Do you wear your seat belt every time you get in a car? Sure you do.
Do you have smoke alarms in your home? You probably do!
So you do plan to avoid having bad things happen to you too with legal documents?
What about planning for when you become alive but not well?
Do you have a plan about who can come into the hospital room to make medical decisions for you when you can’t? Or when you need someone to bring in your checkbook when you cannot manage your own finances due to injury or becoming otherwise incapacitated?What does that planning look like? It is creating a trust, a pour over will, a durable power of attorney and an advance health care just in case something bad happens to you.Here’s some FAQ about estate planning:
How long does it take to set up an estate plan?
If you have your information organized and have communicated all of your wishes to your attorney, it should take anywhere from 4 to 8 weeks to get the drafts generated, have you review and then have an execution meeting with your attorney.
What does funding a trust mean?
Setting up a trust is easy. Just sign it and you’re done. But you have to transfer your financial assets to the trust so that it can avoid probate and do what the trust is designed.
TLD Law will transfer all California real estate to your trust for you when you provide the information about what you own. You will be given instructions on how to transfer ordinary bank accounts to the trust and specific rules for other kinds of financial products and accounts like retirement and life insurance.Where are the original estate planning documents kept? You will go home with all of the original estate planning documents in a binder. You keep the originals not us. Our firm will scan a copy and keep it electronically, but we do not need nor keep any original documents once you have executed the estate plan.
What is a Schedule A?
A Schedule A or a Schedule of Assets is an ancillary document to your trust and lists all of your assets that are intended to be a part of your trust. It’s an important document actually. If you pass away, your successor trustee needs to know what assets to look for and this becomes an index of what you own.