Tustin Estate Planning Lawyer

Tustin Estate Planning Attorney

Preparing your affairs for after your death is one of the most considerate things you can do for your loved ones. Dealing with the loss may be hard enough on them. Why not give your loved ones the freedom to grieve without a burden? It’s never too early to speak with a Tustin estate planning lawyer.

At Sakamoto & Ruelas, APC, we believe the time to plan is now. Our dedicated team of estate planning lawyers has a collective 25 years of estate planning experience in Orange County and the surrounding area. It is important to us that our clients have confidence in their Tustin estate planning lawyer. We take our role as planners for your loved ones seriously.

Estate Planning

The legal process of estate planning involves making decisions about your assets after your death. It can be a difficult process depending on the complexities, but it will be easier to deal with now than for your family and loved ones to have to handle it later. Settling your estate in advance can eliminate questions, arguments, and unfair disbursements of your assets later. There are two main components of estate planning: a will and a trust.

Last Will and Testament

A last will and testament, also referred to simply as a will, is a legal and binding document, if properly executed, that defines what will happen to all of your assets in the event of your passing, and most importantly, according to your wishes. You must name an executor in your will. This is someone who can ensure your will is properly probated and will then carry out the orders of you set forth. Probate matters in Tustin are generally handled at the Costa Mesa Justice Complex.

The thing to understand about a will is that it can be contested in court by anyone. Therefore, it is very important that you draft yours rather meticulously and with the guidance of a conscientious Tustin estate planning lawyer. This ensures it cannot loosely be interpreted or easily challenged should someone think they might want to try. This is one reason a legal professional is essential to writing a valid and durable will.

A Trust

The biggest advantage of a trust is that it does not have to go through probate court to be probated like a will does. This can also avoid taxation and court fees. When you establish a trust, you must name a trustee. Like an executor, this should be someone whom you have confidence in. The trustee will be responsible for all assets held within the trust. You may set up the assets in the trust to be distributed according to a schedule, if you wish.

There are two types of trust: a revocable living trust and an irrevocable trust. Both contain the assets of the creator and avoid the prying eyes of probate court, but there are a few differences:

• Revocable Living Trust
  • Can be amended and rearranged by the establishing individual, as long as they are alive.
  • The creator maintains control of the assets.
• Irrevocable Trust
  • The creator relinquishes all ownership and rights to the assets within the trust.
  • The designated trustee controls the assets.
  • The trust cannot be rearranged or amended, and the assets cannot be removed.
  • Assets are safe from debtors, creditors, and taxation following the creator’s death.

FAQs

What Is the Average Cost for Estate Planning in California?

It is difficult to determine the average cost of estate planning in California. The cost of estate planning can vary across a wide range of prices because the cost heavily depends on factors that change with every case. For instance, the complexity of the estate will play a big role in determining the cost, as will the experience of the attorney, the role of the attorney, and the length of time it takes to organize and plan properly.

What Is the 5 by 5 Rule in Estate Planning?

A 5 x 5 power in estate planning is a clause that can be included in a trust. It allows the beneficiary of the trust to withdraw either $5,000 or 5% of the fair market value of the trust, whichever is greater, per year. These funds are not taxable by the IRS, but federal tax law limits these withdrawals to one of the two amounts, or less, as mentioned above.

What Do an Estate Planner and an Estate Lawyer Do?

An estate planner is also typically a lawyer or accountant, or has some sort of finance certification or degree. Thus, an estate lawyer can be an estate planner, but unless an estate planner has a law degree, they are not an estate lawyer. An estate planner and a lawyer may both help clients create plans for after their death, but only an estate lawyer can create legal documents and represent a client’s will in probate court.

What Are the 7 Steps in the Estate Planning Process?

The seven main components of estate planning include assessing the assets owned by the individual planning their estate, then defining the goals they want for their estate plan, selecting an executor or trustee, also called a fiduciary, naming beneficiaries, appointing guardians, drafting legally binding documents, and notifying your family. Not all individuals will require all steps, but these are the basic fundamental components of general estate planning.

Contact a Tustin Estate Planning Lawyer Today

A 2022 survey of 10,000 adults employed in the US revealed that 75% of those surveyed expressed a desire to pass on their estate to loved ones, yet only 53% actually had a current and active estate plan, while only 32% had a will, and 46% didn’t know where to start. If you fall in that 46%, you can start right here, right now.

Executing an estate plan properly is of the utmost importance to ensure your family is taken care of and your wishes are carried out. Contact our legal team at Sakamoto & Ruelas, APC, and get your affairs in order today.