The primary documents used in estate planning are Wills, Living Trusts, Powers of Attorney, and Advance Directives. A Last Will & Testament specifies how assets owned by an individual should be distributed at death and names an executor responsible. However, Wills guarantee Death Probate, and in California a Living Trust is recommended in addition to a Will. A Living Trust holds title to assets for the benefit of the creator and beneficiaries, providing many benefits, including greater flexibility, control, protection and probate avoidance. A Power of Attorney grants someone authority to make financial and legal decisions in case of legal incapacity. While an Advance Directive grants someone authority to make healthcare decisions and outlines their preferences for medical treatment and end-of-life care.

A Last Will & Testament specifies how assets owned by an individual should be distributed at death and names an executor to oversee the distribution process. It also allows you to name a guardian for minor children. However, Wills guarantee Death Probate.

A Living Trust holds title to assets for the benefit of the creator and beneficiaries, providing many benefits, including greater flexibility, control, protection and probate avoidance. Unlike a Will, a Living Trust can take effect during your lifetime and after your death. A Living Trust helps avoid Death Probate, provides greater privacy and more control over asset distribution at death. Due to the high cost of Probate, in California a Living Trust is recommended in addition to a Will.

Dying without an estate plan is also known as dying intestate. This means the laws of the state of California, or the state of residence, will dictate the distribution of assets to beneficiaries. The estate must go through a costly and lengthy Death Probate process where the courts get to decide everything that happens with assets of the estate. It can result in unintended consequences, delays, and additional expenses. Without clear instructions, loved ones may face difficulties accessing and managing assets, oftentimes facing forced liquidation of assets. Having an estate plan avoids these unnecessary expenses and complications.

While it is possible to create a basic estate plan online without professional guidance, these are often full of potential landmines. These cookie-cutter template documents don’t account for the individual circumstances of each family, nor the complexities of both the state, and federal tax laws. These documents end up being cost-effective on the front end and much more expensive on the back end. Of course, the problem is you’ll likely never find out about the problems the “inexpensive” DIY plan created.

At Legacy, APC we can help you avoid probate, address your unique family dynamics and ensure you have peace of mind about the future.

It is best to start estate planning as soon as possible, regardless of age or wealth. An estate plan is meant to change and evolve, just as your life does. Ensuring your wishes are in writing every step of the way, ensures that your wishes are respected and loved ones are taken care of in the event of your incapacity or untimely death.

The probate process typically takes 12-18 months. However, the timeline can very with the complexity of the estate and potential disputes. Beneficiaries generally receive their distributions after the court has done their final accounting, which takes place at the end of the probate process.

The cost is based on statutory fees, based on the gross value of the estate. Generally, it’s 4% of the first $100,000, 3% of the next $100,000, 2% of the next $800,000, and 1% of the next $9 million.

Whether you’ve lost a loved one and need support with the Probate Process or are interested in planning to avoid Probate in California, the team at Legacy, APC can help.