Individuals who are searching for an estate planning lawyer Roseville, CA trusts might already know that estate planning can be very complicated. It is common for individuals to feel a great deal of pressure to make the best possible decisions for how their property should be passed along and inherited by remaining relatives. At Yee Law Group, P.C., we know that estate planning can seem very stressful at first. Working with a top estate planning lawyer Roseville, California residents recommend is one way of simplifying the process and making sure that you are leaving your estate in the right hands.
Estate Planning FAQs
Planning your estate can serve as a unique challenge due to the emotional obstacles one must overcome in order to make informed decisions. Thankfully, the team at Yee Law Group, P.C. is here to help you every step of the way.
Working with an experienced Roseville, California estate planning lawyer in order to create a detailed estate plan can give you peace of mind that your wishes are accurately documented and that because they are legally enforceable, they will ultimately be respected. Additionally, you will be able to rest easier knowing your family will be protected when you can no longer be there for them physically. Before you begin your estate planning process, let us help you navigate some basics. Should you have any questions as you read this material, please consider writing them down so that our team can go over them with you when you come in for a consultation.
- What is estate planning?
- Why is it important to have a will?
- What is probate?
- What is a living will?
- Will your estate need to be approved through a probate court?
- Is the family getting along?
- Does the estate include common assets like a house and bank account, or are there unique assets included in the estate?
- When You Should Hire an Estate Planning Attorney
- How To Prepare for an Appointment With an Estate Planning Lawyer
- Choosing an Executor is an Important Estate Planning Step
What is estate planning?
Simply put, estate planning is the process of working with an experienced Roseville, CA estate planning lawyer in order to ensure that your end-of-life wishes, medical and financial powers of attorney, and asset management are addressed in legally enforceable ways.
Why is it important to have a will?
Having a will is important because it ensures that your wishes are respected after your death. Without a will, your family members and loved ones will not have a say in how your finances and assets are split up, and the majority of your estate may end up in probate.
What is probate?
Probate is the official proving of a will by the court system. Since your will is a legal document, it cannot be executed without going through specific guidelines, which is why probate is there as a way to protect you. However, the typical probate process costs about 10 percent of the entire estate. As a result, it is important to avoid probate when possible. An experienced Roseville, CA estate planning lawyer can help you construct your estate plan in a way that avoids probate whenever possible.
What is a living will?
Also known as an advanced medical directive, the living will is what details your medical preferences in the event that you become incapacitated. It is a legally binding document, meaning both your doctors and family members must abide by your wishes. It is typically used when it comes to issues involving prolonging care (such as being taken off of a feeding tube or a breathing tube), pain management, resuscitation preferences, etc.
If you are intimidated by the idea of estate planning, please do not worry. Our experienced team of Roseville, CA estate planning lawyers is here to help you every step of the way. We look forward to speaking with you.
Will your estate need to be approved through a probate court?
Small estates and certain types of inheritance property can be transferred to another owner without going through probate court. However, it is important for individuals with an estate to know exactly how their property and wealth will be passed along. An experienced estate planning lawyer Roseville, CA has to offer may help the process by ensuring that the individual has filled out any necessary documentation that could allow his/her relatives to avoid probate court.
Is the family getting along?
This question is actually very important where inheritances are concerned. If a family has the tendency to disagree, there could be legal issues later on if the individual does not leave clear instructions on how the estate will be divided up or passed along. In extreme cases, family members may choose to file lawsuits when an estate is not clearly planned out. Not only could this create hostilities within the family, but paying for a lawsuit could also drain the estate itself. Even when a family avoids filing a lawsuit over an estate dispute, it may still be possible for the dispute to foster ill-tempered feelings that last a long time.
Does the estate include common assets like a house and bank account, or are there unique assets included in the estate?
A family-owned business, for example, can be a major part of an individual’s estate. Several pieces of real estate property may also be worth a great deal of money and could complicate a person’s estate. Even a collection of valuable antique items can increase a person’s estate by thousands of dollars. A skilled Roseville, CA estate planning lawyer can assist with planning when an estate contains assets that are very unique or must be passed along through complex procedures.
When You Should Hire an Estate Planning Attorney
You Reach Adulthood
Your estate plan should involve more than just a will or trust. It should also include legal, medical and financial powers of attorney if you are incapacitated. It may also include information about your funeral or how you want your remains treated. Therefore, you don’t always need assets to make an estate plan worthwhile.
When you become an adult, you are legally allowed to enter into contracts. Therefore, you cannot write a legal will before you turn 18 years of age. At this point, you may choose to consult an estate planning lawyer in Roseville, CA about a will or estate plan. A legally binding document is the only way your loved ones know what you want to be done with your assets, at your funeral or with your medical care if you are incapacitated.
