| Alan R. Horvath, Attorney at Law |
| 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.")
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.")
| Phone: 209 754-5291 Fax: 209 754-5293 |
| ahorvathlaw@sbcglobal.net |
| Estate Planning By Phone for Any California Resident |
37 Main St., Suite 202
San Andreas, CA 95249
San Andreas, CA 95249
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