Why do You Need a Will or Trust to Pass on Your Property?

Being a responsible person in your house, you must have several priorities such as paying bills, buying grocery, taking care of the kids, going to the office, etc. But estate planning is something; you’ll have to deal with sooner or later. Estate planning is a subject which isn't fun to talk about or prepare for. But, it is one of the most important things that you must consider in your life. There is nothing wrong to say that planning for your own death or inability should be your first priority.

You must designate someone you trust to officially manage your bills, your bank accounts, and your estate when you’re dead or injured. Even though it’s an offensive task but you’ll relax easier acknowledging your last wishes have been written so that your close one won’t need to face difficulties while they are grieving.

One of the essential things that must be at the top of your program is having a legal plan to distribute your assets to your inheritors, especially your valuable house. In order to better explain how to manage your estate plan, we have come up with this blog. Let's have a look:

Will or Trust

When it comes to security of your property, you need to think about making a Will or Trust. You can assign your home as a part of community property or joint tenant. If you give survivorship rights to your co-owners, they can inherit your part of the property after your death. Though, having a joint tenancy or community property isn’t suitable for every situation, particularly if you are looking to move your house to someone who isn’t your joint holder. This plan is also not appropriate if you get injured and unable to make decisions for yourself. Who will handle your medical decisions and other expenses? Having a Power of Attorney and Advance Health Care Directive will help you assure that your close one will continue to take your healing and financial decisions if you’re incapacitated.

Life is unpredictable so you must have a proper plan to distribute your property to your close ones after your death. If you are looking to get some reliable advice and seeking a probate attorney in Orange County, then visit Law Office of Michael C Maddux.