Age With Confidence
And Grace

Are You Ready To Start Your Estate Plan?

Everyone has some anxiety about crafting their estate plan. It’s natural to feel uncomfortable, considering what will happen to those you love after you pass. That’s why you want to work with an experienced attorney who will help you maintain clarity and put you at ease.

For over 30 years, I have helped families throughout California set up and settle their estate plans. I work with people from every walk of life and offer guidance on all of their estate planning concerns. My goal at The Law Office of Philip M. Flanigan, P.C., is to help you create an estate plan that gives you confidence for your future and security for your heirs.

The Right Time To Create An Estate Plan Is

When you’re ready and while you are able. However, what “ready to establish an estate plan” looks like is different for everyone. Most of my clients tell me that they decided to take the step because:

They are getting older
They don’t want the state to take it
They are going on a trip or have a surgery coming up
They recently lost a friend or loved one

While these are a few of the reasons people often decide to start their estate plan, I don’t focus on your reasons. Rather, I focus on your needs and work hard to build a plan that helps you have confidence in your future. It is also important to realize that our tomorrows are never guaranteed. Thus, the ideal time to plan is now when you have the ability to do so.

Common Parts Of An Estate Plan

The major goals of an estate plan are to minimize the time and cost associated with settling the estate, minimizing the tax burden on your estate and preserving the assets for your heirs. It also creates a method whereby the people you trust can act on your behalf in the event of your incapacity. A comprehensive estate plan may include some of the following:

Crafting trusts
Establishing wills
Creating a durable power of attorney
Creating advance health care directives
Creating a gifting plan

I will guide you through the entire process of creating a solid estate plan that will be easy to understand and follow without the necessity of going to Court. I will also guide you on matters with Medi-Cal long-term care benefits, ensuring that your needs are met but that you don’t lose your entire estate in the process.

How Are Wills And Trusts Different?

Trusts and wills are both valuable tools in estate planning. However, they each have unique features and serve different purposes. Understanding these differences can be key in ensuring your estate plan has what it needs. Here are some of the main ways these two tools differ:

Formation requirements: Your will needs to be in writing, and you generally must sign it with two witnesses present. Trusts only require intent to form, clear beneficiaries and property (with additional requirements if real estate is involved).
When they go into force: A will’s terms take effect only after you pass away. A trust is active upon formation.
Incapacity planning: A will can’t be used for planning what will happen if you become incapacitated. Trusts can address this situation.
Asset goals: A will can direct what happens to your property after you die. Trusts can help with a wider range of goals, including asset protection.
Probate planning: A will cannot keep assets out of probate. Trusts can.
Role assignment: Trusts can only name roles within the trust, like trustee and beneficiary. A will can name a personal representative for your estate and guardians for your children.
Privacy: Wills become public record when they proceed through probate. Trusts generally remain private.
Making changes: You can change a will by forming a new one or using a codicil. Whether you can change a trust depends on its type. Revocable trusts can be modified. Irrevocable trusts usually can’t without court approval or beneficiary consent.

What tools would be best suited for your estate plan depends on many factors. I can answer your will/trust questions and advise you on what specific tactics and strategies would meet your unique needs.