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Estate Planning
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Estate planning is essential, even for those who aren’t ultra-wealthy. Without a plan, your loved ones may face high probate fees and legal hurdles. An experienced estate attorney can help you avoid these pitfalls, protect assets, and ensure your wishes are honored through proper legal documentation and personalized trust structures.
Preparing for the financial well-being of your loved ones after you pass away is rarely a simple task. Yet some may still wonder if thorough estate planning is necessary. They may also ask, “Do I need an estate planning attorney to manage this process?”
In this blog, we’ll examine the importance of an estate plan. We’ll also explore the ways in which an expert estate attorney can make the process much easier for you, your family, and any other loved ones you want to benefit from your assets.
If you think of yourself as a comfortable but not wealthy person, you might wonder if the estate planning process is necessary for you. By extension, you might not be sure if you need an estate lawyer.
However, even if your most valuable asset is your current home, that alone puts you in need of an estate plan. An average home in California costs just over $795,000, and in much of Southern California, that figure is often at least $900,000 (and can easily be well over $1 million).
Let’s say your house is worth just above the state average ($800,000) and your other assets and savings add up to around $200,000. For a $1 million estate, the personal representative and lawyer managing the probate process will both receive $23,000, per California probate law.
To avoid paying those fees and court costs (another several thousand dollars), you must avoid probate. A comprehensive estate plan helps you do so. It also allows you to set up trusts, financial and medical powers of attorney, a living will, and other asset protections.
Technically, anyone can oversee the essential aspects of estate planning on their own. You can obtain certain required legal documentation from California agencies to establish trusts, draft your own will, and so on. Some companies and organizations claim to provide affordable estate planning through DIY “kits” that supposedly simplify the process.
But if you don’t have a legal background, this will be extremely complicated. Making even one small mistake can have ramifications that affect your loved ones and any other beneficiaries.
You need an estate lawyer to guide you through these complex legal processes. An experienced estate attorney will ensure they’re completed in accordance with California law and in a manner that protects your assets’ value.
For example, by creating a living trust and placing your home under its ownership, your lawyer protects that house from the lengthy grind of probate. (It’s also now shielded from tax liability.)
Along similar lines, your estate attorney can create trust provisions that prevent beneficiaries from being financially irresponsible. With the help of a reliable trustee (a sensible family member or even a bank official), they’ll ensure trust disbursements cover essential costs of living, education, and health needs, but don’t go toward reckless purchases.
At the law offices of Alice A. Salvo, we’ve overseen estate planning in all its aspects for more than 30 years.
Our experienced estate planning attorneys juggle the complications of California estate law with ease and approach this delicate issue through equal parts practicality and compassion. Contact us today using the form below or dial 818-676-9572 for a free consultation.