Folsom Estate Planning Lawyer

Why You Shouldn’t Write Your Own Will

Our Folsom estate planning lawyer from Yee Law Group knows that having a proper will in place can ensure your final wishes are carried out and that your family members are taken care of. However, you shouldn’t attempt to write your will by yourself. Although there are plenty of DIY will software programs available, you should think twice about using them. Wills are complicated legal documents and it’s easy to make mistakes if you don’t have a legal background.

Here are some reasons to avoid writing your own will:

You Might Not Think About Alternate Scenarios

Life doesn’t always work out the way you expect it to. For example, many parents assume their children will outlive them and leave their property to them. Unfortunately, however, some children die before their parents do. That’s why it’s important to consider alternate scenarios when writing your will. An experienced lawyer will talk about some alternate scenarios with you and help you address them.

You Might Not Understand Certain Legal Terms

If you don’t have a legal background, certain legal terms can be really confusing. If you attempt to write your own will through a software program, you might come across some terms that you don’t understand. This can cause you to make errors on your will that could render it invalid. If you work with a lawyer, he or she will explain all the legal terms and help you avoid making mistakes.

You Might Select the Wrong Executor

The executor is the person responsible for ensuring your wishes are carried out and distributing your assets to the proper heirs. That’s why it’s important to be selective. Don’t name your sibling or best friend, for example, if he or she doesn’t have good relationships with the beneficiaries. An estate planning lawyer can help you choose the proper executor of your will.

You May Miss Important Tax Planning Strategies

Considering tax issues is an essential part of estate planning. If you draft your own will without knowledge of tax implications, you could cost yourself and loved ones more money. An estate planning lawyer can explain these tax implications and help you save more money in the future.

You May Deal With Outdated Forms

Forms for wills online might not reflect recent changes in legal requirements. Estate planning lawyers, on the other hand, stay up-to-date with law changes and will make sure your estate planning documents remain effective.

As you can see, there are many downsides to using DIY will software. If you’re ready to draft a will, schedule a meeting with a reputable Folsom estate planning lawyer today.

Estate Planning for Spouses

Up to 70 percent of married couples fail to have an estate plan in place. Sometimes they might recognize the benefits of creating one, but fail to do so for one reason or another. In other instances, an estate plan might exist, but has not been updated over the passing years. Failure to have an estate plan, or failure to update it, can cause critical issues. As an estate planning lawyer, we aim to help married couples create a sound estate plan that is up to date with their life and wishes. The following are some important considerations for spouses to think about. By doing so, a number of potential problems, particularly associated with surviving spouses, can be avoided. 

Identify Common Challenges

Before you know what strategies can be utilized, it is important to take time to identify some common challenges that spouses might face (especially a surviving spouse):

• Assets have been forgotten about and, as a result, were not included in the estate plan. 

• Financial assets have been held in a separate account. If a spouse dies and these assets have no beneficiary and were not placed in a trust, they will need to go through probate. 

• A trust was created, but assets were not transferred into them. This can lead to tax liability and extra costs. 

• Sometimes a spouse will pass away before they finalize their estate plan. This can cause a number of problems, including beneficiaries not receiving what was intended for them. 

Regularly Review the Estate Plan

It is important that the estate plan is reviewed on a regular basis. This should be done while both spouses are alive, but also once one spouse passes away. Some estate plans come with clauses that grant the surviving spouse a second look. This is an opportunity to assess whether or not what is included in the estate plan is still optimal. 

During the review process, a surviving spouse should observe all beneficiary designations on  documents like life insurance and bank accounts. The surviving spouse will have a duty to name a new beneficiary who will have access to the accounts upon their death. 

Claiming Benefits

The majority of assets are passed through wills or trusts. However, if there are any benefits involved, a surviving spouse will need to claim them from the government or their deceased spouse’s employer. If you are in this situation and unsure about what to do, call an estate planning lawyer for help. 

Ideally, both you and your spouse will be ready to plan your estate well in advance. The issues that could arise can easily be avoided through proper planning, thought, and strategy. As an estate planning lawyer, we will be happy to guide you through the process as effortlessly as possible. Call Yee Law Group today. 

Why Seeking Out an Estate Planning Lawyer is Beneficial

There are numerous reasons why hiring a Folsom estate planning lawyer from Yee Law Group is beneficial.  One of those reasons is to ensure that the estate plan is set up properly. A properly set up estate plan will help to ensure that everything is taken care of as the estate holder wishes. That means that their assets will be transferred to the person or persons of their choosing upon their passing. It also means that if they wish to set up certain items or things that this too can help relieve any additional burdens or hard points for the family upon the loved ones passing. A good estate plan is something that our law group can help set up and advise on. We have helped many people with their estate plans and believe that we can help you too. Reach out to us today to get your estate plan set up and to bring that extra layer of peace to you and your family.

