Faqs
answers to our frequently asked questions
Estate Planning FAQ
Most frequent questions and answers
Estate planning is the creation of documents that provides your loved ones peace of mind, helps avoid probate and allows you to control how your assets are managed after you pass or are incapacitated.
Estate planning allows you to take control of how your property will be distributed and who will take part in the distribution. It will also give your family and loved ones a peace of mind knowing that this was already rearranged to your liking.
Your estate plan will be customized to meet your unique needs. However, below are some of the things that you might consider putting into your estate plan:
-A will and a testament with specifics on your property
-Trust that you can manage while you’re still alive
-Remembrance document that can be shared with your family and friends
-Family members including those that are adopted, or stepchildren
-Retirement plans and IRA’s
A will is a part of your estate plan. It is a document that gives instructions to a judge on how you want your assets distributed. It’s also where Guardians for minor children are named.
An Estate Plan can be beneficial to those that are married or had multiple marriages, have children, own a business, or would like to pass their assets on to someone else. It can also be helpful to those that want to make sure that their requests are being followed through.
In California, if you do not have an Estate Plan before your death then your family will have to go through probate court in order to have access to your property. The court will have to verify all of your estate and check if there is any debt that must be paid. They will specify the worth and credit of all of your assets and properly transfer them to your family or beneficiaries.
Probate is a lengthy court process brought before a judge. It takes about 18 months for completion and is very expensive. Creating a Living Trust avoids probate and makes it easier on your loved ones.