Many people say that the best defense against disaster is preparedness, and that is true – in so many ways. In fact, that perception on preparation is also true when we talk about estate planning. However, despite the continuing drive and information dissemination by people in the legal industry about the importance of estate planning, many families still find themselves in ‘legal’ trouble, to say the least, when their deceased loved ones did set up estate planning in La Jolla.
With the aim of continuously educating people, the Law Offices of Ronald R. Webb – home of experts on estate planning in La Jolla, wants to share more important insights about the subject. The following can help people make better estate planning decisions – before it’s too late.
Here are more insights about estate planning in La Jolla:
Estate planning is for everybody – Contrary to popular belief, estate planning is not only for ‘retired’ or ‘the wealthy’ – it is for everybody who does not want their loved ones to land in any trouble if an estate owner passes away.
If someone does not have a plan, well, the State has one for you – Sound good? Probably not. Here’s why – In case of disability, and the property/asset owner can’t perform his functions due to mental or physical incapacity, a court appointee (only) can sign for you. Yes, not you, not even your family will control how your assets are used. In case of death, if you die without an estate plan, your assets will be distributed according to the probate laws in your state.
It starts with a will or living trust – A will bears your instructions, intentions for assets in case you pass away. However, it does not bypass probate – meaning your assets will still be subject to a courts scrutiny. Living trust on the other hand is a tool that can be used, while you are still living to decide on how your assets should be taken care of. A will does not die with you – your assets can stay on trust managed by your assigned trustee. A living trust can bypass probate.
Have more questions about estate planning in La Jolla? Contact us today!
Call us at (858) 558-1191