NEWPORT BEACH, Calif., June 19, 2019 /PRNewswire-PRWeb/ -- "No one likes to think about death, but dying without a trust/will in place, no matter how large or small the estate, can be disastrous," said Pipes. "You most likely have an idea of where you want your assets to go, but if you don't properly plan for your estate's distribution, your intended beneficiaries may not get what you wanted them to receive, and may even be subject to unnecessary taxes, extra administration costs, and contests from squabbling siblings."
To further educate people on the benefits of estate planning, Pipes lists the following three tips:
No. 1: Ensure property goes to the intended heir(s) with the least amount of tax liability possible and probate avoidance. "Probate can be costly, stressful and time consuming. You should also name whom you wish to be the guardian of any minor children you may have, which can be accomplished through a Nomination of Guardianship," noted Pipes.
No. 2: Set up a durable power of attorney and health care directive. Without a proper durable power of attorney, if one suffers a tragic event as a result of illness or injury, leaving them unable to manage their finances, their family will be forced to establish a conservatorship of the estate through the court in order to assist them with finances. An Advance Health Care Directive allows the individual to select whom they want to sign medical waivers, make medical decisions should he/she be incapacitated. Without this document a conservatorship of the person through the court may be necessary.
No. 3: Estate plans should be done with care to prevent the possibility of one's wishes not being followed. Wills that are not complete can be contested by other heirs in a court of law, which could result in one's wishes not being followed. "While you can set up your own estate plan, it can be a risky proposition," concluded Pipes. "It is best to seek the advice of an experienced estate planning and/or elder law attorney to ensure your wishes are followed. Your attorney can advise you as to whether a will alone is enough to secure your property or whether it would be best to set up further protection of your assets."
About Joel F. Pipes & Associates
Joel F. Pipes & Associates focuses on beneficiary litigation, will contests, trust litigation, probate litigation, probate administration, estate planning, fiduciary abuse and fraud, and financial abuse of the elderly. For more information, please call (714) 366-4650, or visit https://www.californiaprobatelaw.com/.
For media inquiries, please call the NALA at 805.650.6121, ext. 361.
SOURCE Joel F. Pipes & Associates
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