Your Family and Estate Planning

Hindsight is 20/20 they say... well it seems that many of us fall victim to the unfortunate: "I didn't know I needed this?" or "If I only knew" statement. Well, here we go folks, here is the time for us to share and empower one another.

Everyone needs an estate plan. EVERYONE. Especially you with children, with a home, with a business, with any interest in REAL PROPERTY. Almost every Californian needs an estate plan.
What is an estate plan? It's a set of legal documents that expresses what you want to happen when you either can't make those decisions or when you are not here to make those decisions. It is your voice in writing or I should say sealed with your signature and that of witnesses and/or a notary. This "plan" ideally keeps you out of the court system - potentially avoiding conservatorships, guardianships, and probate proceedings. Trust me, you are going to want to avoid having to go through these processes and an estate plan can help you do just this.

SO, what's should an estate plan have or look like? Let me first start by clarifying that a plan depends on you and your circumstances so there is never really one set plan for everyone - atleast that is not what we provide for our clients at Phancao & Shaffer, LLP (The PS Team). For purposes of this blog.... we are going to pretend we are talking to a happily married couple :) with minor children who live in the OC and have a home. Based on these facts in a very generalized overview, this families' estate plan should have all of the following:

1) Marital Trust
2) Pour-Over Will (One for Husband/H and one for Wife/W)
3) Guardianship Designation (for the minor children)
4) Power of Attorney for Finances (H&W sets)
5) Personal Property Agreements
6) Community Property Agreements
7) Certificate of Trust
8) Healthcare Power of Attorney (H&W sets)
9) HIPAA docs (H&W sets)
10) Living Will (H&W sets - for life support wishes)
11) Funeral Memorandum
12) Personal Property Memorandum
13) Funding (transfering of assets into the Trust/Estate Plan)

Ok, so this is more or less what this married couples' estate plan should have. Now, so as not to bore you with an over lengthy blog... stay tuned for more "talk" on why these documents are important and what else is needed to truly protect yourself, your family, and all you have worked hard for throughout the years.....

From our family to yours - Shadi A. Shaffer from the Law Offices of Phancao & Shaffer where your family is not only business but personal! (It's Wednesday "hump" day; may the rest of your week go fast so that you can enjoy the weekend! - shadi)