Beverly Hills residents can enjoy a range of different benefits and total peace of mind when they take the time to tend to estate planning.
There are a number of important documents that will be prepared as part of your estate planning process, from who will receive your assets, to how your money will be divided and beyond.
What Kinds of Things are decided through Estate Planning?
Beverly Hills estate planning experts will guide you through the process, which begins with a decision as to whether you will use a will or a trust for your estate.
Wills and trusts have many similarities, but there are some major differences too. A will affords less flexibility and the will must be processed through the probate courts, which can take time and money. On the other hand, a trust does not need to go through probate and it gives you a lot more flexibility. Setting up a trust is more time consuming, though, and the fees associated with creating a trust are a bit higher than writing a will.
Whether you use a will or a trust, you will need to make some very important decisions about who will receive your wealth and assets, along with any specific terms and conditions that must be fulfilled in order to actually take possession of your assets and money. A trust provides a great deal of flexibility in terms of creating specific conditions.
The estate planning process also addresses how your final expenses, like funeral and burial/cremation costs, will be paid. You may also wish to designate a funding source for any bills that are outstanding at the time of your death.
What Other Documents Are Prepared Through Estate Planning?
Beverly Hills estate planning attorneys can also assist with other important documents. Parents of minor children should consider who would receive guardianship of their children if both parents were to die. It’s a difficult thing to consider, but it’s important that you take the time to address this point because otherwise, the courts will decide on your behalf – and you may not like the judge’s decision.
Additionally, you may opt to draw up a living will. A living will, which is also called an advance directive, is an essential document that indicates your wishes concerning life support and other related health care issues.
An advance directive provides you with a way to make your wishes clear in the event you’re seriously injured or ill to the point where you’re unable to make essential life and death decisions. This document will provide you with peace of mind knowing that your loved ones won’t be forced to make these difficult decisions on your behalf.
*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of Jhonston & Sasser, P.A*