Californian residents who are dealing with the aftermath of the passing of a loved one will likely have to go through the probate process. This can be somewhat complex and difficult to deal with, but there are ways to get through.
Estate planning in California involves understanding what probate is, how it is likely to affect your loved ones after you pass on and what you can do now to simplify the process for your survivors. Not everyone in California has to worry about probate, but those who do have strategic estate planning options available to either shorten the process or avoid it altogether.
Creating a last will and testament can be a tedious process. It can be difficult to consider what happens to your property and assets once you pass. As part of your last will and testament, you may want to choose an estate administrator or executor who will take care of matters once you pass. The estate administrator you choose will be responsible for seeing your estate through the probate process, so it is critical you select someone who will do well in this role. What is the executor’s role in the probate process exactly?
Probate is a term that can cause people in California a lot of confusion and anxiety. The process can be expensive and take a long time to complete. However, we at the Law Offices of Alice A. Salvo recognize that the purpose of the probate system is to afford protection to all parties involved. Perhaps an explanation of the process can help it seem less confusing or intimidating.
As you continue to accumulate wealth throughout your life in California, a big part of your estate planning activities likely will center around the issue of which of your assets will wind up in your probate estate and which will not. As you likely already know, California is a community property state. This means that half of whatever property you and your spouse or partner accumulate during your marriage or registered domestic partnership belongs to you and half belongs to him or her.
When a loved one passes away, you may be tasked with the responsibility of executing their estate. In some circumstances, this may mean that you will need to go through probate to ensure that the assets are distributed according to your loved one's final wishes.
As Woodland Hills residents begin the process of estate planning, one of the first issues that's often brought up is who will act in their stead should they become incapacitated. This may often prompt some to assign a family member or friend with power of attorney. Yet handing over the right to make vital decisions on one's behalf is not a decision that should be taken lightly. Whomever one chooses to have power of attorney is given great authority over his or her affairs. This could lead some to question exactly how far this authority goes.
California members of the Baby Boomer generation have traditionally been more concerned with maximizing income and planning for retirement than they have been with estate planning. However, as the boomers enter their sixth decade, it becomes more important to have a plan. This may help to protect their worldly possessions for the next generation and save them from certain difficulties as the details of the estate are worked out.
California residents might be able to learn something about estate planning by observing what has happened in that regard to certain celebrities. Although the average person will leave behind fewer assets than a movie star, there are still many valuable lessons that can be learned from the way that celebrities planned or failed to plan their estates.