Don’t make the mistake of thinking that you have plenty of time for estate planning or that an estate plan is only necessary if you’re wealthy. If you have a preference for how you wish your assets distributed after you pass away, if you have minor children and wish to name their guardian, or if you have specific healthcare wishes you want to be honored if you can’t advocate for yourself, you need an estate plan.
At Katje Law Group, we work with families just like yours to create custom estate plans that cover your responsibilities and wishes. A Santa Ana, CA, estate planning lawyer from our firm can evaluate your financial situation and goals and recommend the appropriate legal protections you need. From wills and trusts to powers of attorney or guardianship agreements, we create an estate plan that works for you. Call today—you don’t know what the future holds.
What Does A Santa Ana Estate Planning Lawyer Do?
Everything you own, from real estate to a bank account or other assets, becomes your estate when you pass away. An estate plan consists of legal documents that outline how you want your property allocated when you pass away. It can include a last will & testament, a trust, or a series of trusts protecting certain assets from creditors or taxation. Without a will, then your assets are dispersed according to California intestacy and inheritance laws.
An estate planning lawyer can write a will for you and set up trusts to protect a home, provide income for a child’s education, or support a loved one with special needs. We can also set up a Power of Attorney to name someone to advocate for your health care wishes or manage your finances if you’re unable to.
Custom Estate Plans To Protect You And Your Family
Estate plans also include establishing a guardian for your children if both parents are deceased. You may have a preference for who you want to raise your child, but without making this known, your next of kin may be the child’s guardian. You can name a guardian in your will and a secondary guardian, just in case.
We cover every legal obligation and responsibility in your estate plan and can make changes as your life and relationships change. For example, if you get remarried, you may wish to change your estate plan so that your new spouse inherits or to set up trusts to protect certain assets for your child from your first marriage. Or, if you get divorced, you likely want to remove your ex from benefiting from your estate. We make your estate plan work for you.
Contact Us Today!
If you haven’t written a will or thought much about estate planning, now is the time to start. You don’t know what tomorrow could bring, but you can face an uncertain future more confidently, knowing that you created an estate plan to look after your family and make your wishes known. Contact Katje Law Group today to speak with a skilled Santa Ana estate planning lawyer.
Crucial Documents To Include In Your Estate Plan
Creating a comprehensive estate plan is crucial for ensuring that your wishes are honored after your passing and that your loved ones are taken care of. To develop a robust estate plan, several key documents should be included. Here’s an overview of some of the essential documents that your Santa Ana, CA, estate planning lawyer will recommend for your estate plan:
Last Will And Testament
A will is perhaps the most critical component of an estate plan. It outlines how your assets will be distributed upon your death and allows you to name guardians for minor children. A well-drafted will can help avoid disputes among family members and provide clear guidance on your wishes.
Living Trust
A living trust can be a valuable addition to your estate plan. Unlike a will, a living trust allows you to transfer your assets into the trust during your lifetime. This can help your heirs avoid the probate process, which can be time-consuming and costly. A living trust also provides more privacy since it doesn’t become part of the public record.
Durable Power Of Attorney
A durable power of attorney designates someone to make financial decisions on your behalf if you become incapacitated. This document ensures that someone you trust can manage your financial affairs, pay bills, and handle investments without court intervention. It’s vital to choose someone reliable, as they will have significant control over your assets.
Healthcare Power Of Attorney
Similar to a financial power of attorney, a healthcare power of attorney allows you to appoint someone to make medical decisions on your behalf if you are unable to do so. This document can specify your preferences for medical treatment and end-of-life care, ensuring that your wishes are respected.
Living Will Or Advance Healthcare Directive
A living will, also known as an advance healthcare directive, outlines your wishes regarding medical treatment in situations where you are terminally ill or incapacitated. This document can specify your preferences for life-sustaining treatments, resuscitation, and palliative care, providing clear guidance to your healthcare agents and medical professionals.
Beneficiary Designations
Certain assets, like life insurance policies, retirement accounts, and bank accounts, allow you to name beneficiaries directly. It’s crucial to review and update these designations regularly to ensure they align with your overall estate plan. These designations typically override instructions in a will, so keeping them current is essential.
