What is Estate Planning?
An estate planning lawyer Sacramento CA trusts can tell you that an estate plan officially prepares a person’s assets in the event of his or her death. By creating an estate plan, a person is choosing which family members or organizations will receive a part of their assets. By consulting with an estate planning lawyer in Sacramento CA from Yee Law Group, we can help you make decisions regarding what to include in your last will and testament. We have been dedicated to serving the area for more than 40 years and take pride in being able to offer professional and compassionate counsel.
What Documents are in an Estate Plan?
Most commonly, the basic kinds of documents in an estate plan include wills, trusts, financial powers of attorney, living wills and list of beneficiaries.
Why is Estate Planning Important?
When you meet with an estate planning lawyer Sacramento CA prefers, you will find that many people do not create an estate plan because they do not believe they have enough important assets, or believe these assets will automatically be handed down to family, children and loved ones. However, if you do not write a will, your estate will be handled based on the state’s intestacy laws. The downside to this is that the wrong people can end up receiving your assets, and your estate could suffer higher estate taxes.
What Belongings & Assets Should my Estate Plan include?
Your estate is considered to be everything you own, in any location. Here are the most common forms of estate that your estate planning lawyer Sacramento CA relies on may have had people incorporate into their will:
- Your home and/or real estate
- A share of any joint accounts
- Business interests
- Value of retirement accounts
- Personal effects
- Property owned through a trust, which you manage
- Life insurance policies
- Belongings, treasures, art, cars, furniture, items of value or sentimentality
Should I List a Guardian for My Children?
Yes, you should assign a person or people to be appointed as guardians over your children if they are underaged. If a surviving parent lives with the children who are of minor age and has custody, he or she will become sole guardian. However, you can name at minimum one alternate person in case the primary guardian is not able to fulfill duty.
What is Probate?
Probate is a court-managed process in which a deceased loved one’s assets are distributed by an executor or administrator. If your loved one drafts a proper trust, it is unlikely the court will need to intervene.
Each probate process is unique depending on the situation, but usually entails the following steps:
- You and your Sacramento estate planning lawyer file a petition with probate court
- Heirs receive notice of your passing
- Petition is sent to probate court to appoint a representative or administrator of your estate
- A representative performs appraisal and inventory of your estate
- Debts are paid from the estate to creditors
- Estate assets may be sold, if needed
- Estate taxes are paid, if applicable
- Heirs and beneficiaries receive remaining assets
Contact an Estate Planning Lawyer Sacramento CA Knows for Experience
We can understand the sensitivity of creating a plan that will affect the futures of your loved ones, as you designate beneficiaries and what they will each receive. We can help you create an estate plan with which you can feel confident. Contact an estate planning lawyer Sacramento CA regularly consults with today from Yee Law Group by calling 916-927-9001 to schedule your first consultation.