Wills, Trusts & Estates
We understand that creating a will or trust can be uncomfortable or difficult for many, but having a will or trust in place provides peace of mind, not only for you but also for your family. It helps prevent disputes and confusion among your loved ones during an already emotional and difficult time.
A will or a trust helps you plan for the distribution of your assets and the care of your loved ones after your death, ensuring that your assets are distributed according to your wishes, your loved ones are cared for, and your financial affairs are managed efficiently after your passing.
Affordable Legal Associates does not provide legal advice but assists in the preparation of the legal documents needed for a Will, Trust, Financial Power of Attorney, or Medical Power Of Attorney. At Affordable Legal Associates we provide these services at a significantly lower cost than retaining an attorney. If the situation becomes more complicated and legal advice and counsel becomes necessary, Affordable Legal Associates has a list of qualified and experienced attorneys with whom you can speak. Whatever the situation, Affordable Legal Associates can help.
We do not dispense legal advice or practice law but do ensure that your documents are accurately prepared.
If you need additional services, you will need the services of an attorney. The benefit of working with Affordable Legal Associates is that we are located within the Law Offices of Tecla M. Lunak, APC.
Wills
A will, short for "Last Will and Testament," is a legal document that outlines a person's wishes regarding the distribution of their assets and the care of their minor children after their death. It also designates who will serve as the “manager,” legally known as the “executor” or “administrator” of your assets to ensure that what you have directed in your Will is carried out. The main difference between a Will and a Revocable Living Trust is that a Will must be administered through the Court. Upon your death your named executor would need to petition the Court to have your will admitted to probate and the entire process is supervised by the Court. A will is a crucial tool for estate planning. Without a will, state laws, known as intestacy laws, will determine asset distribution, which may not align with the individual's preferences.
Revocable Living Trust
A Revocable Living Trust is an estate planning instrument that provides an efficient way to pass your hard-earned assets to your loved ones upon your death, without the need for Probate. Your assets are passed to your intended beneficiaries by the Trustee of the Trust.
The trust allows for the efficient management and distribution of assets during the grantor's lifetime and after their passing. This can help avoid probate, a time-consuming and costly legal process. Additionally, unlike a will, which becomes a public record when probated, the terms of a revocable living trust remain private.
A Trust can include a wide range of assets, including real estate, bank accounts, investments, and personal property. Anyone who owns real property in the State of California should have a Revocable Living Trust in place, even if there is a mortgage on the property. Many people have a misconception that a Revocable Living Trust is for individuals or families with large estates or substantial assets. The fact is that a Revocable Living Trust is an important estate planning vehicle for anyone who owns real property. A Revocable Living Trust is fully revocable and amenable during your lifetime. Generally, a Revocable Living Trust becomes irrevocable and cannot be modified or changed upon your death or incapacity.
Financial Power of Attorney
A Financial Power of Attorney is a document that gives another person, whom you designate, the authority to manage your financial affairs if you become unable to do so. The power in this document can take place immediately or the power stated in the instrument can take effect when you become unable to make decisions on your own. This is an important tool for financial management and planning, especially in situations where the principal anticipates needing assistance due to illness, age, or other circumstances.
The powers in a Financial Power of Attorney terminate upon death. Affordable Legal Associates can help you with the preparation of documents needed for a Power of Attorney.
Medical Power of Attorney
A Medical Power of Attorney or Advance Health Care Directive (Living Will) serves as the instrument that authorizes another person to make decisions regarding your medical care if you become unable to meaningfully make decisions on your own. This ensures that your healthcare providers and loved ones know what you want, particularly in critical situations when you may be unable to communicate your wishes.
A Medical Power of Attorney is an essential component of comprehensive estate and end-of-life planning. Contact our office to obtain additional information. We are here to help you in preparing the documents needed.
We do not dispense legal advice or practice law but do ensure that your documents are accurately prepared.
If you need additional services, you will need the services of an attorney. The benefit of working with Affordable Legal Associates is that we are located within the Law Offices of Tecla M. Lunak, APC.
