Law Office of Eric
Ridley and Estate Planning in Ventura, Santa Barbara & Los Angeles Counties

We may advise that you use any of a variety of estate planning documents, depending on your needs. Some common documents include wills, trusts, financial powers of attorney, health care powers of attorney, living wills, and many more. It is critical to work with an experienced estate planning attorney to design a plan that meets your specific needs, circumstances, and desires. Wills are the most common type of estate planning document. They allow you to specify how you want your assets to be distributed after you die. Trusts are another common type of estate planning document. They can be used to protect your assets and provide for your family after you die. Living trusts can also be used to pass more money on to your loved ones, to protect children, and for many other purposes.

A power of attorney is a legal document that allows you to appoint someone to act on your behalf in the event that you are unable to act for yourself. There are two types of power of attorney: general and special. A general power of attorney gives your agent authority to act on your behalf in any situation. A special power of attorney gives your agent authority to act only in specific situations. It is important to choose an agent who you trust implicitly and discuss with them what powers they should have.

A trust is a legal document that allows you to appoint someone to manage your assets and distribute them according to your wishes after you die. There are a variety of trusts, including revocable trusts, irrevocable trusts, and living trusts. A revocable trust can be revoked or changed at any time, while an irrevocable trust cannot be changed once it is created. A living trust is created while you are still alive and becomes effective upon your death. Trusts can be used to protect your assets and provide for your family after you die. It is important to work with an experienced lawyer to create a trust that meets your specific needs.

There are a number of benefits to using a trust, including the following:

Protection of Assets: A well-drafted trust can help protect your assets from creditors and lawsuits. This is especially important if you have children or other loved ones who may be vulnerable to lawsuits or creditor claims.
Tax Savings: Trusts can offer significant tax savings opportunities, especially if they are set up correctly. For example, a properly structured taxable trust can save on estate taxes when the owner dies.

Privacy: Trusts can offer greater privacy than other types of estate planning documents. For example, a trust does not have to be filed with the court like a will. This means that your affairs will not become a public record.

If you die without a will – and in many cases, even if you die WITH a will – the state will distribute your assets in accordance with probate laws. This can lead to delays, confusion, and unnecessary (and very high) costs. It is critical to have (at a minimum) a will in order to ensure that your wishes are carried out in the most efficient way possible. A lawyer can help you draft a will that meets your specific needs.

Probate is the legal (and slow, and expensive) process of settling a person’s estate after death. This includes identifying and inventorying all assets, paying any debts and taxes, and distributing what’s left to the beneficiaries named in the will. If there is no will, state law determines who gets what.

The probate process can be lengthy, frustrating, and expensive, so many people choose to plan for their estate in advance. There are a number of ways to do this, including creating a trust or setting up a living trust. These arrangements can help minimize the hassle and expense of probate and make sure your beneficiaries receive what you want them to have.

You will need to consult with an attorney or financial advisor to create a trust. The trustee will need to be named, and the terms of the trust should be spelled out in detail. Once the trust is created, assets can be transferred into it. It is important to keep in mind that once assets are transferred into a trust, they can no longer be accessed by the grantor. This is why it is important to consult with an attorney o beforehand to make sure a trust is the best option for you.