Responsibilities of an Estate Planning Lawyer

Estate Planning Lawyer in Sacramento CA

An estate planning lawyer  may know how to best help you learn the estate planning process that is specific to your state, as well as the laws that may affect your estate and the beneficiaries that you leave it too. Estate planning lawyers such as the ones available at Yee Law Group are also a great resource for you when you are being affected by federal or state laws and may not know it, or may want to learn more about it and just how it can affect your will and estate as a whole. After all, your estate is your legacy. 

Furthermore, the estate planning lawyer is going to be able to help you understand the probate process, among other things such as:

  • Creating your will, which will be used to help inform your loved ones of what you want and how you want everything; enacted by a chosen person to act as the head of your estate upon your death. This person can be family or it can be court appointed.

  • An estate planning lawyer can also help you when you are trying to decide your beneficiaries and who gets what; they are skilled in writing airtight wills and contracts, and teaching you about trusts and how that can help you ensure your beneficiaries get everything you want them to have.

  • Your lawyer can also help you establish a durable power of attorney and a medical power of attorney, which is important in case you are ever incapacitated and require medical care or someone to make financial decisions for you and your family in your absence. This is great to think about as almost anyone can wind up in a coma, or with a brain injury that may incapacitate them beyond normal means.

  • Your estate planning lawyer may be able to help find ways to reduce estate taxes if not avoid them entirely. This is a great thing for your beneficiaries because they will see more of the money you are leaving and pay much less to receive their inheritance.

  • Your estate planning lawyer could even help your family members and loved ones avoid the probate process, which can be a long and tiring process. Probate court is not always needed but when it is, the family and loved ones of the decedent spend a lot of time at court trying to iron things out so that they can move on with their lives. 

Reach out to an estate planning lawyer today for any questions that you have regarding probate court, estate planning, and the laws in your state.

Sacramento’s Trust Lawyer

How does a trust work when someone dies?

If somebody is named the successor in a trust, upon the death of the trustee they would become the next trustee. This means that everything in the trust would be distributed in the trust would be terminated, or dependent upon the kind of trust it may continue to be a trust for a few years. You should talk to your Sacramento trust lawyer such as the ones available, at Yee Law Group if you have any questions about your trust.

Oftentimes the trust or or the person that made the trust is also the trustee however these things can be left to other people meeting not to trust her and the trustee are two different people and if that is the case the trust would continue after the grantor is dead.

How does a beneficiary get money from a trust?

The trustee or the successor trustee is going to read and follow the instructions that the trust provides for them, these instructions might direct them to distribute the assets to beneficiaries in a very special way or a special time, and oftentimes whoever is the trustee they are charged paying a monthly amount to a certain beneficiary.

Can a trustee withdraw money from a trust?

Yes. The trustee can withdraw money, they can sell property and he can do anything else the trust allows them to. However the trustee cannot withdraw money for their own use because this is a violation of their fiduciary duty to look after the trust for the beneficiaries.

How do you settle a trust?

When you become successor trust trust, you are charged for settling not trust and that means that you must bring it to termination. After the grantor has died the successor takes over all of the assets in the trust and must be distributed, according to the rules of that trust. There is no court action required.

Do beneficiaries have a right to see a trust?

Beneficiaries do not have the right to see a trust, this is up to the discretion of the person that made the trust, and most trust are prepared in conjunction with an abstract of the trust which is a very short summary that applies all of the basic parts of the trust and states who will receive what assets and when they can receive them. This summary is often given to beneficiaries.

Do I have to pay taxes on money that I have inherited from the trust?

Your Sacramento trust lawyer is going to be able to better answer this question, but in simple terms you may or you may not have to pay taxes on the money that you have inherited via a trust. If the money is treated as if it is an inheritance and it will not be taxed, however, you must talk to a Sacramento trust lawyer to ensure that you understand what the specific asset in question is and how it is taxable or nontaxable.

What is conservatorship and guardianship?

Trust Attorney Roseville CA

Conservatorship and guardianship are going to resolve my court proceedings in which the court is going to give someone a title of a conservator or a guardian, allowing them to manage somebody else’s financial affairs and personal care decisions. Often times these proceedings are permitted only if that person becomes so incapacitated or impaired that they cannot make say financial decisions for themselves. The court will only appoint a conservatorship if there is no other way for somebody to pick someone to delegate these duties, such as a through power of attorney, living trust or other means.