Inventory Of Assets
Creating an inventory of your assets can be incredibly helpful for your executor and beneficiaries. This document should include detailed information about your bank accounts, real estate, investments, personal property, and digital assets. Providing clear instructions on how to access these assets can streamline the administration of your estate.
Letter Of Intent
While not legally binding, a letter of intent can serve as a guide for your executor or beneficiaries. This document can express your wishes regarding asset distribution, funeral arrangements, and other personal matters. It can also provide context for your decisions, helping your loved ones understand your intentions.
Tax Documents
Including relevant tax documents in your estate plan can facilitate the tax process for your heirs. This may involve including information about property taxes, income tax returns, and any estate tax considerations. Proper planning can help minimize tax burdens on your estate and beneficiaries.
Do You Need An Estate Planning Attorney?
You never know what the future will hold. Contact Katje Law Group today to discuss a personalized estate plan to ensue all your responsibilities are covered.
Top 10 Common Estate Planning Mistakes (And How To Avoid Them)
Estate planning can seem overwhelming, but having a well-thought-out plan is crucial for protecting your loved ones and ensuring your wishes are honored. Here are the top 10 common estate planning mistakes and tips from an experienced Santa Ana, CA, estate planning lawyer on how to avoid them.
Not Having a Plan at All: Many people postpone estate planning, thinking it’s only necessary for the elderly or wealthy. However, not having an estate plan in place can leave your family in a bind if something unexpected happens. Avoid this by drafting essential documents like a will or trust, even if it’s simple.
Failing to Update Your Plan: Life changes—like marriage, divorce, having children, or acquiring significant assets—can make your current plan outdated. Review your estate plan every few years, or whenever a major life event occurs, to ensure it reflects your current wishes and circumstances.
Not Designating Beneficiaries Properly: Beneficiary designations on accounts like retirement funds or life insurance often override a will. Mistakes happen when people fail to update these designations or forget to include them altogether. Be sure to list beneficiaries clearly on all applicable accounts and update them when needed.
Choosing the Wrong Executor: Your executor is responsible for managing your estate after you pass away, so choose someone reliable, financially savvy, and able to handle the responsibility. Avoid selecting someone who may not understand the role, or who might have conflicts with other beneficiaries.
Ignoring Digital Assets: In today’s digital age, forgetting about online accounts, social media, or digital assets is a common mistake. Make a list of your digital assets and provide instructions for accessing or closing these accounts, as well as any wishes you have for handling them.
Not Planning for Long-Term Care: Many people overlook planning for potential long-term care costs, which can deplete assets quickly. Incorporate provisions for long-term care expenses or consider long-term care insurance to protect your estate and ensure your healthcare needs are met.
Failing to Account for Taxes: Estate and inheritance taxes can significantly impact what your beneficiaries receive. Work with a knowledgeable estate planner to minimize tax liabilities through strategies like trusts or charitable donations, which can help protect your assets from unnecessary taxes.
Leaving Everything to One Person: If you leave everything to a single individual, such as a spouse, they may face a heavy burden managing your entire estate, especially if they become incapacitated. Avoid this by diversifying your estate, perhaps setting up a trust or assigning responsibilities to different family members.
Not Considering Special Needs: Family Members If you have family members with special needs, leaving them a direct inheritance could jeopardize their eligibility for government assistance. Instead, consider setting up a special needs trust to provide for them without risking their benefits.
Neglecting to Communicate Your Wishes: Not communicating your estate plan to family members can lead to misunderstandings or disputes. It’s wise to have open conversations with your family, or at least with your executor and beneficiaries, so they understand your intentions and can honor your wishes.
Avoid Jeopardizing Your Legacy With Help From A Santa Ana Estate Planning Lawyer
Estate planning is an ongoing process, and avoiding these common mistakes will help ensure that your assets are protected and your loved ones are taken care of according to your wishes. For tailored advice, consider consulting with an experienced Santa Ana estate planning lawyer who can help you develop an estate plan to cover all your responsibilities.
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