California Estate Planning

What is estate planning?

What goes into an estate plan in Placer County, CA 95661?

What is probate?

What happens if I die without a will in Roseville, California, 95661?

What happens to my will if I move to a new state?

Do I need a lawyer to write my will?

Can you write a Will if you have Alzheimer's or dementia?

Do I need a Will if I have no children?

Does my Will automatically change if I divorce?

Does my Will automatically change if I have a child?

What is a trust?

Can I have both a Will and a trust in Placer County?

Are trusts only for rich people in Roseville, California, with lots of assets?

What happens to jointly owned property when one spouse dies?

What is a guardian?

How can I designate a guardian for my children?

How can we make sure our special needs child is cared for after we die?

How can I make sure my pet is cared for after I die?

Where Do I Start To Plan?

Estate planning is a process that allows you to arrange how you want your assets to be managed and distributed upon your death. Sometimes, if you have limited assets, limited beneficiaries, and limited instructions on how to distribute your assets to the beneficiaries, planning is pretty straightforward. On the other hand, the more assets, the more beneficiaries, and the more instructions may require an estate plan that is more complex and varied.

Generally, there are two components to estate planning, with one involving the legal aspects of it and the other involving the non-legal aspects of the plan. Your estate planning attorney can help with both. Legally speaking, your lawyer will review your personal and financial situation and create documents that address the latter. Non-legally speaking, your lawyer will develop an investment strategy for retirement purposes.

An estate plan will include the documents that accommodate your specific needs. It may involve some or all of the following:

Last Will and Testament
Revocable Living trust
Irrevocable trusts
Special Needs Trust
Asset protection planning from divorce, creditors, and others
Tax-saving planning
California Durable Power of Attorney
California Advance Health care directives

Probate is the legal process of transferring property from a deceased person's estate to their heirs or beneficiaries. It is overseen by the local probate court.

Dying without a will means you die intestate. Your assets and belongings will get passed on to your heirs according to your state's intestacy laws.

In rare cases, the differences in state laws could make it invalid. More commonly, if you moved to a state that views marital property differently from your former state of residence, the change in laws could result in complications. It is wise to revisit your will with an attorney in your new state after moving.

While you do not need a lawyer to write a will, doing so is a considerable risk. A last will and testament that was not written by a lawyer or that was created using an online form are more likely to be challenged, deemed invalid, or leave significant assets unaccounted for, which can create confusion and unforeseen outcomes.

People need to have testamentary capacity to make a valid will. This often requires an understanding of the property being devised in the will, who is going to receive it, and the purpose and function of a will. People with Alzheimer's or dementia may struggle with testamentary capacity. The best way to make sure they have a will in place is to hire a lawyer to help.

If you die without a will, your estate will pass to others through your state's intestacy laws. If you have no children, then property will be disbursed to family members. If there are no heirs according to your state's intestacy laws, then the state may acquire the property. So, even if you do not have children, you still need a will if you do not want the state to make decisions for you about who gets what from your estate.

Keep in mind that you do not have to create a will to benefit only your family. A will allows you to pass your estate in a way that will serve what matters most to you; this could be preserving the financial wellbeing of your partner, parents, or siblings, but also setting money aside for the care of a pet or assisting a charitable organization aligned with your values.

No. It is crucial to update your will after getting a divorce so that your most recent wishes are reflected in it.

It depends on the language in the will. If your will specifies an action that will happen to unnamed offspring (for example, “all of my property equally to my children”), the interpretation would be different than if you made a specific bequest to a named child or children. You should always revisit your will after having a child.

A trust is a pool of assets that is set aside to be managed by a trustee for the benefit of someone else, called the beneficiary.

A trust sets aside some assets for a trustee to manage for the sake of a beneficiary. The assets set aside in the trust do not go through probate, simplifying and expediting its transfer out of the estate. The trustee must follow the instructions set out by the trust.

Yes. Many trusts are testamentary trusts and are created in the decedent's will. Lots of other trusts are made during a person's life to set aside some assets outside of their will.

No, trusts can be created by anyone who wants to set aside money for someone but who does not want to give them the money in a lump sum. They are especially common when the beneficiary is underage or is unable to manage their own affairs.

When spouses jointly own property and then one spouse passes away, the property is automatically passed to the surviving spouse. An example would be the marital home owned by both spouses.

A guardian is a person who is responsible for someone else's well-being. People often appoint a guardian for their underage children in their will or for their adult children with special needs. These legal guardians can make legal decisions on behalf of their charges, much like a parent.

Naming a legal guardian for your underage children is a common provision in a will. You also have the ability to appoint a conservator for adult children who may be unable to make certain decisions.

If you do not appoint a legal guardian via a will, the court will appoint one upon your death. For this reason, it is important, even if it seems like common sense, to make sure you designate a guardian in your will.

NA common way to ensure a special needs child continues to receive the care they need is to appoint a guardian for them and to create a trust fund in their name. Special needs child trusts are specific for this purpose.

A common way to care for pets after their owner passes away is to state in the will who is to care for the animal and then create a testamentary trust for the benefit of the pet.

Don't worry; just pick up the phone and call your estate planning attorney friend. You can find a local estate planning attorney if you don't have one. LL Law Firm is here to answer your questions, help you understand the process of estate planning, and intelligently design a plan that addresses your wishes, preserves family harmony and your legacy, minimizes taxes and costs, and protects you and your loved ones.

At LL Law Firm, located in Roseville, CA 95661, we believe informed clients make the best decisions about their estate plans. That's why we want to break down complex terms and clarify confusing principles so that you make the right choices for your estate, too. Contact us at (916) 619-2349 for a FREE 15-minute consultation to get specific legal advice for your estate plan. In the meantime, here are responses to some of the most frequently asked questions we get when new clients come to our office in Placer County.