How a Trust and Estate Attorney Can Help You Establish a Will

A trust and estate attorney can help you establish a will and make all the necessary arrangements to ensure that your wishes are carried out. At Patterson Belknap, three of our partners are recognized as being among the country’s best attorneys. Moreover, they are also listed in the Best Lawyers in America.

Property power of attorney

A power of attorney is an important document that can control many aspects of your life if you are unable to do so yourself. Newport Beach Probate Attorney While the person who is granted the power to act on your behalf is not required to be the same as the Executor of your estate, you should choose the right person. Most people choose a family member or trusted advisor to act as their power of attorney.

There are several types of POAs, including health care and property. A power of attorney for property and healthcare is only valid for the life of the principal and terminates when the principal becomes incapable of acting. The power of attorney for healthcare is usually more expansive and gives the agent specific powers.

Business succession planning

A business succession plan is essential if you’d like your business to continue after you die. It addresses issues like ownership and ex-spouses. It also ensures that the business continues as a viable entity. Here are some things to consider before you start the planning process.

First, you’ll need to evaluate your business’ current situation. If you are the only owner and want to ensure that your family and employees continue running the business, you’ll need to consider the skills and experience of your successors. Your succession plan will also include strategies for transferring ownership and controlling assets. It will also involve strategic tax planning.

In addition to addressing tax implications, business succession planning involves ensuring that a business’s business will continue operating if you pass away. The goal is to ensure minimal disruption to business operations and to maintain its valuation. Your business will likely be a substantial asset, so it is important to plan accordingly.