom.
Experienced San Jose estate planning lawyers guide clients to make sure an estate plan contains the legally necessary language so a person’s wishes can be honored at the time of their death according to California and federal laws. Wills must be prepared properly, signed, witnessed, and notarized according to California law. Estate planning documents should be reviewed periodically to address any changes in state and federal laws, and updates to individuals named in the documents, accounting for death or estrangement.
DNR
Consultation with a lawyer is important to understand the distinction between “Do not resuscitate/intubate” and a formal will. An individual does not need to have an advance directive, or living will to have do not resuscitate (DNR) and do not intubate (DNI) orders. To establish DNR or DNI orders, inform a doctor about these preferences so they can write an order and keep it as part of a medical record.
Advance directives
Estate planning lawyers draft essential documentation, in addition to trusts. Consultation with tax lawyers is also a prudent decision so they can review estate planning documents and specific language in a trust and explain how tax burdens will be handled for beneficiaries, companies and surviving loved ones.
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