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, your estate planning lawyer serving Sacramento CA will stress the importance of assigning 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?
Our estate planning lawyer in Sacramento CA explains that 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 CA estate planning lawyer file a petition with the 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 future 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.
The Importance of Estate Planning
The Yee Law Group Sacramento CA estate planning lawyers will tell you that it’s a common misconception that developing an estate plan is only for the wealthy. In fact, it’s essential for almost anyone to have an estate plan in place for when you are unable to make decisions for yourself. Having a clear plan in place can not only ensure that your family knows your wishes but mitigate the risk of much headache and heartache for loved ones. The following are common questions asked by people who are in the process of estate planning:
Should I just create an estate plan on my own?
There are a number of online estate planning tools that allow people to develop their estate plan without the guidance of a Sacramento CA estate planning lawyer. However, these programs don’t often take into account your specific needs, in addition to tax laws within your state. Working with an estate planning lawyer based in Sacramento CA can help you reduce complications that may come with developing your own estate plan using a one size fits all software. The last thing you want is for one small mistake to render the will invalid. This not only can be costly for your estate but create significant problems for your family. Working with a Sacramento CA estate planning lawyer can greatly reduce this risk, help your heirs to retain as much of their inheritance as possible and provide you with the opportunity to create a customized estate plan.
Should I share the contents of my estate plan with loved ones?
The last thing any person wants is for their family to be left fighting over assets and final wishes. Because of this, it may be in your best interest to share certain components within your estate plan. Our Sacramento CA estate planning lawyer suggests speaking with those you would like to appoint as executor of your estate or guardian of your children, it may also be beneficial to speak with your loved ones. This can give your loved ones the opportunity to voice any concerns so that they can be resolved quickly. This can also give your family peace of mind in knowing that you have a clear plan in place for when the time comes.
What risks am I taking without an estate plan in place?
Our Sacramento CA estate planning lawyers want you to know that should you pass away without an estate plan, you will be considered to have died intestate. As a result, your estate will go into probate court, meaning that the court will make decisions over how your estate will be resolved. Without an estate plan, you run the risk of paying more taxes, increasing the risk of familial strife and losing the ability to make decisions over how you would like your final wishes carried out.
Why should I hire an estate planning lawyer?
Hiring a Sacramento, California estate planning lawyer to assist in the estate planning process is essential. They can ensure that your estate plan is clear, valid and leaves nothing up for discussion. Not only can this help protect your assets, but ensure that your assets go to the appropriate beneficiaries and that nothing is left out of your plan.
With the help of an estate planning lawyer serving Sacramento CA, the process of developing an estate plan doesn’t have to be as cumbersome as it’s often made out to be. Having a clear plan in place can not only protect your assets, but ensure that your final wishes are carried out in the way you would have liked. For more information about estate planning and how it may benefit you, contact The Yee Law Group to speak with an estate planning lawyer in Sacramento CA to schedule an appointment.
“I was recently working on a tough real estate deal with the Yee law group. They went above and beyond for the clients and took an impossible issue and fixed it. If there is one thing that I recommend, that is to get an estate plan so you won’t be faced with this type of issue and the Yee law group is the place to turn to. If they could fix this, they know how to plan for it in your estate plan. These guys are rock stars in my book.”