However, there are some estate planning strategies you can take advantage of to ensure that you and your partner are able to care for each other and leave a lasting legacy behind to anyone whom you wish. A Los Angeles County estate attorney can daft documents such as a Power of Attorney, an Advanced Health Care Directive, Living Trust and Last Will and Testament that will allow you to make financial and medical decisions for each other, while also determining what should happen to your assets and property when you’ve passed away. Clauses may also be included in these documents to discourage contests from certain family members, if necessary, but this should be discussed thoroughly with an attorney before any decisions are made.
There are also certain estate planning strategies you can work on yourselves, particularly regarding your assets. You can name your partner as the beneficiary on any solely-owned financial accounts you own, as well as on any retirement accounts and/or insurance policies. In addition, you can decide to change ownership on certain assets or property to joint ownership between you and your partner. By naming your partner as a beneficiary of financial accounts and policies and owning property jointly, you and your partner can avoid the probate process on those assets and property. While you can enact these estate planning strategies by yourself, you should seek out a Los Angeles County estate attorney to determine which assets and property should fall into the beneficiary/joint-ownership category, what tax implications may come about due to those changes, and to make sure your accounts and policies are set up in your best interests.
A Los Angeles County estate attorney can advise you regarding the type of plan that would best suit your needs. If you would like to learn more about partnership estate planning, please set up an appointment at our Los Angeles County office by calling (818) 905-6088.