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Forming an Estate Plan

June 11, 2017

It is important to have an estate plan in place in the event of incapacity, illness or injury. A comprehensive estate plan may include the following: a will, living trust, durable power of attorney and an advanced health care directive, among other important legal planning documents. Aziz Legal may assist in advising you on your tax issues, asset values, distribution of assets, and more. If your estate is large, Aziz Legal will discuss ways to preserve your assets for your beneficiaries to your wishes. 

 

Wills

A will is a legal document that names individuals or organizations that will receive your assets upon death. You must execute your will in a matter which is consistent with California law and failure to do so many invalidate your entire will. 

 

Living Trust

A living trust is a legal document that may, in some cases, serve as a will substitute. A revocable living trust may be done without court involvement and places assets in a trust that is administered by a trustee (this trustee may be you) during your lifetime then transferred to a successor trustee upon death. At that time, the successor trustee will take over the management of the trust for your beneficiaries.  

 

Probate

Probate is a court-supervised process of distributing assets to beneficiaries listed in a will. Some disadvantages of probate are that it is often expensive, becomes public record and the process takes quite long in comparison to that of a living trust, for example. Aziz Legal will assist you in determining the best route for avoiding probate. 

 

Durable Power of Attorney (POA)

If you are unable to care for yourself, a power of attorney gives another person the legal authority to act on your behalf for financial purposes. It is a written legal document that Aziz Legal may prepare for you. 

 

Advanced Health Care Directive

With an advanced health care directive you may also designate someone to make medical decisions for you in the event that you are unable to do so for yourself. This document may also contain direction on life sustaining treatments, remains for your funeral and more. Setting up an advanced health care directive is a method to avoid court ordered conservatorships in the event of a lack of capacity.

 

Forming a comprehensive estate plan may be complicated and time consuming. It is beneficial to retain experienced and professional attorneys in order to maximize the effectiveness of your claim. Please call Aziz Legal by phone (408) 203-4627 or email us at abid@azizlegal.com.

 

This article is merely informational and is not intended to be used as legal advice. Use of any information from this article is for general information only and does not represent personal legal or tax advice, either express or implied. Readers are encouraged to consult Aziz Legal, or another attorney, for any specific legal matters.

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