Your estate is all of the things you own such as your home, vehicles, stocks, bonds, furniture etc. When you pass away, your property needs to be transferred to your heirs—the persons you want to have your property. If you don’t leave any directions as to how you want your estate divided, the State will do it for you. Most people prefer to make these decisions themselves and that is where estate planning comes into the discussion.
The principal goal of estate planning is making a plan in advance and naming whom you want to receive the things you own after you pass away. But, good estate planning does not stop there. Taxes, the cost of administering an estate and life/medical directives are all part of a well-drafted estate plan. The San Diego estate planning attorneys at Goode, Hemme & Peterson work closely with individuals and families to prepare their estate plans to ensure that their goals are met.
A Revocable Trust or “Living Trust” will avoid probate (leaving more for your heirs and gaining access in a shorter period of time), protect your assets and make sure that your directives are followed, should you become permanently disabled or pass away. While no one likes to think about such events, it is inevitable and having your affairs in order can provide great peace of mind for you and your family. At Goode, Hemme & Peterson, we will work with you to set up a Revocable Trust that is tailored to you and your family’s needs. We will help you to determine which plan is best for your situation, from a simple Will, to a more elaborate ABC Trust that can protect considerable assets from the burden of estate taxation. With proper planning, your estate can be passed on quickly, easily, and subject to significantly reduced taxes while avoiding expensive probate fees.
The benefits of a well-designed estate plan begin immediately. For example, a Power of Attorney allows someone to take care of your business and personal affairs in the event you are incapacitated or hospitalized. Your estate will not be frozen because your representative will have the power to access your bank accounts or other assets to pay bills, run a business, or complete business transactions.
We offer many different packages for estates of all sizes. Let us work with you to determine what the best plan is for you and your family. Please call us today for a free consultation.