Everybody, at some point in life, needs to plan for their estate. Most people, when planning their estate, want a trust.
“However, what many don’t know is that there are four imperative estate planning documents they must execute,” said Tyre, “including the following.”
- Revocable living trust. “A living trust helps your estate avoid probate court, which can be a very time-consuming and lengthy process, and allows you to choose your beneficiaries,” noted Tyre.
- Pourover will. This essential piece is a companion document that works with the trust to ensure one’s wishes are followed.
- Durable power of attorney. “This specifies who you would want to make financial and property decisions for you if you are incapacitated and dictates what powers you give to that person,” added Tyre.
- Advance healthcare directive. With this document, one can specify who they want to make health and medical decisions for them if incapacitated and what powers that person has. “For example, Do you want to stay on life support? Do you want to donate organs?” asked Tyre.
Furthermore, in the initial estate planning meeting, Tyre asks new clients to bring information on the people involved with their estate plan, “primarily, your information, your family’s information, your beneficiaries’ information, and information regarding the people who will be in charge,” concluded Tyre. “I also ask for information regarding the assets you own, such as real property, bank accounts, investment accounts, insurance, annuities, retirement accounts, timeshares, and business interests.”
About Tony J. Tyre, Law Offices of Tony J. Tyre, Esq., APC.
Tony J. Tyre is a highly respected estate planning attorney throughout California. He is a member of the State Bar of California and the U.S. District Court, Central District of California. The Law Offices of Tony J. Tyre, Esq., APC is dedicated to fulfilling all of the estate planning drafting and estate and trust administration needs of its clients. For more information, call (626) 858-9378, or visit https://www.tyrelawgroup.com.