Will And Trust Attorney

What’s estate planning?

As already mentioned, estate planning is the process of setting up a plan expressing your wishes regarding your medical and health decisions and the splitting of your assets following an incapacitating event or death.

Your estate is everything you own, including debts; for example, land, vehicles, household furnishing, bank accounts, life insurance, 401(k), annuities, and mortgage. Auto loans and other assets and debts are parts of your estate. If you co-own a property, your estate may also include your share of the property in the joint.

Estate planning in California generally includes the following arrangements:

• Advanced healthcare directive, aka Living Will
• A HIPAA authorization
• Power of attorney
• Guardianship papers
• A living trust
• Property deeds
• A pour-over will
• Beneficiary designations on assets such as annuities, 401(k)s, and life insurance.

What’s a Will?

A will, aka Last Will and Testament, is a letter to a probate judge outlining your desires to share your assets and care for your dependents after you are gone. You can create a simple document by downloading a California Last Will and Testament Form, but it’s not legally binding.

Indeed, a Last Will and Testament doesn’t involve any tax planning and does nothing to prevent probate. It’s also separate from a Living Will, which expresses your desires, such as when to pull the plug in case of critical health conditions. A Living Will is an important estate planning document, too.

What is a Trust?

A Trust is a legal arrangement between two parties, allowing one to take over the management of the other’s assets for the benefit of named beneficiaries. Unlike a Last Will And Testament, a Trust protects assets from creditors and extreme taxes and controls their distribution without needing a court’s involvement (probate).

There are many different types of Trusts. Estate planning in California typically involves the creation of a Living Trust. This type of Trust provides for you till your demise, upon which the successor trustee oversees it on behalf of your immediate heirs and beyond. There’s no strict rule regarding couples Trusts. You can have a joint Living Trust with your spouse or separate trusts.

Furthermore, Living Trusts can be revocable, allowing you control over the assets, or irrevocable, meaning they can only be changed if beneficiaries decide to do so after your demise. Irrevocable Trusts keep assets away from creditors, while creditors can claim assets in a Revocable Trust since they are not owned by the Trust outright.

A Living Trust is best paired with a Pour-Over Will. This way, everything not included in the Trust becomes a part of you once you die. It’s helpful in cases where you took a property out of Trust and forgot to return it before your death. A Pour-Over Will ensure the item is distributed according to the trust terms instead of California intestacy laws.

What are the specific requirements for estate planning in California?

Estate planning in California must adhere to specific guidelines when creating Wills and Trusts to ensure the validity of the documents and eliminate any hullabaloo regarding the grantor’s wishes. Here’s a look at some of the requirements.

Key Elements of a Valid Will in California

Even though you can download a Last Will and Testament template and fill it out, there are still guidelines to be followed. In fact, disregarding proper procedures is one of the main reasons for disputes regarding the validity of Wills, leading to long and bitter court cases. It’s always wise to stick to the proper procedure and ensure your Will meets the following requirements:

• Age. Only try writing a Will once you are at least 18 years old.
• Sound Mind. Don’t try to write your Will while in a compromised state of mind. You must mentally understand the document’s nature and consequences and state in writing that you are creating the Will of your own accord.
• Declaration. You must include a statement asserting that the document is indeed your Will.
• Signature and witnesses. The signing of the Will must be witnessed by two competent individuals who must also put their signatures.
• Executor. Remember to appoint an executor.

Essential elements of a Valid Living Trust in California

As mentioned, a Last Will And Testament is an essential estate planning tool that should be supported by other arrangements and strategies, such as a Living Trust to keep assets private and safe from creditors, reduce taxes, and avoid probate. A Trust is a complex legal and financial arrangement, so it’s best to follow proper procedure to prevent claims challenging its validity. Essential elements of a Trust include:

• A clear manifestation of the settlor’s intention to create a Trust
• Identifiable assets to be put in Trust
• Identity of beneficiaries or charity that will receive the assets in Trust
• Description of which persons or entity meets the beneficiary designation
• Trustee designation to manage and administer assets
• A list of trustee responsibilities
• A grant of power to the Trustee and the Trust document according to changes in financial and inheritance circumstances

Working with a qualified estate planning attorney is recommended throughout the Will and Trust creation process. Once you’ve written the Trust document, you must effectively pass the ownership of the Trust assets to your Trustee, who must then carry out their fiduciary duty, including accounting, investing, and distributing assets per the set terms and conditions.

Trustees must exercise care, loyalty, and good faith when executing their duties. You can also designate that the lawyer helps the Trustee or executor carry out their duties.

What to expect from Will and Trust attorneys

Will and Trust attorneys, aka estate planning attorneys, are qualified in the law and practice surrounding the creation and execution of Wills and Trusts. They are well versed with the state estate planning laws, ensuring your documents are legally sound and express your intentions. Some of the benefits of consulting will and trust attorneys include:

• Expert guidance on the essential requirements of Wills and Trusts
• Will and Trust creation and review to ensure the documents express your intentions clearly
• Expert guidance on estate planning strategies to minimize or avoid property income tax
• Expert guidance on arrangements to be made in case of minors or dependents with special needs
• Expert guidance for setting up medical directives and power of attorney stating who should take over your finances and or make decisions regarding your health when you are incapacitated
• Expert guidance throughout the probate process to ensure your assets are distributed smoothly and efficiently
• Help with California inheritance disputes and breach of fiduciary allegations.

Will and Trust attorneys facilitate the transfer of money, properties, and other assets to your heirs and beneficiaries while watching out for excessive taxes, nuisance creditors, and dishonest or incompetent trustees and executors. They are essential personnel in estate planning.

Hire the most qualified estate planning attorney. The last thing you want is to choose someone with insufficient experience knowing the state laws and regulations. Lacking the time to give your estate the attention it deserves leads to loopholes for excessive taxation, nuisance lawsuits from creditors, and even Trustee or executor misconduct.

Talk to several law firms and assess their knowledge, communication skills, and rapport. Look at the reviews left by past clients, too. Above all, keep your budget in mind. Some attorneys charge an hourly rate, while others use a flat rate. Agree on fees and payment terms to avoid problems down the road.

Alright, folks, that’s all we can say about estate planning in California for now. The key message is working with a qualified Will And Trust attorney to set up a comprehensive estate plan and ensure related documents meet legal standards and express your wishes well. If you are ready to talk to estate planning lawyers, we will happily provide an obligation-free initial consultation. Book an appointment on our website to speak to a qualified Will and Trust attorney today.