Planned Estates for Individuals

Orange County estate planning attorneys frequently discuss the needs of married couples with children. While discussions about family estate planning are important, persons who live alone must also think about their own futures, especially after they've passed away.

Even if you're married and have children, you may still want to speak with an estate planning attorney in Orange County to discuss your options for passing on your assets, property, and cash. Creating a comprehensive estate plan is the greatest method to ensure that your loved ones are cared for in the circumstance of your death.

Aging and Estate Planning for the Solo Traveler

To help persons who live alone plan their estates, here are some considerations.

Definition of "Living Alone"

Having the feeling that living alone is a mistake might be very easy to come across. Even the phrase "alone" carries a host of connotations that aren't positive. It's common for individuals to choose to live on their own for many reasons. Living alone has several advantages, from the ability to control the temperature to the ability to enjoy peace and quiet. Sadly, these advantages do not apply to estate defaults.

Friends, housemates or significant others are also considered to be living alone in terms of inheritance planning. If you don't have any type of legal bonding, such as family ties, civil unions or marriage, you're still living alone. Sharing space On the opposite end of the spectrum, there are some who chose to live on their own because they lack close relatives or friends.

It doesn't matter if a person is living alone or not; their financial legacy and ultimate wishes should be protected. That's where an estate planning attorney in Orange County, California, comes into play.

What is the purpose of a will or trust?

Your final intentions can be communicated through an estate plan, which is a series of legal documents. It is common misconception that an estate plan is simply a will. However, a will isn't the only component of a thorough estate strategy.

Trusts, powers of attorney, health care proxies, and a statement of intent are all part of an estate planning package you'll receive. Your beneficiaries may be spared the hassle of probate court and estate taxes if you develop an estate plan that specifies who receives what assets and belongings.

Plans for the afterlife are notoriously fluid. After a major life possibility like getting married or having a baby, an estate plan may need to be updated or changed. A well-thought-out strategy is essential, even though it may take numerous incarnations before it is implemented.

Some people believe that contemplating death should be put off until the end of one's life has come and gone. These people's assets are dispersed according to state law if they die without a will in place. Even if you have a close friend or family member who you would prefer to inherit your possessions, they may not even be considered in most states.

However, there is a lot worse fate than having your money go to a family member you didn't choose. It's possible that your inheritance will be taken over by the government if no one is left to inherit it. As a result, your whole financial estate will be left to the government, rather than to someone you select.

What Matters Is How You Acquire Things.

Couples who live jointly but aren't married are on the rise. Many people, including those who are in a committed relationship, opt to remain unmarried and live alone, even if they are married. These groups of people need to meet with an estate planning lawyer in Orange County. Married couples are generally given preferential treatment under the law.

Property and other assets that are important to you should be titled appropriately to ensure that they are properly managed after your death. Tenants in common is a frequent technique to title real estate, although it is not the only one (TIC). As a result, each individual has a stake in the property. A person's share is handed on to their heirs, but the other original owner retains theirs.

Joint tenancy rights with survivorship are a preferable choice for unmarried couples (JTWROS). Upon the death of one of the partners, the surviving partner receives their share of the company's assets.

A right estate planning lawyer can help you maximize your assets while you're still alive so that you don't keep to worry about paying for long-term care when you die. Even if you don't want your money to go to a specific charity, they can assist you in setting it up.

In Your Favor: Living Trusts

You can designate a person to manage your assets in the event that you become incapacitated. When you set up a trust, it becomes a separate legal entity from you. As a trustee, you have ultimate authority over how the trust's assets are used. If you become unable to execute your affairs, you can designate a person or a succession of people to take over as beneficiary trustee.

The successor trustee is bound by the terms of your living trust when it comes to handling your assets. When you die, you usually leave detailed instructions for your loved ones on how to take care of you and your assets. In addition, you can specify the circumstances under which your successor trustee can assume responsibility. Your Orange County living trust attorney can help you determine which options are best for your situation, even if they appear simple.

At McKenzie Legal & Financial, we provide a wide range of services to help you move forward with confidence. Our financial and estate planning services can assist you in making the most of your life's work while increasing your retirement savings. Thomas L. McKenzie, a qualified financial consultant and a renowned Los Angeles Estate Planning Attorney, works across a broad range of topics to ensure that your ultimate wishes are carried out in the manner that you desire.