Vested Estate Planning

Estate Planning is about protecting your family and loved ones in case the unthinkable happens to you. Going through the estate planning process means you are preparing for potential incapacity or your passing, and making sure your spouses, children, and the people closest to you, are well taken care of. Some tools that may be used in an estate plan could include:

• Last Will and Testament – This is a document that outlines how you plan to distribute your assets after death. Aside from that, the last will can establish what should happen with your children and who will serve as legal guardians if they are minors.
• Revocable and Irrevocable Trusts – There are many kinds of trusts to consider and your choice will depend on your purpose for establishing the trust fund: whether to avoid probate, turnover management of your assets to a trustee, or ensure your family’s maintenance.
• Special Needs Trusts – This is a type of trust designed for a beneficiary who is physically disabled, mentally disabled, or chronically ill. Special needs trusts can provide support for a loved one who enjoys benefits from government programs that may be affected when funds are received from another trust.
• Powers of Attorney – This is a letter that legally authorizes a person to represent you or act on your behalf. This grants control to another person over your financial affairs should you become incapacitated.
• Advanced Directives – This is a legal document that gives control to an appointed person to decide over medical matters should you become incapacitated.
• Legacy Plan – This is a financial strategy that helps you bequeath your heritage to your next of kin. This takes the certainty and comfort of your presence in your family’s lives today and projects that into the future when you are no longer with them.

Winston Churchill said, “He who fails to plan is planning to fail.” The truth is, if you don’t think you have an estate plan, the State of California actually has one for you. Unfortunately, giving California the duty to decide about matters concerning your family’s care and management of your assets upon your death is, most of the time, a plan for failure. Going through the probate process is expensive, impersonal, public, and takes years before your loved ones can get what you wanted them to have.

If you want to avoid these scenarios, and if you are ready to take control of your asset protection as well as your family’s future, an estate plan is right for you.

When you are dealing with estate planning and asset protection concerns, it’s best to involve an attorney that specializes in Modern Family Estate Planning. This specialty involves helping modern families and professionals design their estate plan, determine who they want to act on their behalf should they be physically compromised, mentally incapacitated, or upon death; and choose how their assets are distributed. Your appointed representative can be a family member, professional, or a friend who have a certain skill set to walk with you during incapacitation or handle your estate when you are gone.

Financial planning involves managing your money and getting the best return on your investment. Estate planning on the other hand is about passing that money onto the people you care about and protecting it to make sure it lasts.

Life happens and unexpected events occur. It is highly recommended that you update your estate plan at least every three years. Moschetti Law Group offers a  365 Legacy Assurance Program that allows for changes, updates, questions, newsletters, and educational opportunities. Contact us to learn more!