Palm Springs Estate Planning Tools
When Should Estate Planning Take Place?
Any time is a good time to begin estate planning as long as you have the legal capacity to enter into a contract. If you are unable to manage your own affairs, your estate plan may be effectively challenged by those who assert that you lacked capacity at the time the documents were created.
Who Should Have an Estate Plan?
- Anyone with minor children
- You own real property
- You want to have a say in your health care treatment
When creating an effective Estate Plan you need the direction of a qualified Estate Planning Attorney. You might think you can do this on your own but we urge you to consider there is so much on the line here you should at least contact our Palm Springs office to see if it would be cost effective to have one of our Estate Planning lawyer assist you.
An estate plan uses several tools that can prevent the court from gaining jurisdiction over your affairs:
- A Will (Last Will and Testament) - transfer property to the person(s) and/or organization(s) you want to have it
- Name your Executor to carry out your instructions
- Name a Guardian if you have minor children
- Power of Attorney for Health Care - appoints a person to make decisions regarding your health care
- A Living Will - gives doctors and hospitals your instructions regarding the extent of the care you want if you lapse into a coma
- Power of Attorney for Property - appoints a person to handle financial matters should you be unable to do so
- A Living Trust - used to hold legal title and manage your property. You select the Trustee to carry out the instructions you want
- A Trust becomes effective immediately (a Will does not)
- A Family Limited Partnership - can be used to own and manage your property if you have a large estate in order to minimize federal and state estate/death/inheritance taxes
Conclusion
There are advertisements claiming you can save time and money by drafting your own will or by using do-it-yourself software or fill-in-the-blank will kits, but only a qualified Coachella Valley, estate planning attorney, as found at the Palm Springs Estate Planning Law Offices, are familiar with the laws regarding property rights, taxes, wills, probate and trusts.