Whether your estate is small or large, proper estate planning ensures that your assets go to the people that you want them to, such as family members and charitable organizations. In addition, it addresses your future needs should you become unable to take care of yourself. Simply put, it’s never too early or late to take the proper steps for estate planning. Los Angeles estate planning lawyer William N. Watkins has an abundance of experience in estate planning and can help you determine the tools you need to have in place.
Los Angeles Estate Planning Lawyer: Attorney William N. Watkins
If your estate is small, you may just want to outline in a will who will pay off your debts, receive assets after your death or who will handle the distribution of your assets. If your estate is large, attorney William N. Watkins will advise you of the various ways of preserving assets for your beneficiaries, avoiding probate and reducing the amount of estate tax payable in the event of your death. When you fail to have estate planning in place, a judge appoints someone to handle your assets. Assets are then distributed to heirs through intestate succession. Keep in mind that the choice of heirs by the state may not be the ones you wanted to inherit your assets. With an estate plan, you have greater control over who gets your assets after you die.
Southbay Wills Attorney: William N. Watkins
As part of the estate planning process, attorney William N. Watkins can help you draft a will. This way, you can directly name who will receive your assets after your death, nominate an executor to manage and distribute your estate according to your instructions and nominate guardians for your minor children. Attorney William N. Watkins will also see to it that your will is executed in the manner required by California law. He’ll let you know all the requirements, so the will is not invalidated.
Sometimes, revocable living trusts are drafted in place of a will. Assets are put into a trust, administered for your benefit while you live and transferred to your beneficiaries after you die. This estate plan option has an advantage. By naming yourself as trustee, you still have control of your assets while you’re still living. Plus, you can change the terms at any time.
Attorney William N. Watkins stays abreast of the changing laws and can give you updated information on current laws. Whether you’re interested in writing up a will or revocable living trust, give him a call for the best legal advice.