Components of an Estate Plan

BREAKING DOWN THE ESTATE PLANNING PROCESS

Estate planning is known to be a complex process with many aspects, but a knowledgeable estate planning lawyer like Noelle Minto, can guide you through the process and provide you with comprehensive counsel.

WILLS & TRUSTS

The main factor of estate planning is the drafting of wills and trusts. Wills are usually recommended for individuals who have money, assets, and property valuing $150,000 or less. They are the more common method for documenting a person’s wishes for distribution for both personal and real property when death occurs. The main goal of a will is to help eliminate any dispute that might befall among loved ones after the passing of an individual.

For an individual with property valuing more than $150,000, a living trust that places your property in the hands of an individual or entity of your choosing might be the path for you. The trustee will be in charge of managing your estate during and after your passing. The beginning of any good estate plan includes a “revocable living trust,” which allows you to change or revoke it at any time and as often as you’d like.

TRUSTEE AND BENEFICIARIES

A typical trust involves three parties: a trustor, the trustee, and the beneficiary. The trustee is the individual or company responsible for looking after the property listed in the trust until the appointed time when the beneficiary may come into their inheritance. This is often the case for children or young adults who are not capable for handling the property to the best of their ability until a later date.

POWER OF ATTORNEY

Power of attorney is a legal document that gives another person the legal power to act on your behalf when you aren’t able to do so. The power can either be ongoing or applied only to certain actions and dates. A power of attorney is usually designed for financial matters during or after your passing, family issues such as caring for children, and healthcare orders regarding your medical care if you become unable to care for yourself.

MEDICAL DIRECTIVES

Medical directives, usually listed in a person’s living trust, list an individual’s desires on how they want to be treated in the event of a serious illness or accident; this includes designating a power of attorney. By putting a medical directive together, your loved ones will not have to go through the emotional stress of guessing what you would want them to do in the event you become seriously ill or injured and unable to speak for yourself. N•M Law, APC understands that this is a trying time for people to approach, and we will take the time needed to sit and explain all that goes into deciding what to do in regards to aligning it with your personal wishes. No one wishes that a need for medical directives will become, but it is in your best interest to ensure that your desires are established in case of an unexpected situation in the future.

LET AN ESTATE PLANNING LAWYER HELP YOU

N•M Law, APC has helped many Orange County residents through the process of estate planning. We have detailed knowledge of each element and can provide the counsel and skilled guidance that you will need in order to get your property aligned. Noelle Minto understands that each person’s situation is unique and approaches each case with an open mind so that she can achieve the best possible outcome. Contact N•M Law, APC today to get started.

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