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What is Estate Planning?

Estate planning is a significant process. It involves your real property, personal property, your finances, life insurance policies and your family. In addition, estate planning involves your health and business affairs ~ should you become incapacitated and unable to care for yourself.

As you plan your estate, you will consider:

  • How your assets will be managed, and by whom, should you become unable to do so;
  • When and if you should transfer certain assets to others, either during your lifetime, at your death, or sometime after your death;
  • To whom those assets will pass;
  • Who should have the responsibility for the care of your minor children if you become incapacitated or die; and
  • If you cannot take care of yourself, who should make decisions on your behalf concerning your care and welfare?

With tentative answers to these questions, you are ready to seek the advice and services of the Law Offices of DeLonda K. Coleman who will discuss with you the various documents which can comprise your estate plan and will provide advice concerning such issues as title to assets, taxes, and the prudent management of your estate.

What Happens if You Neglect Estate Planning?

There is an old adage that says “if you fail to plan, you plan to fail.”

In California, if you die or become incapacitated without a Will or a Living Trust, you are said to have died “intestate” and your estate is subject to Probate Administration.

Without having a Will or Living Trust in place, your estate will pass to your heirs, as determined by California law (intestate succession); which might not be in accordance with your wishes.

Thus, depending on the size of your estate, you should have a Will or a Living Trust prepared. You should also designate the person who, in the event of your incapacity, will have the responsibility for the management of your assets and your care, including the authority to make health care decisions on your behalf (these two designations are included in Living Trusts prepared by our office).

Contact our offices today at 916.422.1446916.422.1446 to begin your estate planning process.
To begin your actual estate planning process, contact the Law Offices of DeLonda K. Coleman at 916.422.1446916.422.1446.

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