Are you a resident of Daly City, California thinking of having an estate plan prepared? Unfortunately, estate planning is something many of us put off. We may believe we are too young to need an estate plan, or that we do not really have an “estate” to plan for. Virtually every adult, no matter their stage in life, can benefit from having an estate plan. Not only can your Daly City estate planning attorney ensure your loved ones are taken care of after your death, they can also be extremely useful in the event of your incapacitation.
Perhaps you have a business you would want to continue even if you were unable to make daily decisions. Or maybe you want to ensure your minor children are taken care of. You might be in your golden years and want to ensure there will be no arguments among your adult children. There are so many good reasons to have an estate plan—and virtually no reason not to. Daly City estate planning attorney Mark Gullotta will work with you to ensure your estate plan accurately reflects your wishes and your unique situations.
Estate Plans in Daly City, CA
You, like many Daly City residents, may devote more time to planning a vacation, choosing a car to buy, or even selecting a restaurant than you have to estate planning. Of course, planning an estate can be an uncomfortable process to engage in, but the benefits are extensive. With no estate plan in place, you would have no say over who gets your assets or who takes care of your children. You would have no way to know who would operate your business.
If you were to become incapacitated, you would have no say over your medical decisions—or your financial decisions. An estate plan protects your beneficiaries, protects your minor children, can in some instances spare your heirs a big tax bill, and can eliminate family chaos. Daly City estate planning attorney Mark Gullotta can guide you through the estate planning process, ensuring your estate fits your situation.
How a Daly City Estate Planning Attorney Can Help with Wills and Trusts
A Will and a Trust are two separate legal documents. It is always better to have your affairs in place in the event of your death or incapacitation. A Will can name a guardian for your minor children and distribute your assets to loved ones. A Trust can also distribute your assets after your death but takes effect while you are still alive.
Having an estate plan in place can also ensure decisions are made on your behalf in the event you become incapacitated. These decisions could relate to your healthcare decisions, your financial decisions, or your business. Having a Will, a Trust, or both in place can save money and time later, helping your loved ones avoid uncertainty and chaos. Attorney Mark Gullotta is ready to help Daly City residents with all their estate planning needs.
Perhaps you are a Daly City resident who has been named personal representative for a loved one. That loved one has passed, and you may be extremely stressed about performing probate administration. Or, perhaps you are preparing an estate plan of your own and are contemplating who you should name as personal representative. The job of personal representative can be a difficult one. You are responsible for taking inventory of all the decedent’s assets. You must also track down all monies owed by the decedent. When necessary, you will have appraisals done to accurately assess a particular asset.
When you have catalogued all assets, paid all money owed, and filed a final tax return, the court will close the probate. At this point, you will distribute the assets remaining in the estate to those named by the decedent. It can be extremely beneficial for you to speak to a knowledgeable Daly City estate planning attorney who can guide you in the right direction. Attorney Mark Gullotta has served Daly City residents for many years with all their estate planning needs.
Estate Planning Attorney for Unmarried Couples
Unmarried couples in Daly City, CA, face unexpected issues in the event one of them becomes incapacitated or dies. As an example, the unlimited marital deduction only applies to those who have a state-sanctioned marriage. This could make it difficult to eliminate estate tax if one of the partners should die. Purchasing life insurance for one another is a good idea, as the proceeds could help pay these estate taxes. Society—and even your family members—may make certain assumptions regarding the dispensation of your assets following your death.
Or, you could become incapacitated, leaving your partner unable to make health or financial decisions on your behalf. It is imperative that you speak to an experienced Daly City estate planning attorney who can draw up a legally enforceable contract for you and your partner. This contract, or agreement, can cover anything you deem important.
It can include ownership of specific items or property, how jointly acquired assets will be divided, and what decisions each partner can make for the other during an incapacitation. Mark Gullotta is an experienced Daly City estate planning attorney who can answer your questions and prepare the necessary documents.
California Advance Directives, Powers of Attorney, and Guardianship
As a Daly City, CA adult, having an Advance Health Care Directive as a part of your estate plan is especially important. An Advance Health Care Directive gives another person the right to make healthcare decisions on your behalf. Your Advance Directive clearly spells out the medical measures you want taken in the event you become incapacitated. If you are a Daly City resident, you might also benefit from a Financial Durable Power of Attorney document as a part of your estate plan.
A Financial Durable Power of Attorney is similar to an Advance Health Care Directive—you name another person to make financial decisions on your behalf if you are incapacitated. A Financial Durable Power of Attorney gives another person the right to make financial decisions on your behalf in the event of incapacitation or if you will be out of the state or country. There are many other types of Powers of Attorneys (POAs) that could be a useful part of your estate plan. Attorney Mark Gullotta can help you determine whether you need an Advance Directive, a POA, or a Guardianship document.
Daly City Estate Planning Attorney Mark Gullotta
Daly City estate planning attorney Mark Gullotta takes three factors into consideration when working to create the best estate plan for you. These are: your wishes, your current circumstances, and current California trust and estate law. Mark will work hard to ensure you feel comfortable during the entire estate planning experience. Contact the Law Office of Mark Gullotta today for all your estate planning needs.