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Create a Will
A will is a legal document that outlines where your wealth and property will go upon your passing. This document alone is not sufficient to protect all of your assets, but it is perhaps the most important document in doing so. Without a will, the rules of California interstate succession will govern how all of your assets are distributed. A will is paramount to ensuring that you, and not the government or an attorney, choose where your assets will go.
Unfortunately, having a will alone is usually not preferable since California requires wills to go through probate, a long and complex process many avoid. The way of doing so is to combine the will with another document, known as a living trust.
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Create a Living Trust
Creating a trust whilst one is still alive is a common way to get around the dreaded process of probate. In a living trust, the asset owner typically designates themselves as the initial trustee. They manage the assets for the benefit of specified beneficiaries. Upon their death, the agreement of the trust designates who will take over as the trustee and how the assets will be distributed to beneficiaries.
In addition to avoiding probate, most living trusts allow the owner to change or revoke the trust while alive. This means the owner retains control over the property until death.
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Gain Power of Attorney
Power of attorney grants another individual (typically an attorney) with the power to make financial decisions regarding your assets on your behalf. People often choose a “durable” power of attorney, allowing their representative to make decisions even after they pass away.
There are several reasons why seeking power of attorney is preferable. The first is that it is always a good idea in general to get legal help from an individual who has a thorough understanding of the laws regarding wills and trusts. If you can’t make decisions or pass away, having someone knowledgeable in law manage complex asset decisions is crucial.
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Gain Healthcare Power of Attorney
Healthcare power of attorney grants someone the authority to make medical decisions on your behalf if you’re unable to. Many choose to gain healthcare power of attorney in case they have a terminal illness or find themselves in a state in which they cannot adequately make decisions regarding their own health. It helps people ensure preferred treatment during life and protects their physical body, including organs, after death. KAASS LAW guides you through creating a will, living trust, and obtaining power of attorney.