No Matter Your Wishes, We’ll Help You Create The Right Estate Plan
The most difficult element of an estate plan is getting started. No one wants to consider the possibility of their own death. Our lives are so busy that it always seems that there is something more pressing to do.
Many also believe their estate is so modest that an estate plan would not be necessary. However, in California, all estates exceeding $188,000 in value must go through probate, unless the assets are held in trust.
Everyone should have the basics of estate planning completed. You may think you have many years before it is necessary to worry about these issues, but accidents, illness and incapacity can afflict anyone at any age.
For your family, having all the necessary documents in place will come as a huge relief. Estate planning is best done when you can sit down and reflect on goals for you and your family. Having the proper documents ready when your family needs them is a great gift. Our attorneys at 831-275-0987, can help you. We represent clients throughout Monterey County.
Helping You Create Wills, Trusts And Powers Of Attorney
A will details your intentions for the property of your estate. It also names your personal representative, the person responsible for:
- Setting your final affairs in order
- Filing your final income tax
- Paying other taxes and bills
- Distributing your property
You may have one trust or multiple trusts within an estate plan, depending on the size and complexity of your estate, property and goals. The trusts may be revocable or irrevocable, and can be used for tax planning, protecting children from a first marriage, maintaining privacy or avoiding probate.
Important elements of any plan include:
- Irrevocable and revocable trusts
- Wills or pour-over wills for you and your spouse
- Powers of attorney
- Advance health care directives
Are DIY Wills A Good Idea?
With the rise of DIY templates and online tools geared to legal matters, a DIY will can seem like an easy, inexpensive option compared to using an attorney – but the risks of the do-it-yourself approach can far outweigh both the perceived convenience and savings. Working with an experienced estate planning attorney, like those at R.S.C. Law Group, Inc., ensures your assets are protected and distributed according to your wishes without costly mistakes.
One of the biggest pitfalls of DIY wills is their tendency to contain loopholes or ambiguities that lead to confusion, delays or disputes. For example, improper wording or the failure to comply with California state laws can render your will invalid, leading to a lengthy and expensive probate process and results that do not reflect your wishes. Worse, poorly drafted documents can lead to unintended outcomes such as leaving important beneficiaries without needed assets, incurring unnecessary estate taxes or facing legal challenges.
When an estate planning attorney is involved, you know your documents are legally sound, fully vetted and comprehensive. Beyond a simple will, estate planning often involves tools such as living trusts and other options for asset management during incapacity before death and legal strategies that can ultimately avoid probate entirely. A DIY template is not meant to account for nuanced family dynamics or the tax implications of certain maneuvers. Our Monterey County attorneys offer personalized legal advice that considers everything from business law considerations to tax-saving strategies.
Without this level of scrutiny, errors in a DIY estate plan can cost your loved ones far more in court fees and taxes than you would have spent hiring an attorney – and the emotional toll can be even worse.
What Happens If I Don’t Have A Will?
You may have wondered what happens if you die without a will. Without a will, your property will pass intestate. Intestate succession follows the rules created by the legislature and may not provide an optimal result for your family.
Establishing A Trust
Creating a trust is a practical way to protect your assets, help ensure their proper distribution and manage your estate during your lifetime and after your passing. A trust is a legal entity that holds assets for the benefit of designated beneficiaries, with terms and conditions established by the person creating it, known as the grantor.
The process of forming a trust begins with identifying your goals. You need to decide which assets to include, who will serve as the trustee (the person or institution managing the trust) and who the beneficiaries will be. From there, an attorney drafts a trust document that reflects your wishes and meets the legal requirements of California.
The length of the process can vary. For straightforward trusts, completing the necessary documents might take just a few weeks. However, more complex trusts, such as those involving substantial assets, tax considerations or special provisions, can take longer. The timeline also depends on how quickly decisions are made and the documents are signed.
Having an experienced attorney assist you is essential to help ensure your trust complies with California law and effectively achieves your objectives. Also, they can help you with the nuances of trust types, such as revocable or irrevocable trusts, and help ensure the proper transfer of assets into the trust.
Without legal guidance, errors in drafting or funding the trust can lead to complications, potentially nullifying the benefits of having one. For example, if the trust document is improperly worded, it may fail to meet California’s legal standards, leaving your assets vulnerable to disputes or unintended tax consequences.
Our lawyers work closely with you to provide clear legal feedback tailored to your needs. Whether you want to establish a living trust to simplify estate management or create a specialized trust for tax or charitable purposes, our team is here to guide you through the process with attention to detail.
Free Initial Consultations Are Available
Please call our Monterey office at 831-275-0987 to make an appointment with our lawyer for a free initial consultation to discuss your estate planning needs.
