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California provides a default estate plan for all residents, called Probate; however, the probate plan is typically not the plan most people would choose for themselves. In addition to the possibility that your assets may not be passed on as you would have desired, probate can be costly and time consuming, burdening your family and loved ones with the expense and headache of the court system.
Thankfully, everyone has the option to prepare their own custom estate plan to reflect their personal circumstances and wishes, protecting your loved ones from the possible stress and headaches of probate.
An estate plan is only as good as it is comprehensive. Due to a variety of requirements and the laws regarding certain assets and their control and disposition, a complete revocable estate plan consists of a suite of documents, not simply a will or a trust.
The revocable estate plan package includes:
a trust (typically a joint trust, called a “Family Trust,” for married couples with community property; a separate property trust for unmarried individuals);
a will;
a general durable power of attorney (“DPOA”);
an advanced health care directive (“AHCD”); and
a HIPAA authorization (“HIPAA”).
Additionally, if there are minor children to be considered, a Guardian Nomination may be included as well.
As the name suggests, these documents are designed to be changed as necessary as life changes.
Revocable Estate Plan Package
At age 18, your child is legally an adult, even if they are still in school or are still living under your roof. This means that, unless the child completes some estate planning steps, parents no longer have the legal authority to remain informed about their child’s medical records or financial assets.
This package includes:
a general durable power of attorney;
an advanced health care directive; and
a HIPAA authorization for the child.
Can also include a Financial Educational Rights and Privacy Act (FERPA) waiver, which allows parents to have access to their child’s education records, such as transcripts, class schedules, etc., and a will for the child.
College Fiduciary Package
Occasionally situations arise where only individual revocable documents may be needed for certain circumstances. Additionally, certain assets such as real estate may require legally drafted documents to transfer for funding or other purposes.