Estate planning is one of the most crucial decisions you can make to transfer your property into safe hands. It involves planning in advance who will be the legal heir of your assets after death.
If you want your family and loved ones not to be stuck with time-consuming, frustrating probate procedures after your death, it's advisable to hire a professional Scottsdale estate attorney. If you don't complete estate planning before you pass away, your family may come across many difficulties during probate.
Before you attempt to make estate planning, it's important to consider the following terms:
1.Will: a will is a legal document that states who will receive your property after your death. Leaving the last will can help your family or loved ones avoid probate and prevent arguments about how assets have to be distributed.
2. Living trust: trust is similar to the last will under which you entrust your assets to one person or an organization. When creating a living trust, you can transfer all your assets to yourself or another person who you know and trust called a trustee. The trustee is taxed with managing the estate on behalf of your beneficiary.
3. Power of attorney: it's a legal power given to a person or organization to handle your affairs in case of your absence or disability to do so. The person who you appoint to handle your case is known as a trustee.
These are the things you should know while planning for an estate. Hiring a Sacramento estate planning lawyer will help you protect your valuable assets, ensure that they will be distributed among the legal beneficiaries after your death and relieve your family from the typical probate process. So, contact an attorney or firm that holds specialization in estate planning.