Make Sure Your Assets Are Protected With An Estate Plan

The most important aspect of an estate plan is that it protects your assets from being compromised or lessened by things like estate taxes. You want to control who the beneficiaries of your financial assets are and avoid things that take your money away such as probate, gift taxes and some intestacy laws (dying without an estate plan).  assets

Your Options

With this in mind, an estate plan can be flexible, and there are many options that are effective and straightforward when it comes to asset protection and money-saving. We at the Law Offices of Joe Engle have some suggestions and general information:

  • Wills. Wills are especially important if you are starting a family. You want to make sure your assets, such as your home and automobile, are passed to your spouse or children in a catastrophic event so your loved ones are taken care of. Even if your assets are limited, you will certainly want to establish guardianship with a will.
  • Revocable Living Trusts. Revocable living trusts are an ideal way to protect your assets because the formulation is simple and they can be edited while you are still alive. You can add and remove money and beneficiaries as your life progresses, as well as establish when they will receive those assets. Those assets will be transferred quickly without going through probate.
  • Establish A Power Of Attorney. Should you suffer from a medical issue that compromises your ability to make decisions, it is important that you have a power of attorney. This person will be able to manage your assets and other important decisions. If a power of attorney is not established, the state will become responsible, which is no way to protect your assets.
  • Other avenues. While the above highlight basic information, there are other ways to protect your assets that may fit your situation better such as an AB or charitable trust, a Totten trust, a living will and much more. It is important to consult with a lawyer about your estate plan.

Most importantly, establishing an estate plan will help your loved ones avoid probate, and your wishes will be enacted without confusion or delay.

Contact Us

When it comes to estate planning, your options for protecting your assets are varied. Contact the Law Offices of Joe Engle to get started on an estate plan that fits your needs. Call 805-328-2704 or send an email to schedule your consultation today.

Our office is located in Westlake Village, California, and we represent clients throughout Westlake Village and the surrounding areas.