Oftentimes there are standards for conservatorships and guardianships that must be established for somebody who is in a coma, suffering from advanced stages of dementia or Alzheimer’s, or other serious injuries or illnesses that affect their ability to be financially sound. Your trust attorney in Roseville, CA is going to be able to help you understand the explicit standards that follow being assigned as a conservator or guardian over someone else’s finances.

Your trust attorney in Roseville, CA such as the ones available at Yee Law Group are also going to be able to help you understand what the difference between a conservatorship and guardianship is. A conservatorship is appointed to make financial decisions for somebody, which means that they have the ability to collect all the assets, pay bills and make investments and perform financial functions, engage in estate planning and can amend or revoke the protected person’s will.

The court must approve transactions such as the sale of a real property, gifted assets or estate planning for the protective person in the conservator must seek out court approval before doing this.

When you are a guardian of somebody, you have been appointed to perform duties that are related to personal care, custody, or control over somebody. The Guardian is going to have the authority to make decisions such as where the person will live and what medical treatment this person can receive.

Conservatorship and guardians have two different sets of duties, a conservatorship within 60 days must inventory the person’s estate, which includes real estate, furniture, clothing, mortgages, bonds, notes and as well as other personal property. After this is done, the conservator has filed an annual accounting with the court showing in detail all of the property received or disbursed and listing all property on hand. The conservator is responsible for paying support, maintenance and education of a protective person using government benefits when available, the conservator must also pay the person’s debts and manage their estate.

A guardian has the duty to ensure that provisions have been made for someone’s care and comfort, such as food, healthcare and social requirements. Whenever it is possible, the guardian must meet these needs for government benefits or services that the ward is entitled to, rather than from using the ward’s estate. A guardian has the power to give consent that enables the ward to get medical procedures or professional care, but they cannot consent to care that would violate moral or religious beliefs of their ward. The Guardian is responsible for caring for reasonable things such as the ward’s clothing, furniture and other personal effects and they must file a notice of an event to dispose of prior to the disposition or sale of the ward’s personal effects. The Guardian has to file a report with the court about the well-being of their ward once a year, and it must contain mental, physical and social condition of the ward, it must inform the court of living arrangements at all address of the war during the pewter report, and it must list all services provided to the ward.

Five benefits to having a will

Will lawyer Sacramento CA

Everyone should have a will, because will creation is essential for everybody. However, a legally binding last will and testament is not nearly as complicated to make as most people believe it to be, and working with the will lawyer in Sacramento CA such as the ones available at the Yee Law Group can help to ensure that everything is indeed legally binding and can make things run smoother.

A will ensures that everything in your estate is distributed according to your wishes, and if you do not have a will, you’ll have to have your family go to probate court after you die with the court to decide how your things are distributed.

Important reasons to make out a will

You have to like somebody to handle affairs after you die

This is just a fact. This person will need to be someone you trust and believe can be honest, as they will be the executor of your estate. This person does not need to be a member of your family, but the executor or executrix is responsible for inventorying your assets, ensuring a property’s inventory to make sure that any lingering debts and taxes are paid.

Your executive tour or executrix is going to be responsible for this dispersion of your assets and informing banks and creditors that you have died, and they are going to be responsible for guiding the family members in your estate through probate court. All assets are going to be officially dispersed through probate court no matter whether there is a will or not, however having a will in place is going to make probate court much simpler.

If you don’t have a legally binding will the state will decide who gets what and when

An oral well, which is a final request that is spoken aloud in front of witnesses, a holographic will which is a document drawn up by you without the presence of witnesses, is not going to have the same effect as a will that has a witness to it. The mentioned wills above are not legally binding. For a will to be formally prepared it must be signed by two or three witnesses, and usually there needs to be a lawyer involved to ensure that it is legally binding and legally sound. This is the best way to ensure that your money and assets are left in the years that you wish to leave them too, by hiring a will lawyer in Sacramento CA.

