Estate planning involves writing a will but it is not exactly a will. Estate planning can be precisely defined as a set of legal measures that involves allowing your beneficiaries to steer clear of probate and curtail the taxes incurred.
It also requires you to write a living will in which you appoint trustworthy acquaintances who would get the power of attorney and executor status in case you be debilitated or pass away. This could be done with the help of an estate planning or planned giving lawyer in Orange County.
Following are certain basic facts about estate planning:
It lets you exercise direct control over how your property will be treated when you're incapacitated.
The most important facets of any estate plan would be the Procedures followed to evade a lot of the estate's worth being lost to taxes such as the estate tax, death tax, etc. It is possible to curtail the estate tax by naming the recipients of funds or property from the estate on your legal will.
Inclusion of a living will in the estate plan is also important. Your enduring power of attorney (EPA) can be contested only by the court in the event you are not able to execute the living will as a legally binding decision.
An estate plan allows you to lay down terms and conditions about the distribution of your property.
Estate planning provides security to your resources.
Estate planning permits very explicit Instructions for how your assets should be treated in the event you would like to avoid this asset branch from happening.