The interest of your heirs can be protected through the use of wills and trusts which when properly drafted can also help reduce taxes and probate fees. As an experienced estate planning attorney for more than ten years, Judd Matsunaga of Elder Law Servicies of California can help with the proper legal drafting of wills and trusts.
Listed below are four important aspects of estate planning that can help to preserve the value of your estate and ensure the efficient administration and disposition of your estate’s assets.
1. A will is the begininng of an estate plan and deals with all matters pertaining to the final distribution of your estate’s assets. A will is a legal document that speaks on your behalf upon your demise. Without a will the courts will decide the manner in which your estate’s assets will be distributed – which may not be in accordance with your wishes.
2. A trust is a legal document that can be designed to address any unique situation that you may have in regard to the distribution of your estate assets. For example, a spendthrift trust can be set up to protect the interests of a beneficiary who is not good at handling money. A trust can be set up for the protection and administration of assets for minor children, a spouse or for any other beneficiary.
3. Your estate’s executor will need to know the location of all of your assets and vital documents. A complete and proper record of your assets and vital documents will eliminate the possibility of assets being lost.
4. It is important to understand that most estates are illiquid, meaning that most of the estate’s assets are not readily convertible into cash. For example, real estate, long term financial investments, business interests, rental properties and such might not be easily and quickly sold for cash.
This means that proper funding arrangements need to be made in advance to avoid the possibility that your estate’s valuable assets would have to be liquidated at fire sale prices in order to pay taxes and other estate settlement expenses. These expenses can easily add up to thousands and even millions of dollars for larger estates. A qualified estate planning attorney like Judd Matsunaga can help you plan accordingly to avoid such a situation.
By implementing the above estate planning strategies you can ensure that all your affairs are properly organized and depending on the size of your estate, you could potentially save thousands if not millions of dollars. Your heirs will be relieved that you made all the proper arrangements and that all your affairs were left in order. To learn more on how estate planning can benefit you and your heirs call Judd Matsunaga with Elder Law Servicies of California at 1-800 403-6078 for a free consulation.
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