Wills, Planning, Powers of Attorney
The attorneys of Campbell Law Offices help families and individuals with all of their estate planning needs, including drafting wills, financial powers of attorney, and advance health care directives. From our offices in Oakland, we are conveniently located to support clients throughout the San Francisco Bay Area.
Estate Planning
Estate planning is a process that provides for the management and distribution of your assets, as well as establishing a plan for your personal care and health care during your lifetime if you become unable to care for yourself. Everything you own at the time of your death may be considered part of your estate. This includes your home, personal belongings, life insurance, bank accounts, investments, and all other assets. A comprehensive estate plan should consider, among other things:
- How to preserve your wealth during and after your lifetime;
- Who will manage your assets for your benefit should you be unable to do so;
- How to distribute your assets during your lifetime;
- How to distribute your estate after your death; and
- Planning to minimize tax consequences.
Our attorneys have the knowledge and experience to guide clients through the estate planning process. We can help you consider all of the important questions involved in your estate and assist you in making the best choices for you and your family.
Wills
A will is the traditional legal document in which you name who is to receive your property after your death. A will allows you to name a guardian for any minor children. Different types of wills and will provisions allow you to accomplish different estate planning goals. For instance, a "pour-over" will can work in conjunction with a revocable living trust by "pouring over" certain remaining assets from the deceased's estate into the designated trust. A "living will," known as an Advance Health Care Directive in California, allows you to make decisions about how your health care should be managed in the event that you cannot make these decisions for yourself.
If you die without a will or other estate planning instrument, you die "intestate," and your estate will be distributed as determined by state law and administered by someone appointed by the court. Unfortunately, if you have not nominated a guardian or guardians for your minor children, the court will also choose who will care for their personal well-being and finances.
Powers of Attorney
A Power of Attorney is a document allows you (the "principal") to appoint a representative ("agent" or "attorney-in-fact") to make certain financial decisions and conduct certain financial transactions on your behalf. A power of attorney can authorize an agent to handle specific tasks, such as signing a document in your absence, or to handle ongoing financial needs. Some examples of these tasks may include:
- Paying Bills
- Filing Tax Returns
- Banking
- Trading Stocks
- Buying or Selling Property
- Handling Retirement Benefits
- Applying for SSI or MediCal
- Hiring In-Home Care
In addition to authorizing an agent to have certain financial powers, a principal can also limit the agent's powers in a power of attorney. An effective power of attorney document should also specify when the power of attorney goes into effect, such as immediately or for a specified period or task, and when and if it expires. A "durable" power of attorney will last until it is cancelled or until the principal passes away; it is not affected by the subsequent incapacity of the principal.
Although no one wants to consider the possibility that a disease, illness, accident, or other tragedy could cause their incapacity, planning for possible incapacity is nevertheless an essential part of the estate planning process. If you lose your ability to handle your own finances, the court may appoint a conservator not of your choosing to handle them for you. By planning ahead, you can ensure that the assets you worked to preserve and increase over your lifetime are handled by the person that you feel is the best person for the job.
Advance Health Care Directives
In California, an Advance Health Care Directive (formerly known as a Health Care Power of Attorney) is a document that allows you to specify a person (your "agent" or "attorney-in-fact") who will make health care decisions for you in the event that you cannot do so because of incapacity or another reason. The document allows you to give instruction on the type of health care you would prefer in different situations, for example whether or not you would want surgery, a blood transfusion, or to be on life support. It also allows you to specify whether or not you would like to donate your organs.
Like a financial power of attorney, an advanced health care directive is an essential component of an effective estate plan. By planning in advance for your health care in case of your incapacity, you can save your spouse, domestic partner, adult children, or other relatives from having to make important health care choices for you in a time when they may already be grieving.
Experienced Representation from Well-Respected Attorneys
The attorneys of Campbell Law Offices are well-known and respected by the legal community throughout the San Francisco Bay Area because of our knowledge and skillful representation of clients. We are committed to helping clients understand their estate planning options and make the best choices for themselves and their families. If you would like to speak to one of our experienced estate planning attorneys, contact the Campbell Law Offices today for a consultation.
