Isn’t a last will and testament enough?
A will is the first step toward protecting your assets and your family after you die. A will, however, only helps you distribute your assets. There are many other situations that you should prepare for with an effective estate plan. Powers of attorney, for instance, gives a trusted agent decision-making power when you are no longer able to make your own decisions. Our lawyers can help you explore every tool available to ensure you are well-protected in the years to come. Contact us by email by clicking here or call us to discuss this matter further at 650-649-5447.
What happens if I die without a will in California?
If you die without a valid will, the probate court will distribute your assets in accordance with California’s intestate succession law. Intestate succession law attempts to distribute property roughly based on next of kin, except with respect to out-of-state real estate. You have no control over who gets what asset in this situation, which is why you should always have at least a will in place.
If you suspect that your rights will be affected by probate proceedings for someone who died “intestate” (without a will), you will need at least a rudimentary understanding of California probate and intestate succession law. You are likely to need some outside assistance as well. Contact us by email by clicking here or call us to discuss this matter further at 650-649-5447.
What happens if I can’t make my own medical or financial decisions anymore?
Without powers of attorney, a living will, an advanced health care directive and other crucial estate planning tools, your family will have to establish a conservatorship over you in order to make your medical and financial decisions on your behalf. Unfortunately, this process may cause turmoil within your family and could result in an untrustworthy agent as your conservator. This is why we encourage you to plan appropriately for someone you trust to have this authority. Contact us by email by clicking here or call us to discuss this matter further at 650-649-5447.
How can my family avoid probate when I pass away?
Certain assets can be passed outside of probate, avoiding some of the taxes and costs attributed with the probate process. For instance, you can add family members to your bank accounts so they pass over automatically after you die. You can take similar steps with your retirement assets, your home, and other important assets. We can help you evaluate your unique situation to determine the best strategy to minimize the challenges of probate for your family. Contact us by email by clicking here or call us to discuss this matter further at 650-649-5447.
How can I protect my assets in the long term?
One of the biggest concerns people have is protecting their assets as they get older, so they can retain as much of their estate as possible for their loved ones. There is a range of options available, from trusts to Medicaid planning, to help you shield your assets from creditors, ex-spouses, and other parties who may attempt to seize them. Give us a call at 650-649-5447 to learn more or contact us by email by clicking here.
What is Estate Law?
Estate law is the body of law that concerns a person’s physical and personal property. Estate law involves planning for a person’s finances and property both during their lifetime and after. It’s a body of law that includes taking care of people and property. It can involve both transactional law and litigation. Estate law is all of the laws that impact how a person makes decisions and issues directives about their personal affairs. Give us a call at 650-649-5447 to learn more or contact us by email by clicking here.
What is an Estate?
An estate is anything that makes up a person’s net worth. To determine a person’s estate, you add up their assets and deduct their debts. Real property like land can be part of a person’s estate. Personal property like household items and vehicles can also be part of an estate as well as bank accounts and other financial instruments. If a person owns property in common with others, their share of the property may be part of their estate depending on how they share the property with others. To put it simply, an estate is what a person has to their name. Give us a call at 650-649-5447 to learn more or contact us by email by clicking here.
What kinds of law makes up Estate Law??
There are several different types of law that make up estate law. These types of laws often intertwine. Estate law may involve any of the following types of law:
Wills
A will is a document that states what a person wants to happen to their property when they die. Each person has the right to decide who to give their property to when they pass away. They must deduct their debts from the value of their estate before they can total up their remaining assets to give to the people they choose. The state law where the person lives says what the rules are for creating a will.
When a person dies without a will it’s called dying intestate. Each state has rules for what happens when a person dies without a will. An estate lawyer may help their client handle the estate or contest the distribution of an estate when a person dies without estate planning.
Trust
A trust is a legal instrument that allows someone to hold property that someone else owns for the other person’s benefit. A client might use a trust in order to minimize estate taxes and minimize the hassles that can go along with estate distribution. In other cases, a trust is helpful to manage assets for a minor or a person with disabilities. Attorneys help their clients determine if a trust is the right vehicle for them to reach their estate planning goals.
Powers of attorney and advance directives
Powers of attorney and advance directives give guidance on what a person wants to happen in the event that they’re unable to care for themselves. A power of attorney allows a client to give someone else the right to make decisions for them and manage their finances if they’re unable to express their own wishes. Many people use advance directives in order to advise if they want life-saving efforts like hydration and CPR if they face severe medical difficulties.
Guardianships
When a person is unable to manage their own affairs because of a physical or mental disability, they may need a guardianship. Adults need a guardianship when they’re unable to handle their own affairs. Children need guardianships when their parents are unable to care for them. Through a guardianship petition, a court can give another person the legal power to make binding decisions for someone else.
Give us a call at 650-649-5447 to learn more or contact us by email by clicking here.
Is Estate law transactional or is it more litigation?
The answer is both.
Attorneys who practice estate law may practice transactional law as well as litigation. When estate lawyers prepare documents and help clients plan for the future, they’re transactional lawyers. There are little to no court appearances involved in making a will or preparing a trust, for example. If there’s a will contest, an estate lawyer is a litigator. An estate attorney may attend court and present evidence at a contested hearing. Nearly all estate lawyers practice transactional law, but few are also prepared for when they need to be litigators in order to represent the best interests of their clients. They may. refer your case out, or have one of the other lawyers in the practice takeover the litigation aspect of the case.
Most attorneys do one or the other and some do some of one and more of the other. However, Beth has extensive litigation experience and worked as the court’s Probate Research Attorney. As such, she has a working knowledge of the courts and their specific procedures. Additionally, from a transactional standpoint, Beth got her Masters of Law in Estate Planning, Trust & Probate Law. She is a Certified Specialist in Estate Planning, Trust and Probate Law by the State Bar of California Board of Legal Specialization. Thus, she is an expert at the transactional side of Estate Law.
The Difference Between Elder Law and Estate Planning?
Elder law and estate planning serve two different — but equally vital — functions. One main difference is that elder law is focused on preserving your assets during your lifetime and managing health care issues that arise or incapacity issues, while estate planning concentrates more on what happens to your assets after you die.
Elder law planning is concerned with ensuring that seniors live long, healthy, and financially secure lives. It usually involves anticipating future medical needs, including long-term care. Elder law attorneys can help you develop a plan to pay for future care while preserving some of your assets. They can also assist you with qualifying for Medicaid or other benefits to pay for long-term care. In addition, elder law planning can ensure that you are protected from elder abuse or exploitation when you get older or become incapacitated. Elder law attorneys can also be an essential resource for vital connections to others in the senior care industry who serve the aging population.
While elder law is focused on older adults, estate planning is for everyone of all ages. Estate planning attorneys help you determine what will happen to your assets after you die. Estate planners use wills and trusts to make sure your wishes are carried out after you are gone. Your estate plan can also include naming a guardian for your young children or provisions for pets. In addition, estate planners can help you avoid probate and save on estate taxes.
Estate plans can change as your circumstances change, so it is important to keep revisiting your estate plan over the years. For example, marriages, divorces, births, and deaths, as well as changes in finances, can all call for updates to your estate plan. Give us a call at 650-649-5447 to learn more or contact us by email by clicking here.