In California, estate owners review estate planning processes to determine the most appropriate options for their assets. The process helps the owner enforce their rights and prevent unethical practices. The following are steps followed by an Estate Planning Lawyer in Chico CA.
The Creation of a Will
The estate owner produces a will during this process. The will identifies new owners for each asset and property. The will also identify a guardian for any minor children and provisions for this assignment. The estate owner also identifies any additional accounts they own that are assigned to their children or a new caregiver. This could be trust funds set up for educational expenses or financial support. The owner can add provisions for the trust funds to prevent the unethical use of the account.
The Establishment of an Irrevocable Trust
An irrevocable trust that is set up to transfer property and assets outside of the estate. Once they are transferred, the owner won’t own them anymore on paper. The owner, however, retains control over these assets until they die. A successor takes over when the original owner passes away.
Starting a Health Care Directive and Identifying a Proxy
A health care directive explains the owner’s wishes if they become incapacitated. They can identify their preferred doctor as well as any medical facilities in which they wish to avoid. They can also make decisions about resuscitation. A health care proxy is assigned when additional choices are needed about the estate owner’s care.
Manage Outstanding Debts for the Estate Owner
The estate owner can set up additional accounts to manage their debts. These accounts will settle their debts when they die and prevent their family from facing any financial hardships. This can also reduce the probate process.
In California, estate owners follow the steps of estate planning to protect their assets and property. These steps help them to stop the seizure of their assets by creditors. They also help the owner establish trusts to protect the rights of their family after they die. Owners who need to hire an Estate Planning Lawyer in Chico CA contact Attorney Raoul J LeClerc today.