In California, an estate owner has authority over how their assets are managed and divided among their family members. They also retain the right to made decisions concerning how these assets and properties are managed if they become incapacitated. Through estate planning, these estate owners enforce these rights. The following are the benefits acquired from an Estate Planning Lawyer in Chico CA.
Asset and Property Protection
The estate owner acquires asset and property protection. Through estate planning, they can create provisions in their will or any trusts to prevent the unauthorized use of their property or assets. This prevents unethical individuals from committing fraud or acquiring financial gains through these assets. The provisions can reduce certain liabilities for their family and ensure that the rightful owner of these assets is identified properly.
Management of the Owner’s Last Wishes
The estate owner’s will identifies new owners of their property and assets. The estate owner can also set up funeral arrangements through the planning process. This ensures that the family won’t suffer the financial burden of paying these expenses. They can also set up life insurance policies for certain family members.
Reducing Tax Liabilities
By separating assets and properties from the estate, the owner can lower the tax liabilities for their family. These options reduce the total value of the estate and reduce the time in which the estate remains in probate. This allows the family to acquire these assets sooner.
Irrevocable Trusts and Power of Attorneys
An irrevocable trust can provide the option to separate certain assets from the estate. The estate owner can use these trusts to assign ownership to a family member. This family member is identified as their successor. Additionally, a power of attorney can provide more instructions about how the assets are used.
In California, an estate owner protects their property and assets through the estate planning process. The process allows the owner to create a will, health care directive, and establish a trust. They can also use the process to create monetary trust funds for their family. Owners who need legal help through these process contact an Estate Planning Lawyer in Chico CA or Click Here for more details.