San Jose Estate Planning Attorney and Lawyer
It is one's responsibility to create wealth and for him or herself, relatives and family. Estate planning is difficult and can be complicated especially when multiple families and relatives are involved. Estate planning can be made easier when proper procedures, guidepost and guidelines are set up and that’s exactly what our San Jose Estate planning Attorney and Lawyer provides in San Jose areas like Gilroy estate planning, San Leandro Estate Planning and Trust, Morgan hill estate planning, Milpitas estate planning, Pleasanton estate planning, San Ramon estate planning, Dublin estate planning, Oakland estate planning, San Leandro estate planning, Hayward estate planning, Fremont estate planning, Union City estate planning, Santa Clara estate planning, Cupertino estate planning, Palo Alto estate planning, Saratoga estate planning, Sunnyvale estate planning and other Bay Area’s estate planning. The San Jose estate planning lawyers Office of Geoffrey Nwosu understands San Jose Area Estate Planning and Trust guidelines and procedures necessary in developing a simple estate plans, wills and trust to help reduce pressure and stress from loved ones when you are gone or becomes incapacitated. It is very essential to make plans to protect your family and assets.
Going through probate can be very expensive and very complicated. That’s exactly why most people and estate plans try to avoid probate. Our San Jose Estate Planning, Trust and Will Lawyer will help to navigate the following Estate Planning areas:
Revocable Trusts & Related Documents
More people are using Revocable Living Trust as a substitute for using a Will to save money and avoid complications. It works as Will and helps to avoid probate but cheaper. Probate is often required when one dies without a will detailing his or her wishes. Probates are expensive and costly. Establishing a Trust will help you avoid probate and save cost and unnecessary hatred for your loved ones.
A Trust allows a person to designate a Trustee, who will be in charge of distributing the funds and assets on behalf of the other people known as the Beneficiaries. This allows the decedent to dictate a distribution of the funds or assets at a future point after the death of the one who sets up the trust.
The primary benefits of a Revocable Living Trust, as opposed to just a Will are as follows:
Probate is used by courts when there is no Will set up to handle a loved one's assets and wishes when they passed. It is the Court process through which a person’s assets pass to their heirs, whether via a Will or “Intestate Succession” (when someone dies without a will). Attorney fees for Probate cases are set by statute and are based on the gross value of the estate. A well prepared, and properly funded, Revocable Living Trust will allow an estate to be transferred to the decedent’s heirs without incurring Probate fees.
- Powers of attorney
- Health care Advance Directives
- Revocable and irrevocable trusts
- Life insurance trusts
- Charitable remainder trusts
- Special needs trusts
- Trusts for minors
Wills are drafted in protecting your family, your assets and your loved ones. A carefully drafted will can designate how your assets will be divided among your loved ones; make decisions on who will take custody of your children and what will happen to your real estate investments. Our San Jose attorney will take the time to understand your specific needs so that we can draft an ironclad will that is compatible with your financial positioning, as well as your family’s immediate and long-term needs.
A trust will help you manage assets for their intended purpose. There are a wide variety of trusts available for such a purpose, including revocable and irrevocable trusts, special needs trusts, charitable trusts, qualified domestic trusts, and irrevocable life insurance trusts. Our law firm has long reviewed and crafted such trusts for those we represent. We will provide you the advice, guidance, and legal services you need to make the right decision concerning your estate planning goals.
Advance Health Care Directives
Giving instructions on your health care wishes in the event you become incapacitated and no longer able to make decisions can prevent your family from having to make important and difficult medical decisions for you. It can also prevent prolonged litigation and ensure that your wishes are followed. If you are interested in learning more about advanced health care directives, living wills, and planning decisions for yourself or a loved one, please contact our office. It also includes directions for end-of-life care and sets forth the patient’s desires regarding organ donation in the event of his or her death. Advance health care directives help to ensure that (1) a person’s wishes are clearly set forth, and followed and (2) to reduce the inherent stress and possible infighting amongst family members.
Durable Powers Of Attorney
Durable power of attorney grants a person the power to make financial decisions for another in the event they become physically or mentally incapacitated. If you are interested in creating a durable power of attorney for yourself or a loved one, we can assist you in making sure your rights and interests or those of your loved one are protected at that difficult time.
What makes it “durable” is the fact that the power of attorney remains in effect even if the person loses mental capacity. A Durable Power of Attorney remains in effect until the principal’s death, unless it is revoked. A Durable Power of Attorney can become effective immediately upon it’s signing, or it can become effective only upon the incapacity of the principal (also called a “springing power of attorney”).