Estate Planning
ESTATE PLANNING
Estate planning involves the management of your assets while you are alive and the distribution of those assets after you pass away.
While You Are Alive
If you become incapacitated, physically or mentally, proper estate planning can insure your estate will be managed for your benefit by the person(s) or entities of your choice, rather than by a court-appointed conservator. This can be done by creating a revocable trust with a successor trustee named to take over management of your trust assets and by executing a durable power of attorney naming an "attorney in fact" to take over any non-trust business, such as completing insurance, retirement, social security and IRS forms.
After You Pass Away
Proper estate planning can insure the estate remaining at the time of death is transferred efficiently and economically to the heirs you have designated in the manner and time frame you have designated. Again, with proper planning, this can be done by your designated trustee, without the necessity of court proceedings.
Conservatorship
Conservatorship is a court proceeding where an individual is appointed as a caretaker for a person who is unable to provide for his or her own personal needs, physical health, food, clothing or shelter. Such a person may be unable to resist fraud or undue influence and needs assistance with managing their finances. There are two types of conservatorships; a person can be appointed as conservator of the person or the estate or both.
Powers of Attorney
There are two types of powers of attorney: one for managing assets and the other for healthcare decisions.
Asset Management:
Durable power of attorney allows you to name an individual whom you know and trust to manage your financial affairs if you are unable to do so.
Healthcare: Advance healthcare directives set out your individual healthcare instructions and let you name another person as your agent to make healthcare decisions for you should you become incapacitated. You can also designate an alternate agent if your first choice is not able to make healthcare decisions for you. An advantage is that you get to choose the person who will make healthcare decisions consistent with your desires.
Law Office of Jennett Maniscalco
Jennett Maniscalco
ADDRESS:
144 East Washington Avenue
Escondido, CA 92025
BUSINESS:
FAX:
(760) 751-2767