A will establishes legal guardianship of your children if they are minors

A will is going to have the guardians of your children, especially minors, in the event that you and your loved one died. If there is no will left the state will decide to get your child, and that may not be what you want because your child could wind up with somebody that you do not want them with.

Reach out to your will lawyer today to discuss your options.

Trusts vs. Wills

Trust Attorney Sacramento CA

Trust and wills have the same function essentially, which is passing a property for your heirs after your death. However, the differences in how the two documents operated should be carefully considered before choosing between them. You should talk to your trust attorney in Sacramento, CA, such as the ones available at Yee Law Group before making a decision. A trust attorney is going to be able to help you make a decision that’s going to best benefit you and your financial situation.

A trust offers several advantages over a will, such as enabling your heirs to avoid probate where wills must go through probate. The probate process is the transfer of ownership of your assets to the designated people in your will, via a court transfer. So essentially a probate court would supervise the sale of your home and then they would supervise how the proceeds are distributed and ensure that the proceeds are distributed in the will’s stated preference of beneficiary and designatory.

If you establish a trust you have to first create and then designate your assets to go into the trust, such as retirement accounts, bank accounts, homes, life insurance, and cars, to name a few. All of this will be transferred into a trust after you die, alternatively you can transfer these assets while you are living to make it easier to manage the assets in case you become disabled or incapacitated and unable to care for yourself. However, after your diet either way, the trustee that you have chosen will gather the assets and distribute them to the beneficiaries that you name. There is no waiting period involved in trust administration, which means that your beneficiaries can access the money much quicker than if it goes to probate court.

A trust attorney is going to be able to help you establish a trust if you want one, and even if you just have questions about a trust or trust attorney is going to be able to help you answer those. I trust gives you more control over the distribution of your assets in a will, because with the will of the person that inherits the property is a minor the probate court has to name a conservator to manage that money until the minor reaches the age of 18. 

Furthermore probate court is going to supervise all distribution of money for the minor’s health, education, maintenance and support of their living expenses, school tuition and even orthodontic care until the minor is of age. But with the trust you can appoint a trustee who will make all of the spending decisions for that minor according to your wishes, and you can even specify the age at which the beneficiary can take control of their inheritance even if they are a minor.

We got to a trust attorney in Sacramento, CA today for all of your trust questions.

happy holidays

‘Tis the Season Talk to Your Family About Estate Planning!

The winter holiday season is when many families get together. For families who live a distance from each other, it is often one of the only times during the year that they get to spend time with each other. It is often one of the only opportunities during the year that families get to have heart-to-heart conversations.

One of the topics that families should make a point of discussing – but often don’t – is what type, if any, estate plan the parents have in place. Having an estate plan in place for your parents is almost as important as having your own estate plan done. Why is this? If they do not have a plan in place, you will likely be the one that has to deal with all the issues never addressed when they are gone.

If you have talked to anyone who has had to take care of their parents’ estate who died without having an estate plan in place, they will tell you about the nightmare that it likely was. They may have spent hours cleaning up financial records, mediating fights between siblings that argued over heirlooms, and dividing up property. Your parents’ choice not to plan their future can end up costing you time, money, and a lot of heartaches.

 How to Bring Up the Subject

No one really wants to talk to their parents about estate planning. It is not the easiest thing to do because none of us like to think about a day when we are no longer here. One of the easiest approaches might be to broach the topic of your own estate plan. For example, you could explain how you and your spouse have met with an attorney about making a will. Then ask if they have talked to an attorney about their will.

An experienced estate planning attorney will often ask about any inheritance you expect and how it will be structured. Your inheritance can affect your taxes. Also, if your parents need long-term care, the expense of it could fall on you if they run out of money. These are factors that must be considered when looking towards the future.

What You Need to Know About Your Parents’ Plan

The more information you can find out about what to expect when your parents are gone the better, but some parents may be reluctant to share this information. If that happens, ask them if they have discussed their wishes with an estate planning attorney in the past five years. If not, suggest to them that they make an appointment and follow up with them to make sure that they have done so.

You might also suggest that they contact a financial advisor to review their finances and ensure that they have sufficient funds to cover any potential long-term care costs. You may not need to know the exact details of these plans but knowing that they have a plan in place or are working on one can put your mind at ease.

