Estate Planning

Why You Need to Have an Estate Plan

It’s easy to think that estate planning is only for a certain group of people, but don’t let the word “estate” fool you–it’s really for everyone. Having a plan in place for what’s going to happen to your belongings after your passing can save you and your family unnecessary drama in the future. 

An estate plan is here to save the people you leave behind from a stressful, and sometimes lengthy, probate process. Properly planning your estate can also lower the risk of family disagreements and will give your family members a guide to your wishes in the event of your death or incapacitation. 

Additionally, having a proper estate plan will detail how you would like to distribute any assets or what kind of legacy you'd like to leave. It might also help the beneficiaries of your Trust avoid having to pay taxes, fees, and court costs.

Don’t Have an Estate Plan? Let’s Make One

Are you unsure of where to start when creating an estate plan? You’re not alone. According to financial experts, it’s smart to start planning your estate as soon as you’re legally responsible for your finances. So, what this means is that you can start making a plan as soon as you turn 18. 

I’ll help you draft an estate plan that works for you. So, whether you’re retiring, getting married, having children, or you’re in the process of arranging long-term healthcare for a family member, Sole Law will take your needs and wishes into account and work with you to turn your goals into a reality. 

What You’ll Need to Plan Your Estate in California

Estate planning doesn't have to be intimidating, and hiring the right legal help can definitely make a difference in your peace of mind. If you don't know what to expect from the estate planning process, you're not alone. If you’re going to start planning your estate, there are documents and provisions that should be included during the planning process: 

• Power of Attorney 
• Advance Health Care Directive (also known as Healthcare Power of Attorney)
• HIPAA
• A Will and Trust 
• Guardianship Designations
• Supplement or Special Needs Trust provisions

Don’t worry if these things are unfamiliar to you. Sole Law is a full service law firm that can help you plan your estate from start to finish. I’ll help you get these documents together so you can make the proper arrangements for your family and assets. 

Contact a San Diego Estate Planning Attorney Today

Unsure if you need an estate plan? Do you need help making sure the right people are covered if you're ever incapacitated? I can help. Schedule a free consultation today. Consult San Diego estate planning attorney Sole Gaona Webb if you're considering making changes to a trust. Sole Law can help you navigate the process, ensure the changes are legally valid, and advise you on the potential tax and legal implications.

Estate Planning FAQ

What Happens to My Assets if I Do Not Have a Will?

If a person passes away without a valid will, it is referred to as dying "intestate." In such cases, the state's intestacy laws come into effect to determine how the deceased person's assets will be distributed. This distribution is based on a predetermined hierarchy of relatives established by the state.

In California, the intestacy laws follow a specific order of priority in distributing assets to the deceased person's closest relatives. The exact distribution may vary depending on the surviving family members. Typically, the assets will be distributed to the spouse, children, parents, siblings, and distant relatives in a specified order. If no living relatives can be identified, the assets may ultimately go to the state itself.

What Are the Advantages of Creating a Living Trust Compared to a Will?

Individuals often choose to establish a living trust primarily to spare their loved ones the complexities of court proceedings and the probate process. By creating a trust, you can designate a trustee responsible for managing and distributing your assets and property, eliminating the need for a court-appointed executor.

While you might prefer to avoid court involvement, there are circumstances where court-directed administration can offer important safeguards not available in trust administration.

In What Ways Is a Will Preferable to a Living Trust?

• Lower Costs: The legal fees for establishing a basic will are often a fraction of those required to draft a comprehensive living trust. A will also does not require ongoing maintenance and administration fees, unlike living trusts which must be actively managed to be effective.‍

• Simple Process: Creating a will is usually more straightforward than establishing a living trust. You only need to sign a legal document that specifies how you want your assets and estate distributed after your death. On the other hand, living trusts involve transferring ownership of assets to the trust, which requires retitling accounts, deeds, and other documents, a complex process that often requires help from financial and legal professionals.

Can the Terms of a Trust Be Changed?

Yes, the terms of a trust can be changed, but the ability to make changes depends on the type of trust and the specific provisions outlined in the trust document. There are two primary types of trusts: revocable and irrevocable.

• Revocable Trust: Also known as a living trust, a revocable trust can be altered, amended, or even terminated. You can change the trust terms, beneficiaries, or other provisions if you are alive and mentally competent.‍

• Irrevocable Trust: With an irrevocable trust, the changes you can make after it has been established are very limited. Once the assets are transferred into the trust, you no longer own them, and the trust terms are typically set in stone. However, there are limited circumstances under which an irrevocable trust can be modified with the consent of all beneficiaries and, in some cases, court approval.