A real estate attorney is an individual who gives you legal advice for your assets that are to be managed following your death. This involves granting your assets to your heirs and the corresponding estate taxes to the state.
These people are highly knowledgeable who plan where your assets would be saved and reserved for a specific beneficiary. A wills attorney Orange County will help you in drafting your will and other documents that are required for estate planning.
Here are some of the essential estate planning facts you should know:
- No Proper plan, the estate is not in control
In case, you pass away without any estate plan that means your estate’s control gets transferred to your inherited ones. In this case, your whole estate is divided and given to your inherited ones.
But with a proper estate plan, you are given an advantage that you can give your estate to the one you want. You can also set up a living trust for planning your estate well. An attorney specializing in a living trust in California can guide you well in such a case.
- No proper plan, you children could be in limbo
If your children are young and you haven’t thought who will care for them in case you pass away then it could be a terrible situation for your young children.
It is essential for you to leave a will with a guardian name for your minor children.
- Proper plan can protect your children from creditors and lawsuits
In case, your children inherit your property through state’s intestacy laws then that property is liable to their creditors.
So, if you get a proper estate plan built, you could save your children from estate planning.
- Proper plan, saves your children from misjudgments and bad habits
You also have an option to appoint someone who will make decisions on how your money is to be used after you. He will have complete control on your property till your children cross the required age.
Thus hiring a professional attorney can guide well in planning your estates which will be extremely beneficial for your family after your death.