Many fail to plan out and legally establish what will be done with their estates after they pass away. Some simply neglect addressing it and busy themselves with the activities of life without giving it any thought. Others suppose that it is unnecessary and too costly, especially if the estate in question is small to medium in size. However, a properly executed plan holds many benefits to owners of estates both large and small. The cost of not planning out your estate will certainly be higher than taking the time to address it now.
The first set of benefits that estate planning offers are financial savings. A planned estate escapes many of the attorney fees and court costs associated with going through a probate. By avoiding probate, you save both time and money. Probates often take over a year and sometimes multiple years to conclude. All of your assets, including real estate, automobiles, bank accounts, insurance policies, and more can be included in your personal estate plan.
A planned estate allows you the flexibility to choose to whom each asset will go, when, and in what manner they will hold property. You will also be able to designate who will act as trustee, who will be a "back-up" trustee, and what specific duties you wish the trustee to accomplish. An attorney can assist you in documenting all of your last wishes in detail and ensure the necessary documents are recorded as well as meet all legal requirements. Establishing an estate plan will save time when it comes to distributing property, typically taking only weeks instead of months. It will also guard your privacy by preventing disclosures that must take place during California probate proceedings.
Estate planning is a very complex area of California law, and it is wise to enlist the services of experienced attorneys who specialize in this area. They can help avoid a slow, expensive, and complex probate process. If you own properties in more than one state, the probate process is even more complicated and worthy of avoidance. For those living in Orange County, CA and surrounding areas, a top choice for estate planning services is Mortensen and Reinheimer, PC. They have decades of collective experience in this area of law and can assist you step by step through the process. To learn more or to schedule a consultation, call 714-384-6053 or fill out the online request form.