Contact an Experienced Estate Planning Attorney Today

The dedicated Sacramento estate planning attorneys at Yee Law Group, PC have significant experience helping their clients make end-of-life plans and they can help you and/or your parents too. Contact us today to schedule a consultation so you can put your mind at ease that your future and that of your parents is taken care of the way it needs to be.

Our legal team wishes you and your family a happy and safe holiday season!

The Importance of Having an Estate Plan

The process of estate planning is not one that most people find particularly exciting. While you may be enthused about the prospect of protecting your family from unnecessary stress and expense after you’re gone, it’s often a fairly dry and tedious document preparation exercise.

Estate planning is very important to most people, but it can be stressful dealing with the legal system. At Yee Law Group, PC , you get a knowledgeable and responsive estate planning lawyer Sacramento CA who cares about you and your family more than anything else.

Why is estate planning so important?

Estate planning is an essential part of every adult’s life. While you may not think about it much, estate planning is a process that helps ensure that your money and property is distributed according to your wishes. 

Here are some important reasons why estate planning is so important:

1) Avoiding probate.

Probate is the court-supervised process for transferring property after a person dies. It can be costly and time-consuming. If you have a valid will, you can avoid probate by naming an executor to transfer your assets directly from your estate to your beneficiaries. You may also choose to establish a trust to hold assets for your family upon your death.

2) Avoid conflict among heirs.

When there is no will or trust in place, loved ones may argue about how to distribute their parent’s property. This can be emotionally difficult and time-consuming for everyone involved.

3) Allowing survivors to move on with their lives.

When a loved one dies without a will, the courts must decide who receives what assets. This might not be what the deceased would have wanted, so the surviving family will have to wait until the estate is settled before they are able to move forward with their own lives.

4) Protecting against Medicaid eligibility changes and nursing home costs increases.

In California, Medicaid rules change frequently and nursing homes cost thousands of dollars each month – more than some families can afford.

Finding a Lawyer You Can Trust

Yee Law Group, PC is a law firm dedicated to serving the legal needs of our clients. Our law practice is focused on providing advice and representation in estate planning, probate, trust and guardianship areas.

We take pride in our ability to recognize the importance of these issues and our efforts to achieve positive results for our clients. To this end, we provide you with superior value at competitive rates. We work hard to understand your goals and objectives so we can develop solutions that meet your needs while protecting your assets. Our goal is simple: be a trusted advisor that can help you plan for your future as efficiently as possible so you can live out your life free from worry about unnecessary legal matters.

You can rely on our experienced estate planning lawyers for:

  • Wills
  • Trusts
  • Living wills
  • Life insurance trusts
  • Power of attorney
  • Powers of attorney for property management and health care
  • Special needs trusts
  • Guardianship and conservatorships

Protect your family and be able to sleep at night knowing you have a trust, will, and power of attorney customized to your needs. Call now to schedule your free consultation. 

How An Estate Planning Lawyer Can Help You

Working with an estate planning lawyer in Sacramento CA can provide you with peace of mind that you might not have had before. If you are someone who is adamant about handling your own affairs but simply does not have the time, hiring an estate planning attorney like Yee Law Group, PC can provide you with a sense of security knowing that all of your affairs will be handled correctly and according to your wishes upon your passing.

Why You Should Work with an Estate Planning Attorney

Trying to create a will on your own can lead to several problems. In many cases, people do not update their wills after major life changes occur, such as getting married or having a child. Some do not even create wills in the first place! When this happens, they leave their loved ones in a difficult situation if something should happen to them. The family may end up fighting each other over who the deceased wishes to leave his or her belongings to.

An estate planning lawyer in Sacramento CA can help you avoid these issues by creating wills that are tailored specifically to you, creating provisions for specific needs you may have, and updating them when life situations change. They can also assist in other areas regarding estate planning such as setting up trusts, naming guardians for children, and more. Estate planning attorneys also make it easy to direct your assets where you want them to go when you pass away, so there is no confusion among family.

A lawyer can complete most documents in a timely manner so that you don’t have to worry about it becoming too much of a back-burner issue. You will save money and stress. If done incorrectly, transferring wealth can be incredibly stressful for everyone involved.