There Is Dissention in Your Family
If you have multiple possible heirs or you have individuals you want to leave out of your estate plan or asset distribution, you need to work with an estate planning law firm, such as the Yee Law Group. These professionals can clearly record your assets and which beneficiaries will receive them. They can also help you choose an executor or trustees who have no personal attachment to any member of the family and can distribute the assets without bias.
You Have Accumulated Assets
Each state has specific laws regarding estates and how they are distributed or taxed after your death if you don’t have a will or other documentation. Therefore, when you start accumulating assets, you should seek the counsel of an estate planning attorney. These individuals can help you keep track of your assets and identify who should receive them when you are no longer alive.
Working with an estate planning lawyer in Roseville, CA can also protect your assets from improper distribution. In addition, your estate can receive legal challenges that are easier to fight with proper estate planning.
You Have Children
The attorneys at the Yee Law Group can tell you that it is vital that you name guardians for your children. Therefore, when you start having children, you need to start working with an estate planning lawyer.
You are responsible for the physical, emotional and religious upbringing of your children. However, if you are ever incapacitated or if you die before they become legal adults, your children will need new guardians. You don’t want the state to decide who gets to care for your children. Therefore, you should discuss guardianship with individuals you trust who have the same values and adequate finances to care for your children. Get their consent. Then, you should meet with your estate planning attorney.
How To Prepare for an Appointment With an Estate Planning Lawyer
You are never too young or old to start estate planning. Even though it may sound morbid to think about your own death, it’s important to have plans in place for how you want your assets to be distributed once you’re gone. It’s also vital to have health care agents in place in case you become incapacitated. Here are some tips for preparing for your visit with an estate planning lawyer in Roseville, CA such as Yee Law Group.
A List of Your Assets
To know what you’re going to give away, you need to know what you’ve got first. Make sure you include all your assets, including cash, investments like stocks and bonds, collections, pets, businesses and insurance policies. Bring copies of your most recent bank statement, stock certificates, business agreements, pre-marital or divorce agreements, life insurance policies, and current estate planning documents with you.
How You Want Your Assets Distributed
Do you want to leave your antique glass collection to a friend who collects the same kind? Custody of your pet hamster to your next door neighbor? Half of your estate to Big Brothers, Big Sisters? All of these considerations will need to go into your estate planning. Include family, friends, and charities in your estate planning, in great detail, to ensure your assets are passed down to those you designate. If you were to die without a will, the court would decide on the distribution of your assets.
The Names of Your Executor and Health Care Agent
The executor of your estate is the person who will ensure debts and taxes are paid and assets are distributed according to your wishes. This person needs to be good with money, level-headed, and committed to your fiduciary needs. If nobody in your immediate circle fits the bill, you can designate an estate planning lawyer in Roseville, CA such as Yee Law Group to execute your estate
Having a health care agent ensures your wishes are carried out in the case of severe illness, disability, or infirmity. Those wishes can include the heartbreaking decision of whether to “pull the plug.” Make sure you discuss your wishes in detail with your chosen health care agent. You are trusting that person with your life.
Using these simple tips to help you prepare for meeting with an estate planning lawyer in Roseville, CA can make the process of estate planning go smoothly. Once your wishes are expressed through a will, trust, living will and health care proxy, you can rest easy, knowing you’ve done your best both for yourself and your beneficiaries.
Choosing an Executor is an Important Estate Planning Step
You may think that simply creating an estate plan ensures anyone can carry out the terms of your will and oversee estate administration. However, do not leave these important duties to chance.
What Does an Executor Do?
The executor of your estate will be responsible for a variety of things after you pass, all of which are crucial for the estate administration process. Depending on the complexity and size of your estate, an executor could spend weeks or years handling probate and carrying out your terms. In California, all wills are not required to go through a full probate process. Because individual requirements vary based on the unique circumstances of each estate, working with an estate planning lawyer in Roseville, CA, is a good idea. The attorneys at Yee Law Group, P.C. are experienced in estate planning and can provide knowledgeable and friendly guidance.
While the duties will vary, you can expect your executor’s responsibilities to include some or all of the following:
- Locating and submitting the will to probate court
- Obtaining copies of the death certificate
- Notifying banks and other creditors
- Paying necessary debts and taxes
- Communicating with beneficiaries
- Distributing assets
Why Should You Designate an Executor?
If you do not name an executor to handle administration, one will be appointed by the court. There is a hierarchical order to whom the court usually considers for the role of executor, with higher consideration for certain surviving family members and people who have been named beneficiaries. However, because this role is so important and involves an incredible amount of responsibility, it may be preferable for you to make the decision because a court will not know the details of any relationship dynamics. You are the person most capable of appointing your executor, and an estate planning lawyer in Roseville, CA, can help you make this choice official in your will.