Other Benefits of an Estate Planning Lawyer

A Folsom estate planning lawyer from Yee Law Group has ample experience in helping clients with estate planning and other items related to estate planning like writing wills and establishing trusts. We also understand the different facets of probate and how to deal with that too. Probate can be a lengthy process in probate court where a will needs to be verified. Families and friends have been known to contest wills and this is what can make probate a lengthy process. Our firm can help you with this process too and put things in your estate plan to where probate doesn’t have to be such a difficult process to go through. Our experience has seen us help a variety of different clients with different things related to estate planning. We know the ins and outs of this type of law and plan. Contact us today for assistance with establishing a good and thorough estate plan. 

Importance of an Estate Plan

Estate planning is something that quite a few people never get around to doing. Because of them not establishing an estate plan their families or close friends or other loved ones are left in a difficult situation. Assets left behind will have to go through the court system with the court deciding who receives what. If there are debts that are owed then the family may end up having to find a way to remedy those debts. If someone is in the hospital, and quite sick, and doesn’t have a plan for what is supposed to happen to them if they become incapacitated, then this can be a hindrance too. Reach out to our firm today to make things easier on your family and loved ones and also to make it easier for you in the chance that you become incapacitated. It’s important too to know that the assets you worked hard for in life are passed on to people you wish to receive them. Let the Yee Law Group help you today by having a Folsom estate planning lawyer assist you from our firm. 

Learn What You Should Know When Hiring an Estate Planning Lawyer

We understand that when you are deciding who should get certain assets after you pass away, the task can become quite arduous and overwhelming. However, when you have the help of a estate planning lawyer, you know you can get a second opinion on whether you are making the right decisions and what kinds of things you should put in your will or trust. You may have certain concerns regarding estate planning, like whether your estate will need to go through probate or whether you can leave most of your assets to one person. When you work with an attorney, they can help guide you through your state’s laws and regulations and how to divide assets. 

How else can an estate planning lawyer help?

Many people are hesitant to get the help of an attorney when it comes to planning their estate. After all, you are the one who owns your assets and you know who they should go to after you pass away. However, your attorney will dive deeply into your history to ensure you aren’t forgetting important pieces of property or assets that, if forgotten, may go to someone you do not want them to. Other things your awyer can help with are:

• End-of-life situations. Unfortunately, there may come a time when you are no longer able to make specific decisions about your health or life anymore. This is why it’s important that you assign someone you trust to the power of attorney. Your attorney can walk you through the whole process.

• Minimizing taxes. It’s true; taxes will continue to follow you throughout the rest of your life. Your attorney will help you make decisions that can minimize the amount of taxes your estate owes so that as much of your hard-earned money can go directly to your beneficiaries or charities of your choice.

• Listing things you may have forgotten. When it comes to creating a document that assigns assets to people you love or tells your family what you wish, it can be easy to forget things. Your attorney has done this for many years and will remind you of things you may wish to place in these documents. When you work with a lawyer you can rely on, you can ensure you are maximizing your ability to give generously to your loved ones. 

Estate Planning Infographic

Tips For Creating Your Estate Plan

Working with an estate planning legal team can help you clearly map out a plan that is personalized for you. Some people may be tempted to use an online program to draft their estate planning needs. However, the downside to this is that you miss the opportunity to add in customizations or preferences. Here are more tips that your lawyer may suggest as your guide for all things estate planning:

Document Your Wishes

The estate plan must list what you want to happen to your assets, property, and belongings after you pass on. If you don’t have an estate plan, then this leaves your legacy vulnerable to the probate process. Essentially, what this means is the court will have control over your assets and distribute them based on state laws. Most people don’t want this to happen, so creating an estate plan is always in your best interest. Your estate planning lawyer can help you with the following:

• A healthcare power of attorney: the person you prefer to make health related decisions for you if you are unable to.

• Durable power of attorney: this person will make financial choices if you are unable to.

• Living will: instructions for what you want and do not want in regards to your assets.

• Last will and testament: enables you to choose beneficiaries for your assets and guardian of minor children and pets. 

• Health insurance release forms: named parties will have access to your healthcare details.

Appoint a Guardian for Dependents

You will need to appoint a guardian who will take care of your dependents, such as minor children, disabiled relatives, or pets, in the event of your death. If you do not do so, then the court judge will appoint one instead. It is important that you speak with your preferredguardian beforehand, to confirm they are willing and able to take on this role. Furthermore, naming a couple as co-guardians may gettrick if they divorce in the future. Your estate planning lawyer can assess your draft for nuances like these to help prevent issues from coming up in the future.

