Securing assets and money for heirs is paramount for everyone. Even if you have a modest estate, the probate court could open the door for creditors to take it. California residents work their whole lives for the piece of the world they’ll leave behind for the next generation.
However, the probate court views their processes in black and white, and if you owe outstanding balances, your heirs could suffer for it. Hiring an estate planning lawyer in Irvine, CA can help you protect your lifelong achievements for your family.
Devising a Will
Your will assigns ownership to your heirs and is necessary to distribute your assets. Stipulations in your will could safeguard assets you want to remain in your family, such as antiques, jewelry, or homes. If you have children, you’ll state who becomes their guardian if you die while they are minors. You can also add stipulations to protect assets for minor children and prevent their assigned guardians from selling or depleting their inheritance.
Separating Assets at an Earlier Time
Irrevocable and revocable trusts help separate assets from the estate. You can transfer assets in and out of the irrevocable trusts, but revocable trusts do not allow these changes. If you start a trust, your successor gets immediate access to the trust after you die. All the assets become the property of the successor, and these assets never go through probate. Discuss options with an estate planning lawyer in Irvine, CA, and protect your assets.
An estate plan is vital for securing your assets for your family. The probate court could pave the way for creditors to seize assets and reduce your children’s inheritance. Estate attorneys can prepare you for the unpredictable and ensure your wealth and assets stay within your family.