Who Should You Choose as Executor?
There are multiple factors to consider when deciding who to name. Family members and friends are contenders if they exhibit the appropriate qualities and you anticipate that they will have the time and inclination to fulfill the duties. An executor should be:
You want your executor to handle your estate adeptly, and be trusted to follow the terms you’ve set in your will. To include your named executor in your will, reach out to Yee Law Group, P.C., and speak with an estate planning lawyer in Roseville, CA.
Get Our Help!
When you want to leave a legacy and take care of your loved ones, you may be considering creating an estate plan. Unfortunately, many people believe they are not in the position to write an estate plan. Perhaps you are not rich, do not own multiple pieces of property, or are concerned about how time-consuming creating an estate plan can be. These are all valid thoughts and concerns. However, we encourage you to stop and think about what you do have to offer your loved ones. Maybe you own a home, a car, a special antique coin collection, or valuable stamps. An estate planning lawyer Roseville, California residents rely on understanding the importance of knowing the value of what you have and how to properly give it to your family when you pass away.
The Cost of Dying
No one wants to think about dying. However, you may be surprised to find out just how expensive that can be. Some of the expenses are any final medical costs you may have before passing, reserving a funeral home, burial fees, and even service fees. Instead of leaving your loved ones to pay the costs of all of these, you can create an estate plan that sets money aside to be used for these purposes.
What things does an estate plan include?
Understandably, if you are unfamiliar with estate planning, you may want a high-level overview of what you could include.
Beneficiaries. When you create an estate plan with your Roseville, CA estate planning lawyer, you will take the time to consider which loved ones you want to name as your beneficiaries for specific assets.
An advanced medical directive. This is an important document to have for when you are still alive but are no longer able to make decisions. This will tell your loved ones what kind of medical intervention or procedures you want and who will have the right to make medical decisions on your behalf.
Creating a trust. If you want to have as much say as possible in what happens to your assets, especially while you are still alive, you can create a trust. When you have a trust in place, it can also help you avoid costly probate taxes and the process of going through probate court.
Are you interested in understanding more about estate planning and the estate planning process? Contact Yee Law Group, P.C. to learn more from our estate planning lawyer in Roseville, California.
Contact a Local Estate Planning Lawyer Roseville, CA Can Rely On
If you need assistance planning out your estate, our firm may be able to help. At Yee Law Group, P.C., we always consider the needs and best interests of our clients to be a top priority. Our legal team helps clients plan out their estates so that their assets are transferred into the right hands when it’s time. For more information about Yee Law Group, P.C., or to schedule a consultation with a top estate planning lawyer Roseville, CA trusts, contact us today.
Common Myths About Estate Planning
There are still many myths about estate planning, and believing those myths can lead to costly mistakes. Here are a few misconceptions that an estate planning lawyer in Roseville, CA doesn’t want you to believe:
- If You Don’t Have a Big Estate, Planning Isn’t Necessary: If you have a small estate, you won’t require a complex will or trust. However, that doesn’t mean you shouldn’t do any planning at all. If you have any assets, you want to make sure they go to the right people after you’re gone. Additionally, if you have minor children, it’s important to have an estate plan in place so that you can state who you want to take care of them if you should die suddenly.
- You Can Be Too Young for an Estate Plan: The truth is that you’re never too young to have an estate in place. When you’re young, it’s of course unpleasant to think about death, but it’s important to be prepared for the unexpected. With a proper plan in place, you will have a peace of mind knowing your assets will go to the right people and your final wishes will be carried out.
- You Can Just Draft an Estate Plan Yourself: At first, it can be tempting to draft your own will on a DIY will service online. However, it’s important to understand that wills are complicated documents that may contain language that the average person doesn’t understand. Although you can initially save money by creating a will on your own, you could end up paying more in the long run. It’s best to leave it up to an experienced estate planning lawyer in Roseville, CA.
- Once You Create an Estate Plan, That’s It: Some people create estate plans and think they never have to think about them again. However, it’s critical to review your estate plan periodically and make changes when necessary. For example, you need to make changes every time you experience a major life event, such as a divorce or birth of a child.
- I Have to Treat My Kids Equally: Another common misconception is that you have to give the same amount of assets to each of your children. However, it isn’t necessarily the best idea to always do that. For example, one struggles more financially than the others, you may consider giving him or her a bigger inheritance.
For more information about Yee Law Group, P.C., or to schedule a consultation with a top estate planning lawyer Roseville, CA trusts, contact us today.
“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.”