Keep Beneficiaries Informed

We may suggest sharing with beneficiaries about your estate plan and what assets are going to be distributed to them in the future. You can share as much or as little details as you are comfortable with with your beneficiaries. It can help if they have some idea of what to anticipate in the future, so they can make sure your legacy is carried out as you have expressed. Talking about passing away with your beneficiaries can feel odd, but is an important step in making sure all bases are covered.

Folsom Estate Planning Lawyer

It is important to understand the laws that are relevant to your specific estate plan, as a Folsom, CA estate planning lawyer can explain. At Yee Law Group, PC, our Folsom estate planning lawyers are well-versed in California’s legal landscape, and we’re here to guide you through the intricacies of estate planning in the Golden State.

California Estate Planning Laws

Estate planning in California is governed by a comprehensive framework of laws and regulations meticulously designed to safeguard your valuable assets and ensure that your personal wishes are meticulously upheld. These legal provisions are primarily oriented towards addressing crucial aspects such as the equitable distribution of your estate, strategically minimizing any potential tax implications, and diligently safeguarding the best interests of your chosen beneficiaries. As a Folsom estate planning lawyer can explain, probate laws can significantly impact your estate plans. Here, the probate process, a legal procedure for validating and executing a will, can often be a protracted and expensive endeavor. However, engaging in strategic estate planning can prove to be a vital asset, potentially enabling you to sidestep or significantly reduce the complexities of probate. By doing so, you can ensure that your hard-earned assets are efficiently distributed in accordance with your exact wishes, providing a sense of reassurance to both you and your loved ones.

Folsom Estate Planning Lawyer Expertise

You can rely on our team to give you the advice you need to navigate your estate plan successfully. Our Folsom estate planning lawyers are well-versed in California’s estate laws and have a deep understanding of the unique considerations in this region.

Estate Planning Strategies Tailored To Folsom

There are key estate planning strategies that every person must consider when they are forming their plan. Our Folsom estate planning lawyers understand the region’s property values, tax implications, and community dynamics, enabling us to create customized plans that align with your goals and priorities.

How We Can Help

Our highly experienced team of lawyers will carefully review your case to determine how best to structure your plan. We take the time to thoroughly assess your individual circumstances, financial situation, and family dynamics, ensuring that the plan we create is precisely tailored to your specific needs and objectives. With a keen focus on minimizing estate taxes, we employ proven strategies to maximize the inheritance your beneficiaries will receive. We assist you in developing effective strategies to bypass or significantly reduce the often lengthy and costly probate process, saving valuable time and expenses for your loved ones. Above all, our primary goal is to protect your assets, guaranteeing that they are distributed in strict accordance with your wishes and providing a solid foundation for your family’s financial security and future.

Contact A Lawyer For More Information

In California, estate planning laws can be complex, but with the expertise of our Folsom estate planning lawyers at Yee Law Group, PC, you can navigate them successfully. We are committed to providing you with comprehensive estate planning solutions tailored to your unique needs and the specific requirements of Folsom. Contact a trusted Folsom estate planning lawyer near you if you have questions about estate planning. 
For more information and tips about establishing a strong estate plan, reach out to a trusted estate planning lawyer in Folsom, CA from Yee Law Group, P.C. today.

Folsom Estate Planning FAQs

At the Law Offices of Edward Y. Lee, we understand the importance of having a comprehensive estate plan in place to protect your assets and provide for your loved ones. Whether you have a large estate or not, estate planning can help ensure that your wishes are carried out and your loved ones are taken care of in the event of your incapacity or death. We’ll address five common questions about estate planning law to help you better understand this important aspect of financial planning which our team is very familiar with as we have been working in estate planning since 1995, helping thousands of clients prepare their assets for the future. If you have further questions or need personalized assistance, don’t hesitate to reach out to our Folsom, CA estate planning lawyer.

Do I Need An Estate Plan If I Don’t Have A Large Estate?

Yes, everyone can benefit from having an estate plan, regardless of the size of their estate. Estate planning is not just about distributing wealth; it also involves making important decisions about healthcare, guardianship for minor children, and end-of-life preferences. Without an estate plan in place, state laws will dictate how your assets are distributed, which may not align with your wishes. This also includes how your medical care might be dictated if you are incapacitated. A Folsom estate planning lawyer can help you create a personalized estate plan that reflects your unique circumstances and goals.

Can I Update My Estate Plan If My Circumstances Change?

Yes, it’s important to review and update your estate plan regularly to ensure that it continues to reflect your current wishes and circumstances. Major life events such as marriage, divorce, the birth of a child, or significant changes in your financial situation should prompt a review of your estate plan. Additionally, changes in tax laws or regulations may also necessitate updates to your plan. An estate lawyer can help you make changes to your estate plan and ensure that it remains up-to-date and legally valid.

How Can I Protect My Assets From Creditors And Lawsuits?

