In California, estate owners contrive plans to manage their assets and properties. These plans show their family how they want their assets and properties divided. They offer peace of mind for these owners and give them certain protections. The following are questions about starting an estate plan with the Law Office Of Raoul J LeClerc Paradise CA.
Who will Take Care of the Owner if They are Incapacitated?
A health care plan and directive give specific details about what to do if the owner is incapacitated. The plan identifies a party who manages their access to health services and treatment. The directive gives one individual called a proxy full authority over health-related decisions. The estate owner can allow include a living will which defines if they want a DNR order attached to their medical file. The identified party may acquire a power of attorney to access assets to pay for medical treatment and requirements.
When Should Parents Create a Will?
Parents should consider starting a will when the mother becomes pregnant. The standard forms allow them to identify a minor child and make arrangements for guardianship. The will designates who will provide care and financial support for the child. If they create a support trust for the child, they can add provisions to prevent fraud and unauthorized use of the trust.
When is the Best Time to Start a Trust Fund?
The estate owner can set up a trust fund at any time. As far as when to start the trust fund depends on how it will be used. If it is for a child’s college education, they could start it after the child is born. They have the right to transfer money into the trust throughout their lifetime. They can also arrange for some portion of their wealth to be transferred into the trust after they die.
In California, estate plans consist of several objectives. Primarily, these objectives are financial support for their families, asset protection, and asset division. The documents created also provide direction for their family if dire circumstances develop. Estate owners who are ready to start these plans contact the Law Office Of Raoul J LeClerc Paradise CA or Click Here for more information.