Garden Grove Estate Planning Lawyer

Garden Grove Estate Planning Attorney

Estate planning is for everyone, not just the wealthy. Therefore, you should consider hiring a Garden Grove estate planning lawyer if you live in California. A skilled and experienced lawyer can ensure your assets are protected and your loved ones are cared for.

Estate planning is more than just drafting a will and naming dependents. It is a complex process with multiple steps that require strict adherence for optimal results. The lawyers at Sakamoto & Ruelas, APC, have the skill and experience to ensure the estate planning process is smooth; you can rest easy knowing you are in capable hands.

What Is Estate Planning?

An estate plan is a plan that a living person makes while they are alive to protect, secure, and distribute their assets. After the decedent’s death, an estate plan helps to ensure their loved ones are financially provided for. The will, or legal document that expresses the decedent’s final wishes, is just one part of estate planning. Establishing a trust is also a part of estate planning for some people.

Why You Should Start Estate Planning Today

Whether your estate is worth millions or is more modest, you can benefit from estate planning. The median household income in Garden Grove is $90,166, and its housing value is $765,500. This is higher than the national average, meaning a considerable number of residents can benefit from estate planning. Another important benefit is that it allows you control over how your estate is distributed instead of the court.

The Estate Planning Process in California

In California, the estate planning process is similar to other states, with the exception that setting up a trust may help people avoid probate, as well as how assets are distributed by married couples. If your estate is worth more than $184,500, it is likely to go through California’s probate court process. Additionally, because California is a community property state, assets and property are considered jointly owned, which can affect how property is classified and distributed in your estate plan.

The estate planning process involves about seven steps to ensure your assets and property are distributed to the proper beneficiaries and according to your wishes. The steps are as follows:

1. Take inventory. Take an inventory of all of your assets and property that will be distributed. Examples of assets and property include bank accounts, investment accounts, retirement accounts, and savings accounts. You should also consider debts like mortgages, loans, and other debts acquired.
2. Set goals and objectives. Establishing goals and objectives for your estate may provide clarity. It is important to be clear about who your beneficiaries will be, whether it is a person, several people, or even a charity. You should also be clear about how you will be cared for should you become incapacitated.
3. Gather your documents. The will is probably one of the most important documents in the process. A will makes it clear who should receive your assets and property upon your passing, so there is no second-guessing. You may also want to establish a trust, name a power of attorney, and a healthcare directive in this step of the process.
4. Hire a lawyer. A skilled estate planning lawyer can ensure your documents are prepared correctly, filed with the appropriate parties, are legally binding, and meet important deadlines. Once your estate plan is drafted, you can sign your documents and submit them. Garden Grove residents should submit their wills, for example, to Orange County Superior Court at 8141 13th Street, Westminster, CA 92683.
5. Fund your assets. If you set up a trust as part of your estate plan, you need to fund it. You can set up a revocable trust or an irrevocable trust.
6. Secure your documents. Once you create your plan, draft your documents, and sign and submit your will and other documents, you should secure them in a safe place.
7. Review your estate plan regularly. An estate plan is just that, a plan, and sometimes plans change as well as your goals. This is why it is important to revisit your plan in case beneficiaries change, your financial situation changes, or your health changes.

FAQs

What Is the Difference Between an Estate Lawyer and an Estate Planner?

The main difference between an estate lawyer and an estate planner is that an estate lawyer can help ensure your estate plan is executed per your wishes once you pass. On the other hand, an estate planner can help with your estate while you are still alive. Also, an estate lawyer ensures the process is legally binding, while an estate planner may not necessarily be a lawyer at all.

How Much Does It Cost to Consult an Estate Attorney?

The cost to consult with an estate attorney varies and is based upon various factors. Factors that may be considered are the firm’s location, the skill and experience of the attorney, and the complexity of your case. If you have a large amount of assets, for example, your costs may increase. Likewise, more experienced lawyers may have higher rates, as will lawyers in areas with a higher cost of living.

What Is the Cost of Estate Planning in California?

The overall cost of estate planning in California is difficult to determine. However, the two main factors that are considered are court fees for filing paperwork and attorney fees, which may vary quite widely. The filing fee for probate in Orange County is $465, while the will delivery fee is $50 to provide an example.

What Are the 7 Steps in the Estate Planning Process?

The seven steps in the estate planning process include taking inventory of all assets, property, and debts, setting goals and objectives, gathering and signing legal documents with the help of a lawyer, funding assets if applicable, securing your documents, and reviewing your plan regularly. Some parts of the process may be lengthier than others, depending on your specific case.

Contact Sakamoto & Ruelas, APC Today

The skilled lawyers at Sakamoto & Ruelas, APC, are here to help you navigate the complex estate planning process. We understand how overwhelming and complex the process can be, so we are here to help every step of the way. Contact us today for a pain-free consultation and explore your options.