Most people believe that estate planning is merely planning for your assets after they pass away. This is common misconception is simply not true. The DLJ Law Firm refers to this incorrect assumption as testamentary planning. Estate planning is the planning for your life, incapacity and transfer of your assets after your passing. The living trust is the crown jewel of estate planning documents.
This is an incredibly important part of estate planning. Life planning consists of organizing all of your assets. The creation of a living trust is a key part of estate planning. However, the living trust only provides protection if the trust is funded. This means that all of your assets have to be titled in the trustee’s name. All of your assets must be titled in your name as trustee. Before you can change title to your assets, you must first organize your assets. This organization will be including as a schedule to your trust. This process is a very efficient method to organize your estate. This process also works in conjunction with you own personal goals and plans.
At no point in your life are you more likely to pass away before becoming incapacitated. The numbers vary, but most likely we will all be incapacitated before we pass away. Thus, planning for incapacity is vital. However, most of us only think about what happens after we pass away. We seldom think about what happens when we become incapacitated. This is a problem The DLJ Law Firm wants to correct with the proper estate planning documents. The key documents for protection of incapacity are 1) living trust, 2) power of attorneys, 3) Advanced Health Care Directive, 4) and the HIPPA release.
We are all aware of our mortality. This is the main reason why most people delay in creating their estate plan. However, this part of estate planning is the easiest to understand. Estate planning protects your loved one in the event of your passing. With the appropriate estate planning document, your assets will pass to your beneficiaries.
With the appropriate documents, your estate will seamlessly pass to your beneficiaries. Additionally, The DLJ Law Firm’s attorneys also litigate disputes involving will, trusts, estates and real property. As such, we know the pitfalls that arise when estates are not planned thoroughly since we litigate these issues. Accordingly, The DLJ Law Firm’s attorneys apply this knowledge to our estate planning practice for the benefits of our clients. If you are someone you know is interested in planning their estate, contact The DLJ Law Firm today.
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