Estate planning is a basic concern for most people, even if they do not have large assets or property. If you have minor children, you want to set up plans for their care should something happen to you, like being incapacitated or dying. If you do not have plans for after-death distribution of your assets and care of minor children, the consequences may be devastating for your survivors.
Attorney John B. Palley
Many California residents rely upon the knowledge and experience of Placer County Estate Planning Attorney John B. Palley to help them plan ahead to protect their family and property. John is a certified specialist in estate planning, trust and probate law. Highly qualified, he also has received a rating by peers of “AV” in the Martindale Hubble directory and was designated an estate planning and trust “expert” by the Sacramento Bee.
Estate Planning is Necessary
Many issues arise when a person dies, including what happens to their assets, property and care of minor children, if any. There are several goals when you are making estate plans, including avoiding the added expense and time for probate.
- Distribution of assets where you want them to go
- Care of minor children and guardianship
- Reducing taxes
- Care for you if you become incapacitated
- Establishment of trusts
- Creation of your will
- Designation of your executor
Make a Valid Will
Wills do go through Probate Court to be tested for validity. This is why it is highly important to have a qualified Estate Planning Attorney prepare your will. Attorney John B. Palley understands all aspects of probate and can help you by preparing a will that will stand up to these tests. If a will is proven invalid, the probate court takes over and appoints an executor for the estate and they oversee distributions. Your own will contains information about who you wish to take care of property and asset distributions and other important concerns, such as care for any minor children.
Do You Need a Trust?
Many persons who do have a sizeable estate establish a trust for many reasons. There are tax benefits when you have a trust, and if you want to have any special terms for distribution of assets to children, such as periodic payments instead of a lump sum, you can write this into the trust.
The time for planning is before anything happens. Start now and get your estate planning completed by a caring estate attorney. Contact Attorney John B. Palley, at Meissner, Joseph & Palley, Inc., located in Roseville, California. Call John by telephone at 916-774-0560.