Nearly everyone has an estate. An estate includes everything you own— car, home, other real estate, checking and savings accounts, retirement accounts, investments, life insurance, furniture, personal possessions. To ensure your wishes are carried out regarding your estate when you pass away or become incapacitated, you need an Estate Plan.
An Estate Plan provides instructions about whom you want to receive something of yours, what you want them to receive, and when they will receive it. The plan is created so the least amount is paid in taxes, legal fees, and court costs.
A typical Estate Plan includes the following core documents, among others:
- Living Trust,
- Power of Attorney,
- Advance Health Care Directive,
- Nomination of Guardians for your minors, and
- Deed transfer of your California real estate into your Trust.