Redlands Estate Planning Lawyer

Estate Planning in California

Many people procrastinate or even avoid the process of estate planning. This is understandable for those who are uncomfortable with the idea of planning for what will occur when they are no longer here. However, estate planning is a valuable way to ensure that your wishes are carried out and that certain matters are taken care of by and for the people and organizations in your life when you are no longer able to express your intentions. 

Estate planning tools consist of the following types of legal instruments. 

Wills

Wills are legal documents that let you decide who inherits your property when you die. Wills can also list who will care for your minor children (guardianships) as well. With a will, you can additionally pick who will be in charge of collecting and distributing your property (your “Executor”). A will does not require you to change title to any assets while you are alive; it only takes effect after you die. 

Your will must first be filed by the Executor with the probate court after your death, and your Executor must be appointed by the court. A judge will then supervise how your debts and taxes are paid and how and to whom your property is distributed. 

Passing away without a will is called “intestacy.” When this happens, your assets in your name alone will be divided up according to state law by the probate court with no instructions from you. The court will appoint an Administrator (usually a relative) to collect and distribute your assets to your spouse, domestic partner, children, or other relatives. 

Revocable Trusts

A trust requires you as the “Settlor” to transfer money and your assets into the name or title of the trust for your benefit or for the benefit of others. An attorney can prepare a revocable trust which means that it can be changed or terminated by you whenever necessary. You usually are named as the first “Trustee” of the trust and will control your assets during your lifetime. Unlike a will (which takes effect after your death), a revocable trust usually goes into effect once it is created. A successor trustee is named who manages your assets when you can no longer handle your affairs or upon your death. A trust is not usually supervised by a court and is considered more confidential. Revocable trusts are usually used to manage your finances during your life, distribute your assets on your death, and to avoid probate.

Both revocable and irrevocable trusts can be created for various purposes. These types of trusts can include charitable trusts, asset protection trusts, special needs trusts, life insurance trusts, and more. Our Redlands estate planning lawyer can educate you on the various trusts available that will suit your individual needs and goals.  

Advance Health Care Directives

These Directives allow you to decide how you would like your end-of-life health care decisions to be made and by whom. They tell doctors your preferences, including your religious beliefs, and help direct medical treatment when you can’t make your own decisions. They are not supervised by the court. 

Powers of Attorney

Powers of Attorney for Financial Management name someone to help with your financial matters if you are unable to do so. Only certain assets require a Power of Attorney, such as insurance agreements, public benefits, automobiles, or assets that are not in your trust. Powers of Attorney are not supervised by the court; they are an agreement between you and the person you select as your agent to wisely manage your funds. You can change a Power of Attorney during your lifetime. The authority you give to your agent under a Power of Attorney ends upon your death.