Planning for the future is important, and unfortunately death is a big part of your future. Some people are in denial of this, but the sooner you begin to accept this the sooner you’ll be able to start preparing for it. Estate planning isn’t just for the super wealthy, or for those with extremely large families. An Estate Planning Law Firm in Irvine CA will help any client no matter if they’re old, young, with or without children, or married or unmarried. Let’s take a look at what estate planning is so important.
Estate planning can help you avoid the chaos that generally ensues when a deceased individual leaves an unplanned estate. Often times when this happens, if they’ve left behind family, the family typically fights over who receives the property. If there aren’t any family members, the assets left behind may simply be wasted and taken by the state. The estate planning process allows you to arrange for the beneficiaries of your assets before your passing.
It’s important for you to know the difference between a trustee and a beneficiary. If you’re planning your estate, you’ll be referred to as the grantor, and the person who’ll be in control of your estate is the trustee. The trustee has legal ownership of your property after passing, and is responsible for handing over this property to the beneficiary your appointed for the estate. The trustee is responsible for carrying out your wishes after you’ve passed away. In some cases the trustee can carry out these wishes while the grantor is still alive. You can visit an Estate Planning Law Firm in Irvine CA to find a trustee for your property.
Estate planning isn’t simply for the assets and property you receive. For instance, you may have a disabled child, or family member, that you wish to receive care after your passing. It’s not uncommon for a grantor to demand that their assets or property be used to care for those who are disabled, so that they may live a comfortable life for the rest of their years.
If you’re hesitant to begin the estate planning process, you should consider consulting with The Law Offices of Neil J. Cacali. Getting detailed information and advice from estate planning attorneys is the best way to get the guidance you’re looking for.