Palos Verdes Estate Planning Lawyer

Creating an estate plan lets you take control of your future and your legacy. You can safeguard your own personal well-being, your estate, and the financial future of your loved ones. An estate plan made with a Palos Verdes estate planning lawyer is more likely to be enforceable, be tailored to your specific needs, and offer the true peace of mind you need.

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Reasons to Create an Estate Plan

An estate plan:

• Confirms your assets are distributed according to your wishes.
• Protects your family from legal chaos.
• Minimizes unnecessary taxes and expenses

Without a plan, state laws may dictate who inherits your property, who raises your minor children, and who manages your medical decisions.

There are common documents used in California estate plans, although an estate plan should be tailored to your unique needs. You should consider the assets in your estate, your own personal needs, the needs of your loved ones, and your goals. The documents in your estate plan can be tailored to your specific situation. Most estate plans include the following important legal documents:

• A Last Will and Testament. A will is important in a simple or a comprehensive estate plan. A properly created will can list the assets in your estate, name the executor for your estate, address how you want debts to be paid, state the beneficiaries of your assets, name the preferred guardians for your minor children, and give instructions for your funeral arrangements, as well as burial or cremation preferences.

  In a simple estate plan, your will addresses all of these elements and is foundational to transferring assets the way you want to. In a comprehensive estate plan, it still handles these important elements and can also move assets from your estate into a trust, rather than naming beneficiaries. In a comprehensive estate plan, it is usually called a pour-over will. A will can make the probate process go more smoothly, but it does not avoid probate on its own.

  Despite the importance of a will, many people don’t have one. According to one poll, only 32% of U.S. adults have a will. For adults 70 to 79, 66% had a will. In comparison, only 46% of adults aged 40 to 49 had a will. While many younger people think having a will isn’t necessary at this stage in their life, it is important to create one to protect your interests and your loved ones in a worst-case scenario.

• A Trust. You can create a trust to transfer your assets after your death without the probate process. A trust is a legal entity that holds your assets in the ownership of the trustee. You can name another person the trustee, or name them a successor trustee and yourself as the trustee. A trust offers significant asset protection.

• There is a 73.2% homeownership rate in Palos Verdes, with 77.5% of homes in the area being valued at or above $1 million. The median income in the area is $160,539 per household. A home, financial accounts, and luxury property are some major assets that individuals and families in Palos Verdes want to protect in an estate plan. Trusts are a key way to provide that protection.

• If you are incapacitated or die, the assets are under the ownership of the trustee or successor trustee, rather than the state. You can leave the trustee instructions on how to manage the assets in the trust, when to distribute them, and what the assets are meant to be used for. This gives you significantly more control over the distribution of your assets. The transfer of assets is also private, rather than a part of the public court record.

• Beneficiary Designations. Certain accounts and policies allow you to name direct beneficiaries, helping these assets avoid probate without having to put them in a trust.

• Powers of Attorney. Power of attorney documents allow you to give someone else the ability to make important legal, financial, or medical decisions in your stead. Durable powers of attorney come into effect when you are incapacitated and unable to make these decisions. They are a crucial way to protect your affairs when you cannot.

• Advance Healthcare Directive. This outlines your preferences for medical treatment, including what care you consent to and what you don’t. It is often used in connection with a medical power of attorney, giving this person instructions for your care.

For each of these documents, you can work with a knowledgeable lawyer who can prepare a legally enforceable document supported by California law.

When Should I Update My California Estate Plan?

Creating an estate plan is not the end of the estate planning process. As your life changes, your estate plan should change with it so that the plan matches your goals, your assets, your financial goals, your family’s needs, and your wishes for the estate. Estate plans should be updated every several years so that they meet your needs and account for changes in the law.

You should also update the plan whenever you experience any major changes in your life, particularly when a change impacts your family structure or financial circumstances. This includes marriage, divorce, deaths in the family, relocating to a new state, raises or promotions, and other income changes. Any additions to your family, whether through marriages, adoptions, or new births, should also include an update to your plan.

Why Do People Want to Avoid Probate in Palos Verdes?

It can be helpful to avoid probate in Palos Verdes to save your loved ones time, money, stress, and uncertainty. Probate for Palos Verdes estates is generally handled by the Superior Court of California, County of Los Angeles Probate Division. The Metropolitan Courthouse in Los Angeles is the closest probate court.

The probate process can take months or years to resolve, and your loved ones cannot access most assets during this time. The more complex your estate, the longer the process can take. This also increases the court, attorney, and executor fees, which cut into the benefits you leave. The process is public, which can be frustrating.

Reasons to Work With a Palos Verdes Estate Planning Attorney at Wickers, Wickers & Admans LLP

When you hire an estate planning lawyer, you need an exceptional and experienced team by your side. At Wickers, Wicker & Admans LLP, we have over 25 combined years of legal experience and offer tailored, client-focused legal guidance during the creation of an estate plan. We focus on long-lasting relationships with clients to help us better serve your needs. Our team works with you to create a proactive estate plan that addresses your concerns and protects your interests.

Hire an Estate Planning Lawyer at Wickers, Wickers & Admans LLP

Avoiding probate can minimize estate conflicts, offering a private, streamlined, and less costly process to transfer your assets. Working with an attorney is one of the most effective ways to avoid probate court.  Get in touch with our firm to schedule an initial consultation about your family’s estate plan.