Estate planning is a process that includes the preparation of documents that pertain to a specific individual’s property, otherwise known as his or her estate. This process is typically done with the help of an estate planning lawyer in Orange. There are numerous aspects to the process; estate planning takes into account wills and trusts, power of attorney and the specification of health care wishes. Although estate planning is primarily concerned with how the property will be dealt with upon the death of the individual, it also can encompass how certain property will be handled while the individual is living.
Last will and testament:
A person’s last will and testament is often the cornerstone of their estate plan. Their will lays out in detail how they want their property managed upon their death. The testator, the person writing the will must be of sound mind when the will is being written. An estate planning lawyer in Orange will listen to the wishes of the testator and draw up the will in complete accordance with these wishes.
During the drafting of the will, the testator can appoint an executor, a person given the responsibility to manage the disposition of the property upon his or her death. The executor will pay all outstanding creditors and distribute the remainder to the named beneficiaries.
Trusts:
An estate planning lawyer in Orange will often be called upon to create a trust. A trust allows the trustee to hold assets that are included in the trust by the grantor for and on behalf of the beneficiary.
The trust document includes details of when disbursements can be made; a trust is often a tool used by a family member that wishes to sponsor the education of a minor family member, such as a grandchild.
Careful planning of your estate is important to ensure that your family is looked after should you die. If you are looking for a knowledgeable estate planning lawyer in Orange, you are invited to contact the Law Offices of Norman J. Homen.