Why Hire Someone from Yee Law Group, PC as Your Estate Planning Lawyer

Every year, thousands of people in Sacramento and beyond make a simple mistake when they make their estate plans. They assume that because they have a will, everything is fine.

Couples often assume that because they’ve both made wills, they’re protected. The truth is that if you have a will and your spouse does not, you could cause some major problems for each other’s families.

Trying to handle things on your own can be risky, and it can also be time-consuming. If you want to make sure your family is protected, don’t try to do it on your own. Instead, turn to our estate planning lawyers in Sacramento CA at Yee Law Group, PC . We’ll make sure you get the help you need and deserve.

At Yee Law Group, PC, we make estate planning simple and easy-to-understand. We work with clients in Sacramento and throughout Northern California to create comprehensive estate plans that put our clients’ needs first. As a client of our law firm, you’ll work directly with an attorney who will explain everything in detail while protecting your best interests.

It’s easy to make the right choice when you hire Yee Law Group, PC as your estate planning lawyer in Sacramento. They take their job very seriously, and they’ll guide you every step of the way.

For more information on how they can help, contact Yee Law Group, PC today!

thanksgiving dinner

Start a New Thanksgiving Tradition: Talk About Estate Planning

Thanksgiving is just days away, the traditional kickoff of the winter holiday season. It is the time of the year where family and friends, from near and far, gather together and give thanks for all they have in life and gratefulness for each other.

Spending time with family during Thanksgiving and other holiday celebrations, realizing how quickly time passes, seeing how your own children have grown – maybe now even with children of their own – can be an unexpected reminder that the day will come when you will no longer be here to celebrate holidays with your family. Making sure you have a solid estate plan in place when that day comes is critical to ensuring your family will be taken care of.

Estate planning is one of those things people often delay for as long as possible. People may cite a number of reasons, but by contacting a Sacramento estate planning attorney sooner rather than later, you can make an inevitable event such as death much less painful for your family. The following are some of the common reasons people may have put off the estate planning process, as well as a look at why you should not delay your planning for the future.

I Don’t Want to Think About Dying

This is a completely understandable impulse. Thinking about what happens when you die can be frightening for anyone. However, taking the time to plan while you are healthy can be a big help for your loved ones. There is no guarantee that anyone will live to a certain age. What if you pass away in an accident? You will want to ensure your loved ones are taken care of, no matter what happens.

I Do Not Own Any Assets, So I Do Not Need an Estate Plan

This is one of the biggest mistakes people make with estate planning. Do not assume that just because you do not own anything today, you will not ever own anything. Even something as simple as a life insurance policy can be considered an asset. Personal property, vehicles, and a wide variety of other items are also considered assets, and your estate plan can address what you would like to happen to this property and anything you may own in the future.

I Am Not Old Enough to Need an Estate Plan Yet

As previously mentioned, there is no scheduled time for when someone will pass away. We all hope to live a long and healthy life, but anything from a terminal illness to a car accident can alter your life. It is important to understand that estate planning not only addresses what will happen when you die, but it can also make sure you are prepared in case you become incapacitated. What happens if you survive a car accident but can no longer take care of yourself? Who will make medical decisions for you? What about financial decisions? Having a proper estate plan in place will ensure that your wishes will be followed, no matter the situation.

I Have a Lot of Assets, and an Estate Plan Will Be Complicated

If you think the estate planning process is going to be difficult now, can you imagine what it will be like later on if you acquire even more assets? What about the difficult process your loved ones will face in the event you die or become incapacitated? If you do own a lot of real estate or personal property of value, you need an estate plan sooner rather than later. If you already have expectations for how you would like certain assets to go to specific people, you need to spell that out in a will.

Contact Our Office Today

If you would like to find out how our firm can help with your estate plan, contact our office today to schedule a free consultation.

All of us at Yee Law Group, LLC wish you and your family a happy and healthy Thanksgiving!

Estate Planning Lawyer Sacramento CA

Working with an estate planning lawyer in Sacramento CA can provide you with peace of mind that you might not have had before. If you are someone who is adamant about handling your own affairs but simply does not have the time, hiring an estate planning attorney like Yee Law Group, PC can provide you with a sense of security knowing that all of your affairs will be handled correctly and according to your wishes upon your passing.

