We Can Answer Your Frequently Asked Questions
Estate planning is a complex legal field that can raise numerous questions. At Law Offices of Linda J. MacKay, we understand that creating an estate plan, updating an existing plan and administering an estate are confusing processes. Our attorney, Linda J. MacKay, can answer any questions you have about these practice areas. Here, we will address a few frequently asked questions.
1. What’s the difference between a will and a trust?
A will takes effect after you pass away. It establishes who will receive your property and assets. A trust takes effect immediately. It is an arrangement where a trustee holds properties or assets for a beneficiary.
2. What’s the process going to be when a death occurs?
If someone dies without a will, then the court will appoint an executor to identify the decedent’s assets and debts. Then, the court will identify heirs and distribute assets to them. This process is called probate. If someone dies with a will, then the executor named by the decedent will administer the estate, including distributing assets.
3. How will an estate plan affect my ability to use and manage my assets on a day-to-day basis during my lifetime?
If you create an estate plan, you can still access your assets as you did before. For example, if you created a trust, you can move assets in and out of the trust as you wish. You can also change your estate plan at any time.
4. What should I do when I have life changes like buying a house or having a kid?
You should always keep your estate plan up to date when you have a significant change in life. Work with your attorney to make adjustments as necessary.
5. Why do I need an estate plan?
Every adult needs an estate plan because it passes your assets and property to the beneficiaries you choose, helps protect your assets from taxes or probate, addresses your end-of-life care wishes and minimizes the chances that your family will have to handle litigation or probate.
Ask Your Questions In A Free Consultation
Law Offices of Linda J. MacKay provides free consultations at our office in San Jose, so you have nothing to lose by contacting us. In our consultation, Ms. McKay can answer any questions you have about estate planning. Call 408-379-9600 or send the firm an email today.