There are several strategies available to help protect your assets from creditors and lawsuits, depending on your individual circumstances and the nature of your assets. One common approach is to make use of asset protection tools such as trusts, which can shield assets from creditors’ claims. Additionally, certain types of assets, such as retirement accounts and life insurance policies, may offer protection from creditors under state law. An estate lawyer can help you develop a comprehensive asset protection strategy tailored to your needs.

What Happens If I Die Without An Estate Plan?

If you die without an estate plan, your assets will be distributed according to the laws of intestacy in your state. This means that the court will determine how your assets are divided among your heirs based on a predetermined hierarchy of relatives. In most cases, this process can be lengthy, expensive, and may not reflect your wishes. By having an estate plan in place, you can ensure that your assets are distributed according to your preferences and minimize the potential for disputes among family members.

Can I Include Digital Assets In My Estate Plan?

Yes, digital assets such as online accounts, social media profiles, and cryptocurrency holdings can and should be included in your estate plan. Without proper planning, these assets may be inaccessible or lost after your death, causing unnecessary complications for your loved ones. A lawyer can help you identify and inventory your digital assets and develop a plan for how they should be managed and distributed after your death. Any and all assets should be included in your estate plan, regardless of their format.

We hope this FAQ section has provided valuable insights into estate planning law and the importance of having a comprehensive estate plan in place. If you have further questions or would like to discuss your estate planning needs with a knowledgeable Folsom estate planning lawyer, please don’t hesitate to contact the Law Offices of Edward Y. Lee. Our experienced team is here to assist you every step of the way and ensure that your estate plan reflects your wishes and achieves your goals. Schedule a consultation with us today to get started.

Common Questions About The Process For Estate Planning

To ensure that your wishes are honored and assets are appropriately managed, estate planning is a crucial step in the process. At Yee Law Group, PC, we understand that this process can seem overwhelming. With over 40 years of combined experience, our trusted Folsom estate planning lawyer is here to guide you through each step. Below are some common questions we often receive about the estate planning process.

How Do I Start The Estate Planning Process?

Starting the estate planning process begins with taking inventory of your assets and liabilities. This includes everything from real estate and bank accounts to personal possessions and debts. Once you have a clear picture, the next step is to think about your goals and whom you want to benefit from your estate. Working with a legal professional can help you understand your options and create a plan that reflects your wishes. It’s also essential to gather necessary documents, such as titles, deeds, and financial statements, to streamline the process.

What Is The Difference Between A Will And A Trust?

A will is a legal document that outlines how you want your assets distributed after your death. It also allows you to name guardians for minor children. A trust, on the other hand, is a legal arrangement where a trustee holds and manages assets on behalf of beneficiaries. Trusts can be effective immediately and can help avoid probate, potentially providing more privacy and faster distribution of assets. Each has its own advantages, and your choice depends on your specific needs and goals.

How Can I Choose An Executor For My Will?

Choosing an executor for your will is a significant decision. The executor is responsible for managing your estate, paying debts and taxes, and distributing your assets according to your wishes. It’s important to choose someone who is responsible, trustworthy, and organized. Many people select a family member or close friend, but it’s also possible to appoint a professional, such as a lawyer or financial advisor, to serve as your executor. It will be important to discuss your choice with the person prior to appointing them as your executor so that you can ensure that they are willing and prepared for the role.

What Are The Tax Implications Of Estate Planning?

Tax implications are a vital consideration in estate planning. Depending on the size of your estate and the state you live in, there may be federal or state estate taxes to consider. Additionally, certain types of assets, like retirement accounts, may have specific tax rules. Working with a Folsom estate planning lawyer can help you understand potential tax liabilities and explore strategies to minimize taxes, such as gifting assets during your lifetime or setting up certain types of trusts.

How Often Should I Update My Estate Plan?

Updating your estate plan regularly is important to keep it aligned with your current situation and wishes. We recommend reviewing your plan every three to five years or after major life events, such as marriage, divorce, the birth of a child, or significant changes in your financial situation. Regular updates help ensure that your plan remains effective and that your beneficiaries are protected according to your most recent intentions.

Contact Us For Your Estate Planning Needs

The estate planning process can be challenging, but our team from Yee Law Group, PC is dedicated to helping you through the estate planning process with ease. As your trusted Folsom estate planning lawyer, we are here to answer your questions and provide the guidance you need. Contact us today to schedule a consultation, we offer 24/7 live phone answering, and take the first step towards securing your future and protecting your loved ones.

Client Review

“Mike Yee and his team are amazing. They are fast and efficient, but you don’t feel rushed at all when meeting with them. Mike in particular is extremely patient, knowledgeable and articulate, and made the whole process as pleasant as writing legal documents can be. Highly recommended.”
Gerald Quon