Why You Should Work with an Estate Planning Attorney

Trying to create a will on your own can lead to several problems. In many cases, people do not update their wills after major life changes occur, such as getting married or having a child. Some do not even create wills in the first place! When this happens, they leave their loved ones in a difficult situation if something should happen to them. The family may end up fighting each other over who the deceased wishes to leave his or her belongings to.

An estate planning lawyer in Sacramento CA can help you avoid these issues by creating wills that are tailored specifically to you, creating provisions for specific needs you may have, and updating them when life situations change. They can also assist in other areas regarding estate planning such as setting up trusts, naming guardians for children, and more. Estate planning attorneys also make it easy to direct your assets where you want them to go when you pass away, so there is no confusion among family.

A lawyer can complete most documents in a timely manner so that you don’t have to worry about it becoming too much of a back-burner issue. You will save money and stress. If done incorrectly, transferring wealth can be incredibly stressful for everyone involved.

Five Myths About Estate Planning

Myth: An Estate Plan Only Matters When You Die

Estate planning isn’t just about who gets what when you die. A solid estate plan also includes charitable giving, advanced healthcare directives and guardianship designation if you have minor children. Your estate planning lawyer in Sacramento CA at Yee Law Group can help you decide which documents apply to your estate.

Myth: You Have a Will, so You Are Covered

A will lets you designate an executor to carry out your final wishes when you’ve passed. However, there may be issues the will doesn’t cover. If you’re unable to handle your finances as you get older, a will can’t help you. If you’re incapacitated due to a car accident, your will has no power to make medical decisions. You’d need powers of attorney for those issues.

Your will is just the beginning of your estate planning journey. You may want to set up a living trust so assets don’t have to go through probate. You might need to designate guardians for your children. You could need different types of trusts. Every situation is different, and your estate planning lawyer in Sacramento CA, can help you determine your best course of action.

Myth: Estate Planning Isn’t Necessary Until You Retire

You’re never too young to start the estate planning process. Car accidents, slip and falls, workplace injuries and medical malpractice happen more often than they should, and have no regard for the age of the person injured. If you die without a will in California, the laws about who inherits what are complicated. There are guidelines for whether you have parents, a spouse, children, grandchildren and siblings. Life would be far simpler for your relatives if you didn’t die intestate — without a will. 

Myth: You Created an Estate Plan Years Ago, so There Is Nothing Left To Do

As long as you are living, so is your estate. Changes happen all the time in your life circumstances, tax laws and estate planning best practices. With the help of a Yee Law Group estate planning lawyer in Sacramento CA, you can keep your estate plans up to date on an annual basis or more often if your life circumstances change.

Myth: Estate Taxes Are Going To Eat Up Anything Your Heirs Might Receive

In California, there is no estate tax. There is also no inheritance tax. The federal estate tax doesn’t kick in until you have an estate valued at more than $12,060,000 in 2022. Your beneficiaries will receive everything you want them to have. 

Why Hire Someone from Yee Law Group, PC as Your Estate Planning Lawyer

Every year, thousands of people in Sacramento and beyond make a simple mistake when they make their estate plans. They assume that because they have a will, everything is fine.

Couples often assume that because they’ve both made wills, they’re protected. The truth is that if you have a will and your spouse does not, you could cause some major problems for each other’s families.

Trying to handle things on your own can be risky, and it can also be time-consuming. If you want to make sure your family is protected, don’t try to do it on your own. Instead, turn to our estate planning lawyers in Sacramento CA at Yee Law Group, PC . We’ll make sure you get the help you need and deserve.

At Yee Law Group, PC, we make estate planning simple and easy-to-understand. We work with clients in Sacramento and throughout Northern California to create comprehensive estate plans that put our clients’ needs first. As a client of our law firm, you’ll work directly with an attorney who will explain everything in detail while protecting your best interests.

It’s easy to make the right choice when you hire Yee Law Group, PC as your estate planning lawyer in Sacramento. They take their job very seriously, and they’ll guide you every step of the way.

For more information on how they can help, contact Yee Law Group, PC today!