Estate Planning

It can be scary to think about the unknown, especially when it comes to determining how your assets will be distributed upon your death. However, estate planning should be done by everyone to plan for their future, as well as that of their family. An Orange County estate planning lawyer from our firm can help you with this emotional task. Whether or not you have a significant amount of assets, estate planning can be very beneficial, ensuring that you have peace of mind and a plan to provide for your loved ones.

At the Law Office of Patricia Hendrickson, we understand how important it is to secure your family’s future, as well as that of any business or estate you may have. We are dedicated to assisting clients with the creation of a personalized, comprehensive estate plan. Our team recognizes that every individual and family has different needs. We can guide you through the estate planning process to address those needs and ensure all legal requirements are met.

Estate Planning in Orange County

Estate planning is the process of arranging for the management and distribution of your property and assets after your passing or if you become incapacitated. It involves making several decisions that will ensure your assets are managed in the way that you desire and that your loved ones are effectively and efficiently provided for. To begin your estate plan, you should first identify all of the assets and property in your estate.

Anything you own that is not mentioned by name in your estate plan could cause disagreements over what should be done with that specific property. An estate can consist of various kinds of assets, including real estate, vehicles, jewelry, furniture, bank accounts, a business, and anything else with sentimental or monetary value. It is vital to consult an Orange County attorney who is familiar with estate planning to not only help you properly identify all of your assets but also make sure your estate plan follows all laws and regulations.

Areas of Estate Planning We Handle

At the Law Office of Patricia Hendrickson, we’re happy to help our clients with many aspects of the estate planning process, including the following.

Drafting a Wil

A will typically details how you want your property and assets to be distributed following your death. It is the most common component of an estate plan. Although some may think a will should only be created in old age or when you begin suffering serious health problems, a will can be drafted at any point in your adult life.

If you have assets you wish to pass to people you care about and are of sound mind, you can start the process of creating a will. A living will can also be drawn up if you have preferences for your medical care.

Creating a Trust

A trust is a legal arrangement between a grantor and a trustee. In the arrangement, you, the grantor, transfer the assets you own to the trust. The trustee will then manage and distribute those assets as laid out in the trust document. There are several types of trusts we can help you create, depending on your goals, including a living trust, revocable trust, irrevocable trust, special needs trust, or pet trust. Some of these trusts can be set up together, and they can go into effect whenever you choose.

Power of Attorney

A power of attorney (POA) is a legal document that lets you designate someone as the person who will make certain decisions or perform certain acts on your behalf. This person is the attorney-in-fact, or the agent. The different types of POAs vary based on what you need. You can develop a POA for personal affairs, such as your business or finances, to handle specified matters, to make medical decisions on your behalf, or to take effect on a specific date or when a specific event occurs.

It is possible for a power of attorney to authorize an attorney-in-fact to do things like create, change, or terminate a trust on your behalf. However, the POA itself does not give this authorization, as you must expressly authorize such an act in the POA document.

A POA can be durable or nondurable in nature. A durable POA can remain in effect until your death, even if you become incapacitated. A nondurable POA only remains in effect for a limited time: until a specific task is completed, on a specific date, or when a specific event occurs. It also ends if you become incapacitated. You can revoke a POA at any point as long as you are mentally competent at the time.

Advance Health Care Directives

An advance health care directive is a way for you to express your medical wishes and give instructions about your preferences for care in the event that you can no longer communicate or make decisions for yourself due to incapacity. This document combines a living will, which allows you to specify what medical care you do and don’t want to receive, and a durable medical power of attorney, allowing you to name a person who will make your health care decisions.

Advance health care directives can encompass a range of medical decisions, including pain management, organ and tissue donation, end-of-life care, and resuscitation efforts. It is a great way to give your family, friends, and medical providers guidance about your medical treatment.

Asset Plans for Children

Asset plans for children involve creating a structured approach for the management and preservation of assets to benefit your children. This might include personal property, financial assets, and real estate. When considering creating an asset plan for your children, you might consider establishing a trust, a will, or a power of attorney that addresses your children’s specific needs. This can help ensure their well-being and financial security if, for some reason, you are unable to care for them.

Patricia Hendrickson: Your Orange County Estate Planning Lawyer

It is crucial to create an estate plan to ensure that your family is taken care of and that your wishes regarding your assets and care are carried out in case of death or incapacitation. Work with an experienced estate planning lawyer at the Law Office of Patricia Hendrickson to create an estate plan that encompasses every significant aspect of your life. Take the first step in the process and contact our firm today.