Estate Planning Information
Sagaria Law, P.C. Answers Your Questions About Estate Planning!
Do I Need Estate Planning?
Whatever the size of your estate, you should designate the person who, in the event of your incapacity, will have the responsibility for the management of your assets and your care, including the authority to make health care decisions on your behalf.
If your estate is small in value, you may focus simply upon who is to receive your assets after your death and who should be in charge of its management and distribution. If your estate is larger, your lawyer will discuss with you not only who is to receive your assets and when, but also various ways to preserve your assets for your beneficiaries and to reduce or postpone the amount of estate tax which otherwise might be payable on your death.
If one does no planning, California law provides for the court appointment of persons to take responsibility for your personal care and assets. California also provides for the distribution of assets in your name to your heirs pursuant to a set of rules to be followed if you die without a will; this is known as “intestate succession.” Contrary to popular myth, if you die without a will, everything does not automatically go to the state. Your relatives, no matter how remote, and in some cases the relatives of your spouse, will have priority in inheritance ahead of the state. Nonetheless, they may not be the people you would want to inherit from you; therefore, a will is the preferable approach. A will provides guidance to your loved ones at a time of uncertainty and grief.
What is a will?
A will is a traditional legal document which is effective only at your death to:
• Name individuals (or charitable organizations) to receive your assets upon your death (either by outright gift or in trust).
• Nominate an executor, appointed and supervised by the probate court, to manage your estate, pay debts and expenses, pay taxes, and distribute your estate in an accountable manner and in accordance with your will.
• Nominate the guardians of the person and estate of your minor children, to care and provide for your minor children.
Assets or interests in property in your name alone at your death will be subject to your will and subject to the administration of the probate court, generally in the county where you reside at
What is a revocable living trust?
A revocable living trust is also commonly referred to as a revocable intervivos trust, a grantor trust or, simply, a living trust. A living trust may be amended or revoked by the person creating it (commonly known as a “trustor,” “grantor,” or “settlor”) at any time during the trustor’s lifetime, as long as the trustor is competent. A trust is a written agreement between the individual creating the trust and the person or institution named to manage the assets held in the trust (the “trustee”). In many cases, it is appropriate for you to be the initial trustee of your living trust, until management assistance is anticipated or required, at which point your trust should designate an individual or bank or trust company to act in your place. The terms of the trust become irrevocable upon the trustor’s death. Because the trust contains provisions which provide for the distribution of your assets on and after your death, the trust acts as a substitute for your will, and eliminates the need for the probate of your will with respect to those assets which were held in your living trust at your death.
You should execute a will even if you have a living trust. That will is usually a “pour over” will which provides for the transfer of any assets held in your name at your death to the trustee of your living trust, so that those assets may be distributed in accordance with your wishes as set forth in your living trust.
What Can Estate Planning Do For Me?
Proper estate planning allows you to direct:
• How your assets will be managed for your benefit if you are unable to do so.
• When certain assets will be transferred to others, either during your lifetime, at your death, or sometime after your death.
•To whom those assets will pass.
• Who will make your personal and health care decisions if you are no longer able to care for yourself.
• A well drafted estate plan will help minimize taxation on your property at death.
What Are The Costs?
Sagaria Law, P.C. offers incredibly affordable packages for estate planning. You can retain an estate planning attorney for as little as $99! Payment Plans are available!!! Our flexible payment plans allow you to schedule payments over the course of weeks or even months. Wills and trusts are now available for everyone!!!
Not only is the cost and payment options industry leading, the quality of service is unmatched. Our estate planning division is led by attorney Ed Goodson, a State Bar of California Board of Legal Specialization, Certified Probate, Trust & Estate Planning Specialist Attorney. Ed is a highly trained expert in the field of estate planning, trust administration and probate litigation. Joined by Amanda Perez, Sagaria Law P.C.'s estate planning division has over 25 years of combined experience in protecting people's wealth after death.
How Do I Sign Up?
Call today to talk with one of our estate planning specialists and schedule your consultation. The number is 1-866-447-8460.
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