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Who needs an estate plan?
As a general rule, if you own a house in California, and have a family who should inherit it, you can benefit from an Estate Plan.
In addition, if you have young children to protect, an Estate Plan is a MUST. Many people don't realize that the time their children really need the protection of a Living Trust or other Estate Plan is when those children are younger. Adult children can hire lawyers and carry out an expensive Probate procedure. And since adult children are probably working and able to support themselves, paying a large amount of estate taxes from the parent's estate, if necessary, may not impact then as much. Younger children, however, or adults with special needs, will suffer more hardship without the guidance of their parents. They will need a guardian and are much more in need of a method which protects their property rights and lets them have immediate access to the parent's funds for necessary living and education expenses. Younger children are also more vulnerable to suffering from the tax and probate debts of their parents' estates, since the children are completely dependent on the parents' assets for all their living and education expenses until they reach adulthood.
Any families with foreign citizenship issues will also benefit from an Estate Plan, as well as mixed families with divorce, remarriage, or adoption issues.
Estate planning is complicated because it blends several different areas of law which are constantly changing. Because the laws change, you need a dedicated estate planning attorney who invests his or her time into keeping up with the estate planning and tax law changes. Only a licensed attorney is permitted by law to make an Estate Plan for you, or to give legal advice on what kind of plan you need. While many illegal trust scams and "trust mills" have been shut down, sued, or criminally prosecuted for the damage they cause by making faulty Estate Plans, there are still others left operating. National consumer groups have been warning the public about these companies for years. Some trust companies use attorneys and are legitimate, so care must be used to research and distinguish between them. Remember that an Estate Plan is probably the most important document you will ever sign, because it is the only document that deals with the future of your entire life's savings. Resist the temptation to go with the too easy or too cheap, "one-price-fits-all" cheap “solution.” You should demand that the needed time be taken by the experienced professional you select, who should inquire into the full family and property situation so that your plan is customized to meet your needs. Check with your local bar association for new warnings about illegal trust scams and to confirm the good standing of the attorney you choose. There is too much at stake to remain in the dark about the law, or to entrust these important matters blindly to the cheapest bidder.
You have many choices as to what kind of plan to make, and how much you want to invest in a plan. No two families are exactly alike, and a customized plan suited to your property, family, and marital situation is needed. For example, for some families a simple will enough; others will require more planning, such as a Trust or other entity. To find the best plan and method for you, consult with an experienced estate planning attorney in your area.
Statutory Attorney fees, plus Court-Appointed Administrator/Executor fees, in California
Please call for a FREE CONSULTATION with us for information specific to your needs.
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