| What is an Estate Plan? |
Your Estate consists of everything you own both now and at your death. Your current estate is available
for your care. A significant part of your Estate plan is therefore a Care Plan. This part of your plan looks at
the problems that will arise if you are living, but unable to care for yourself, either mentally, physically, or both.
Upon your death, your estate may be increased by things such as life insurance. At that point, your estate is
everything you are passing on to friends and family. The second part of an Estate plan is therefore a Gift
Plan.
Your Probate Estate is that part of the estate you leave at your death where the successor owner is not
already defined. For example, if a life insurance policy states the proceeds go to your estate, the life
insurance is part of your probate estate. If the policy leaves the proceeds to a named individual, then it
bypasses probate.
In California, a simple estate plan will generally consist of a will, a durable power of attorney, an advanced
health care directive, and probably a revocable living trust. An estate plan also will take into consideration
retirement benefits expected, and may make use of both life insurance and long term care insurance.
Because of the wide variability of estate plans, it is recommended that an attorney be retained for its
preparation. (See also, "Should I write my own trust", and "How to hire an estate planning attorney.")
for your care. A significant part of your Estate plan is therefore a Care Plan. This part of your plan looks at
the problems that will arise if you are living, but unable to care for yourself, either mentally, physically, or both.
Upon your death, your estate may be increased by things such as life insurance. At that point, your estate is
everything you are passing on to friends and family. The second part of an Estate plan is therefore a Gift
Plan.
Your Probate Estate is that part of the estate you leave at your death where the successor owner is not
already defined. For example, if a life insurance policy states the proceeds go to your estate, the life
insurance is part of your probate estate. If the policy leaves the proceeds to a named individual, then it
bypasses probate.
In California, a simple estate plan will generally consist of a will, a durable power of attorney, an advanced
health care directive, and probably a revocable living trust. An estate plan also will take into consideration
retirement benefits expected, and may make use of both life insurance and long term care insurance.
Because of the wide variability of estate plans, it is recommended that an attorney be retained for its
preparation. (See also, "Should I write my own trust", and "How to hire an estate planning attorney.")
| Phone: 209 754-5291 Fax: 209 754-5293 |
| ahorvathlaw@sbcglobal.net |
| Alan R. Horvath, Attorney at Law |
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P.O. Box 81
596 Mountain Ranch Rd.
San Andreas, CA 95249
596 Mountain Ranch Rd.
San Andreas, CA 95249