CAREFUL AND CONSIDERED ASSET PROTECTION AND PLANNING FOR YOUR AND YOUR LOVED ONES FUTURES
Everyone needs an estate plan. There is the very common misconception that you need to be a “wealthy” individual to have an estate. The reality is that “wealth” is a relative term and it is simply not true.
We have all worked hard for what we have, no matter how little or how much, and we would want it to end up in the right hands. Not having the proper estate planning documents could prove to be a very costly legal and financial error for you and your family. And let’s not forget our health, because estate planning deals with that too.
At a minimum an estate plan consists of the following:
Last Will and Testament (commonly referred to as a “will”): a document where a person states their desires regarding disposition of their assets and which becomes effective at death;
Advance Directives (which individually are known as Health Care Proxy, a Living Will, and Power of Attorney): documents which become effective at the onset or during a period of incapacity (physical, psychological and/or neurological).
In some cases, especially if there are considerable assets or multiple properties, it is beneficial to consider the creation of a:
Trust: a legal document which serves to “hold” certain types of property or other assets for the benefit of a person or class of persons. A Trust, if properly drafted, offers you and your family proper legal protection and tax benefits. A bonus is that a Trust bypasses probate, making it an attractive complement to a last will and testament.
The Law Offices of Veronica Escobar can also help you address all your concerns, by closely evaluating your particular life circumstances and tailoring the estate plan to your needs.