While it can be uncomfortable to think about the passing of yourself or a loved one, it is important to think of the financial implications of such a tragic event. It is crucial to ensure that your family is taken care of with adequate asset protection. Establishing key measures such as securing wills, making living trusts, and having a thorough estate plan can help protect the future of those you love in Fullerton, CA.
The award-winning attorneys at Sakamoto & Ruelas, APC, are experts in family law. We can help you master the estate planning process. Our firm has years of experience in the minute details of family law. We can help you plan for adverse events, such as death, by advising you on matters such as wills and trusts. Starting early can help you or your family avoid going to probate court. However, if it comes to that, our attorneys can fight for your family’s assets during the litigation process.
When you or a family member dies, you might need to go through the complex process of estate planning. The steps for settling an estate in California include the following:
It is important to consult with an attorney to ensure that the estate is settled correctly and in compliance with all applicable laws. Additionally, the executor should keep detailed records of all transactions and activities related to the estate.
A California estate plan is a set of legal documents that lays out an individual’s wishes for their assets and healthcare in the event of their incapacity or death. A typical California estate plan may include:
It is important to have a comprehensive estate plan in place to ensure that your assets are distributed according to your wishes. It can also minimize the stress and costs associated with settling an estate. A qualified estate planning attorney can help you create an estate plan that meets your specific needs and goals.
A will is a formal document that specifies, upon an individual’s death, how their assets will be distributed. A will can also name a guardian for any minor children and appoint an executor. They will be responsible for carrying out the terms of the will.
Wills are a common component of estate planning and can provide peace of mind. However, wills must be probated (a legal process where a will is reviewed by a court to ensure it is valid) after the individual’s death. This can be a time-consuming and costly process.
Writing a will is an important step in estate planning and ensures that your assets are distributed according to your wishes after your death. There are certain steps to follow when writing a will:
You should consider consulting with a qualified estate planning attorney. They can help ensure that your will meets the requirements of California law and accurately reflects your wishes.
There are several different types of trusts, each with its own unique features and benefits. Some of the most common types of trusts include:
The best type of trust for you and your family depends on your specific circumstances, including your assets, liabilities, family structure, and personal goals. It is best to consult with an attorney or financial advisor to determine the best type of trust for your situation.
In an advance healthcare directive, you can specify the following:
An advance healthcare directive is a personal document. The specific details included will depend on your unique preferences and needs.
Identifying assets in estate planning is an important step in ensuring that an individual’s wishes for their assets are carried out after their death or incapacity. Some common assets that may need to be considered in estate planning include:
It is important to make a comprehensive list of all assets, including their location and value, to ensure that they are properly accounted for in the estate plan. A qualified estate planning attorney can help identify these assets. They can also ensure that they are properly addressed in the estate plan.
A: Estate planning is recommended for anyone over the age of 18, regardless of their wealth or assets. However, it is especially important for those over the age of 50. They are more likely to have accumulated more assets and may have concerns about health and end-of-life decisions. It is also suggested for those with a large net worth. Anyone who wants to ensure their assets are distributed according to their wishes should consider estate planning.
A: The average cost of an estate plan in California varies depending on the complexity of the plan and the attorney’s fees. On average, a basic estate plan, which includes a will, power of attorney, and advanced healthcare directive, can cost anywhere from $1,000 to $5,000. The cost can go up if the estate is more complex, such as if it includes trusts or tax planning.
A: Yes, a trustee can also be a beneficiary in a trust. In fact, it is common for the grantor (the person who creates the trust) to name themselves as the trustee and their spouse, children, or other family members as the beneficiaries of the trust. However, it is important to consider potential conflicts of interest that may arise when a trustee is also a beneficiary. One should always carefully consider the choice of trustee.
A: Yes, property left in a trust can be sold. Whether a trust can sell property depends on the terms of the trust agreement and any applicable state law. Some trusts are designed to be revocable, meaning that the grantor (the person who creates the trust) can make changes to the trust, including selling trust property, during their lifetime. Other trusts are irrevocable, meaning that once established, the terms of the trust cannot be changed and the grantor cannot sell trust property.
It is important to ensure that your assets are handled safely in the future. To do that, you should work with knowledgeable attorneys with years of experience in estate planning. The attorneys at Sakamoto & Ruelas, APC, can help you with strategies to optimize your asset handling. We can provide you with opportunities to have all your remaining questions about estate planning answered. Reach out to an estate planning attorney at Sakamoto & Ruelas, APC, today to request a consultation. Start taking control of your family’s financial future.