What Is An Estate Plan?
An estate plan is a comprehensive plan for managing your assets during your lifetime,protecting assets should you need to move into a long-term care facility, appointing someone to make financial and health care decisions for you should you become unable to make decisions for yourself, nominating someone to care for your minor children, and managing and distributing assets after your death.
Is Estate Planning Only For The Wealthy?
Estate planning is for everyone. Regardless of how small or how simple your estate is, you still need a plan to decide who should receive your personal property when you die, who should take care of your finances or make medical decisions on your behalf if you become incapacitated, and how your loved ones can be provided for when you die.
Why Do You Need An Estate Plan?
An estate plan enables you to make your wishes known. You can decide and instruct others as to who you would like to make financial, medical, and other decisions if you become unable to make decisions for yourself. In addition, you determine who inherits from you and under what conditions.
How We Can Help
The Law Office of Carol A. Fauerbach will work with you to develop an estate plan that meets your needs to provide the following:
- Control — We will work with you to develop a plan to give you peace of mind that the assets you worked so hard to acquire over a lifetime will be managed and distributed according to your wishes.
- Protection for you, your family, and other loved ones — We will work with you to develop an estate plan that makes known your instructions for providing for your financial, medical, and other needs should you become incapacitated or unable to make decisions for yourself. We can help you to develop a plan to provide for the health, education, maintenance, and support of family members and other loved ones who may have difficulty providing for themselves after you are gone, and make known your wishes as far as who would raise your children should you die before they reach adulthood. We can even help develop a plan for your pets so that they will be cared for if you are no longer to care for them.
- Reduce family conflict — We will work together to try to anticipate and plan for areas of likely family conflict regarding control and distribution of trust assets and decisions regarding your personal care and medical treatment should you become unable to make those decisions for yourself. By anticipating, planning for, and providing clear instructions regarding these areas of concern, conflict can often be reduced. This is particularly true in cases when there are estranged family members or blended families where spouses have children from prior relationships.
- Cost savings — We will work with you to develop an estate plan which will help your heirs to avoid a costly and time-consuming probate process. Probate fees are determined by law and are often far more expensive than the cost of administering a trust outside of court. Beneficiaries typically receive their inheritance far quicker if probate can be avoided through estate planning.
- Privacy — A trust instrument is a private document, and a trust is typically administered without court involvement. Therefore, the terms of the trust may be kept private rather than being made part of the public court record.
- Charitable bequests — An estate plan can be developed to make your wishes known regarding charitable bequests made from your estate during your lifetime or after your death.
Schedule a Free Initial Phone Consultation
Lets get started developing an estate plan that is right for you. Call Carol A. Fauerbach for a free initial phone consultation, or schedule an appointment with Carol in our Folsom office.
The Law Office of Carol A. Fauerbach serves clients in Folsom, California, and throughout the Sacramento, El Dorado and Placer County areas.