Aliso Viejo is located in the San Joaquin Hills of Southern Orange County. It became the county’s 34th city in 2001 and is the only Orange County city to be incorporated since the year 2000. As of the 2010 United States Census, Aliso Viejo has a population of 47,823, with a population density of 6,400.4 people per square mile.
Some people believe that estate planning is something reserved for older people. However, it’s never too early to start making plans for your estate. Estate planning gives you the chance to make plans for what will happen to your assets after you die, and that’s a powerful opportunity.
When you have significant assets, estate planning becomes more important. Careful planning will help you minimize the fees and taxes your beneficiaries have to pay when they inherit money and property from you.
Another situation when planning becomes more important is as you age, or if you develop health problems. It’s wise to prepare for the worst, and the sooner you can put solid plans into place, the better.
There are many benefits to making decisions on how your affairs will be settled after you pass away. It gives you control over what happens to your assets after your death.
Estate planning is important because it allows you to protect your family even after death. You can make sure they are provided for to the best of your ability, and place your assets in trusts that they can access easily.
Without a will or other guidelines to follow, your loved ones would have to spend time in court waiting for a judge to make decisions on your assets.
The courts make decisions about an estate when a person dies without a will, and they distribute assets according to local law. Sometimes, lack of a will even results in arguments and legal action between family members.
Having a will and trusts in place will make the process of settling your estate go much more quickly. Your beneficiaries will receive their inheritances in a timely manner and avoid racking up legal fees.
Estate planning can seem like an overwhelming task, but it becomes easier if you break it up into steps.
First, you can make a list of all of your assets. As you create your list, you may find yourself adding things that otherwise would have slipped your mind.
Your list of assets should include real estate, personal property, valuable items like artwork, vehicles, and bank accounts. This list makes things easier for both you and your loved ones. If you have cash stored in a safety deposit box, or valuables your family might not know about, this inventory will be useful.
After you know all the assets you own, you can make a plan that will help support your family in the event of your death. You may want to set up trusts, and figure out the kind of financial help your family members would need. If you have young children, you can set up a college fund, for example.
At this point, you can decide how to distribute your assets, and who will be receiving them. You will probably bestow the majority onto your immediate family, but here is where you make decisions about extended family and friends. Sentimental objects could go to a sibling, or you might want a book collection to go to your book-loving best friend.
After you have an idea of what you own, how it will support your family, and who will receive items through your will, it’s time to seek out a professional. An attorney will provide guidance in terms of tax laws, offer advice on trust options, and more.
Estate plans can look very different from person to person, depending on what they need. Certain documents appear in most plans, however, because they serve important legal purposes.
Your will is a central document in any estate plan. It provides the blueprint for how to carry out your wishes after you die, from your funeral wishes to the distribution of your assets. A will gives you the chance to leave specific amounts of money, or specific belongings, to loved ones.
Trusts are another important part of planning for your estate. They can hold assets from bank accounts to real estate, and a trust allows for a smooth transfer to the beneficiary. You can also place restrictions on a trust, to protect young children or someone without much financial knowledge.
If you have children, guardianship designation is one of the most important decisions you’ll have to make. This paperwork lets you legally state the people you want to care for your children in the event of your death. In the absence of this, the state will have to make the decision on its own, and they may not choose the person you want them to.
Designating a power of attorney (POA) is another important part of an estate plan.
It’s best to assign the role of POA to someone you trust, because that person will be able to make decisions on your behalf. You may give this person control over your affairs in general, or limit them to financial affairs or healthcare.
With over 99% of the Aliso Viejo population living in households and many of them being married couples with children, it’s important that residents prepare for the future by working with an experienced Aliso Viejo wills and trust attorney.
Estate planning is essentially creating a plan for the transfer of your property and assets after your death. Your estate consists of all the property you own.
While many people believe that estate planning should only happen after you retire or when faced with a terminal illness or injury, the reality is that an accident or other situation can arise without warning. The prudent thing is to have the documents in place before they are needed.
Estate planning is best done by an experienced estate planning lawyer in Aliso Viejo while you’re legally competent and in good mental health. Your estate plans should be reviewed and updated throughout your life.
An Aliso Viejo living trust lawyer can help you make a plan catered to your individual needs to determine who will inherit from you and who will settle your affairs when you’ve passed away.
If you don’t work with an Aliso Viejo wills attorney or create a written will or trust, your estate will go through probate where the court will decide who inherits your property.
An Aliso Viejo wills lawyer will help you ensure that your family is taken care of and won’t have to go through a draining probate process.
If you own your home or any other real estate or have more than $150,000 in assets, your estate will be subject to probate if you do not have a will or trust. Probate will determine who is the rightful heir to your estate.
Instead of letting the courts decide for you, it’s best to ensure your family’s future without you by working with an Aliso Viejo probate attorney who can help you ensure who gets your property.
However, if you’re already going through a probate process or will soon, you need the help of experienced Aliso Viejo probate lawyers that can help expedite the process through the court system.
Trustees typically have a lot of responsibilities after someone has passed away. An experienced Aliso Viejo trust administration lawyer can help guide the trustee through the process and assist with collecting and distributing the assets.