Estate Planning Lawyer Beverly Hills, CA
A Beverly Hills, CA estate planning lawyer from Inter Vivos, PLLC is here to help safeguard your future. Those who are new to the concept of estate planning will benefit from first familiarizing themselves with the absolute fundamental terms and concepts of the planning process. We’ve created a basic overview that aims to help those familiarize themselves with the basics.
Estate Planning: Estate planning includes a variety of ongoing processes that one can establish, dictating how an individual’s affairs are to be administered following death or incapacitation. The central goal of estate planning is to establish instructions for how assets are to be handled following death or incapacitation.
Documents and Processes
The documents that communicate the wishes of the individual are commonly in the form of wills, trusts, funeral arrangements, and Durable Power of Attorney.
Involved Parties
At Inter Vivos, PLLC when we are discussing the topic of estate planning with clients, there are a limited number of people that are referenced to be aware of. Typically the process involves the following parties:
Individual: the person who is acting to take steps to create a plan for how their assets are to be managed or distributed following death or incapacitation. An individual’s assets can include but are not limited to real estate, stocks, personal property, valuables, pensions, and even debt.
Estate Planning Lawyer: a professional lawyer who can offer recommendations and advice regarding the various processes and tools available for an individual’s estate planning purposes. An experienced lawyer will be able to provide invaluable direction and help structure the individuals plan through identifying and setting goals, and interpreting local laws that pertain to estate planning, such as probate, taxes, and property.
Executor: An executor is the court-approved person who assumes responsibility for satisfying the wishes stated in the plan stated by the individual. In addition to overseeing the assets of the deceased, the executor is usually responsible for repaying outstanding debt, and filing final income taxes following death or incapacitation.
Beneficiaries: The people who are named in an estate plan. For example, a beneficiary may be a grandchild of the individual. The plan may establish that the grandchildren will receive access to funds for college at a set time in their life.
Wills: Wills are essentially the most basic tool that an individual can leverage to plan their estate. Although wills are only one tool that can be used, an estate planning lawyer can offer recommendations for other tools that one can use in establishing a plan for their estate.
An experienced estate planning lawyer from Inter Vivos, PLLC will be able to offer their interpretation of intricacies of local laws and regulations and aid in developing a strategy that meets their needs and wishes for themselves and their family.
Contact an Estate Planning Lawyer
Having a reputable estate planning and asset protection lawyer is invaluable in the ongoing process of estate planning. The early stages of estate planning is the time to seek professional assistance and individuals will benefit from greater peace of mind in doing so. Contact a Beverly Hills, CA estate planning lawyer from Inter Vivos, PLLC to learn more about our services!