In California, probate laws dictate how estates are managed after a person dies. The laws allow creditors to seize assets after placing a lien against the estate. It is recommended that the estate owner creates a plan with a Probate Lawyer in Yucaipa CA to protect their assets.
Setting Up a Will
Estate owners set up a will to divide the estate among their relatives and loved ones. The executor completes the task after the estate owner dies. The owner adds stipulations for children who are minors when the will is created. A guardian is identified for the minors, too.
Creating an Irrevocable Trust
An irrevocable trust allows the estate owner to separate certain assets from the remainder of their estate. The assets are transferred to the trust and become part of it. After the transfer, the assets aren’t owned by the estate owner in the traditional sense. However, the owner maintains complete control over the trust and chooses who receives it once the owner dies.
Healthcare Directives and Proxies
A healthcare directive names a proxy who manages the estate owner’s healthcare requirements. The proxy makes all decisions about the estate owner’s medical needs and manages their assets. A power of attorney is given to the proxy to access the assets. Stipulations apply to the power of attorney and prevent any unethical spending or other improper uses of the assets.
Setting Up a Trust Fund
A trust fund allows the estate owner to transfer money for future use. The funds are used to transfer assets to children directly. The stipulations of the trust funds limit how much money is released each year and dictates how the money is used. The estate owner can add more money to the trust fund at any time.
In California, estate planning helps owners secure their assets and prevent creditors from taking them. The plans include a will, trust funds, trusts, and directives. The tools help the owner create a plan for dividing up their assets and managing any debts. Stipulations are applied to some options to offer added protection. Estate owners who need help can contact a Probate Lawyer in Yucaipa CA and schedule an appointment or click here for more details. You can also visit them on Google My Business.