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What is the Best Way to Protect My Assets after Death





Proper estate planning is the key to ensure your assets are protected after your death! Yes, if you have the right documents, it can help save money, time, and most importantly, things can happen as per your wish. People often take a lot of efforts to earn and protect their properties from their would-be thieves during their lifetime. But, most of them donât think much about safeguarding their estates after their death. Being proactive will help ensure that your hard-earned money stays in the family and not in the wrong hands after your death. Here are the basic steps that you need to take to protect your estate.

Draft a Will

It is the first step you need to take to safeguard your estate. It is a legally enforceable document that indicates your intentions for the distribution of your property. It also provides an opportunity to decide who you donât want to share your assets upon your death.

You can hire a professional probate attorney in Carlsbad CA to write your will, or you can do it yourself. While writing a will may seem a simple task, it is best to do it under legal supervision as you may overlook many details that can result in legal battles. A well planned will help handle your financial affairs efficiently without any disputes within the family.

Create a Trust

It is the next step you need to take apart from drafting a will, especially, if you have substantial assets. In fact, it is an efficient way to protect your estate from probate and to transfer assets to designated beneficiaries after your death by your chosen representative. If you become incapacitated, your successor trustee can handle your financial affairs without court intervention. Youâll definitely need Carlsbad probate attorney to create one as the trust will need to comply with the state and federal laws.

Assign a Power Attorney

This document allows you to name a person to handle your assets if you are unable to act on your behalf. If you do not have them and you become mentally incompetent, the court will appoint someone to manage your estate for you. Besides, you need to update this document every five years, even if it is correct.

Joint Ownership

If you hold assets in joint names with your spouse, upon your death, those properties will automatically pass to the other person, regardless of what is in your will. This is another great way to keep your estate out of probate.

If you require legal advice on how to protect your assets after your death, speak to a skilled probate attorney in Carlsbad CA.
About Author T. Owen Rassman :

The author works for a reputed estate planning law firm in Carlsbad CA. Along with a team of professionals, he helps clients in estate planning to avoid probate, un-necessary taxes, and legal fees. Visit https://www.rassmanlaw.com/ for more details.


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Article Added on Sunday, March 22, 2020
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