In a recent podcast episode, leading estate planning attorney Jennifer Elliot, partner at San Clemente Estate Law, PC in San Clemente, CA, discussed the importance of putting a plan in place in case of unexpected life events. —
For more information please visit https://sanclementeestatelaw.com
When asked to comment, she told listeners, "Some people think that making an estate plan is giving up control, because they are naming someone else that they're putting in charge to do things like run their business, sell their property or distribute their assets. But actually, it's the opposite. Making an estate plan is what puts them in charge of their affairs if they are not able to handle things on their own."
One aspect of being prepared is for parents with young children to have a Will in place in order to appoint guardians - both for day-to-day matters and money affairs - should the parents pass away before their children are 18.
However, according to Elliot, most parents shy away from doing this as they think they’re giving away their rights to raise their kids.
"I worked with a family who wanted to ensure that their close, long-time neighbors were named as guardians for their kids, because they knew someone else in the family was eager to get hold of their money when they passed away. When they set up this special structure in their Will to make sure they name the right guardian, they were assured that the wrong person wouldn't step in and take over their kids and their money."
Another important aspect of estate planning is a ‘Living Lockbox’, which is a set of provisions designed to protect assets in a number of circumstances.
When asked to elaborate, she said, "I use a ‘Living Lockbox’, which allows me to use an instrument that is customized to my clients. What this does is that it gives the tools or the keys of the ‘Lockbox’ to the person that they trust. You're in control, and you get to decide who gets the keys to your ‘Lockbox’. And this ‘Lockbox’ works if you pass away or if you're incapacitated."
She was quick to add that ‘Living Lockboxes’ are extremely vital during lifetime, particularly during the coronavirus health crisis.
When asked to elaborate further, she said, "I had a client recently who was in the hospital for a few months with COVID-19. He was incapacitated, and he didn't have a ‘Living Lockbox’ in place. His sister needed to step in and pay for his house expenses and payments for a couple of months until she could do a formal court procedure to get permission to use his money to pay bills, even though he was still living.”
Elliot added that she offers instruments in the ‘Lockbox’ that allow people to decide who will make healthcare decisions on their behalf when they cannot do so.
“In the previous example, the gentlemen on the ventilator in the hospital wasn’t able to communicate with doctors and nurses about what he wanted, and he had not yet named his sister to handle things for him. So, in this case, she had to go to court and get a conservatorship action to handle things for him. This is completely unnecessary if you have a ‘Living Lockbox’ in place," she said.
Name: Jennifer Elliott
Email: Send Email
Organization: San Clemente Estate Law, P.C.
Address: 100 S Ola Vista Suite A, San Clemente, CA 92672
Phone: (949) 420-0025
Source URL: http://RecommendedExperts.biz
Release ID: 88987147