At any stage of life, the unexpected can occur. What will happen to you if you become incapacitated? Who will look after your children, protect your family, and take care of your responsibilities if you can no longer do so? What will happen to your property after you die? If you were to die or become physically or mentally disabled, what legal issues could arise? Through the creation of a comprehensive estate plan you can answer all of these questions in advance. At Keleti+Moradian LLP, we want you to leave a legacy that honors the unique individual you are in life.
The Elements of Estate Planning
Every estate plan is unique, but each plan tends to rely on the same basic elements. The individual elements you choose to include in your plan will each be responsible for meeting one or more of your specific goals or legal needs. An excellent estate plan is an individually crafted package that, when carefully drafted for you, works to protect your interests and conforms to your wishes, not the one-size-fits-all default prescriptions the law imposes in the absence of a plan. At Keleti+Moradian LLP, we hope to start a journey with you that is both respectful and honorable.
A will is the most basic and essential estate planning tool available to every capable adult in the State of California. Whether you are young, old, wealthy, married, a single parent, or anyone else, you need a will. Lives evolve and change, so it’s vitally important to update your will as needed. If you don’t have a properly executed will, you leave it up to the laws of the State of California to determine how others will inherit your property.
- Revocable Living Trust
A revocable living trust is designed to work in concert with a will. If you create a living trust, you give yourself the ability to more effectively and efficiently transfer property to your family after you die. A properly created, funded, and administered revocable living trust can be one the most powerful estate planning elements at your disposal.
- Advanced Health Care Directive
If, due to accident, disease or decline, you are unable to make health related decisions, you will need health care directives to protect your wishes. Through these directives, you can choose a medical representative, or agent, and state your medical choices in as much detail as you desire. As long as the directives comply with laws of the State of California, your medical team should be legally obligated to follow your instructions.
- Durable Power of Attorney for Property Management
A will does not take effect until your death. If your estate plan includes only a will, but no revocable living trust, a power of attorney can be used to manage your affairs while you are alive but incapacitated. In a trust-based plan, the trustee of your trust can take over management of trust assets in the event of your incapacity. But a power of attorney can be used to give the person you appoint (your "agent") for certain ancillary tasks as signing tax returns, working with businesses and government agencies on your behalf, and providing for your care.