Roseville Estate Planning Lawyer

Wills & Trusts

Without a will, your property will be distributed according to state law – and not always in the way you would have preferred. Similarly, trusts allow you to bypass probate by titling assets in the name of your trust, which you can control as a trustee during your lifetime. Upon your death, your beneficiaries can continue to enjoy income from the assets within your trust. There are many types of trusts, including irrevocable trusts that confer tax benefits, and other kinds that allow you to provide for your loved ones in a variety of circumstances.

We prepare an assortment of trusts, including:

• Charitable lead and remainder trusts
• Special needs trusts
• Medicaid trusts
• Generation-skipping trusts
• Irrevocable life insurance trusts

Differences Between A Will & Trust

Wills and trusts are both legal instruments used in estate planning, but they serve different purposes and operate in distinct ways. Here are some key differences:

Functionality:

• A will is a legal document that specifies how your assets will be distributed after your death. It also allows you to name guardians for any minor children.
• A trust is a legal arrangement where one party, known as the trustee, holds and manages assets for the benefit of another party, the beneficiary. Trusts can be used to distribute assets before death, at death, or afterwards.

Probate Process:

• Wills must go through probate, which is the legal process of validating the will and overseeing the distribution of the estate. Probate can be time-consuming and costly.
• Trusts generally do not go through probate. This can provide a quicker, more private, and potentially less expensive way to handle the distribution of assets.

Privacy:

• Since a will goes through probate, it becomes a public record. This means anyone can access details about your estate.
• Trusts are private documents. The distribution of assets through a trust can remain confidential, which helps maintain privacy.

Timing of Asset Distribution:

• Assets are distributed after death. The executor named in the will handles the distribution according to the will’s instructions, following probate.
• Trusts allow for the distribution of assets according to the terms of the trust, which can occur before death, upon death, or at a specified time after death. This flexibility is a key advantage of trusts.

Cost and Complexity:

• Generally simpler and less expensive to set up compared to a trust. However, the probate process can be costly and lengthy.
• More complex and expensive to set up due to their ongoing management and the need for a trustee to actively manage the trust.

Control Over Distributions:

• Provides instructions for distributions upon death but doesn’t offer control over how the assets are used once they are distributed.
• Can specify exact terms for how and when assets are to be distributed. This can be particularly useful for beneficiaries who might not be financially responsible or for managing assets on behalf of minor children.

Choosing between a will and a trust depends on your personal circumstances, including your financial situation, the complexity of your estate, and your goals for asset distribution and privacy. It’s often beneficial to consult with an estate planning attorney to determine the best approach for your situation.

Durable Powers of Attorney & Advance Health Care Directives

We recognize that contemplating a time when you may not be able to take care of your own affairs or are otherwise incapacitated can be uncomfortable or unpleasant. Nevertheless, we also understand that so much of estate planning is focused on minimizing the practical and emotional difficulties for loved ones who are facing the loss of a beloved family member. That’s why planning for the possibility of serious illness and incapacity is so important. Without the right documents in place, your health and your finances could be left to chance, and your loved ones may be placed in the awful position of making life and death decisions without having a full understanding of your wishes.

Fortunately, durable powers of attorney and advance health care directives allow you to delegate life’s most important decisions to people you trust and can remove much of the uncertainty that arises during those difficult times. A durable power of attorney – which endures even after you become incapacitated – allows you to name a trusted individual to pay bills, handle your finances, and make health decisions on your behalf. An advance directive permits you to state your wishes regarding life support and other types of health care in the event you become terminally ill or permanently unconscious. You can also appoint a trustworthy person to oversee your healthcare-related wishes in a final illness.

At Yee Law Group Inc. LLP, we bring clarity and peace of mind to the often-confusing area of estate planning. Dr. Meyer and our entire team will work closely with you to protect your interests, your family, and your life’s work. For the experience and sound advice that is needed from an estate planning lawyer, Roseville residents should hire us for responsive, accessible, and plainspoken counsel. Contact an Estate Planning Lawyer Roseville CA Residents Trust

5 Common Questions About Powers of Attorney

If you are considering estate planning, it’s important to ask yourself questions about the documents you’re signing and what they mean. While these five common questions about durable powers of attorney and advance health care directives may seem basic, the answers can help you make educated decisions about your future health care and final wishes. This can help you feel confident that your children and other loved ones will be well taken care of when you’re no longer able to do so yourself.

1) What Are Durable Powers of Attorney?

A durable power of attorney is a legal document that grants another person, called an agent, permission to make financial and medical decisions on your behalf. For example, if you are injured in an accident or become ill and unable to make critical decisions for yourself, your agent can act on your behalf. Also known as living wills or advance health care directives (which we will discuss below), these documents detail when they can be activated and what they allow you to dictate.

2) Do I Need a Living Will?

There’s no perfect answer for whether or not you need a living will, because every circumstance is different. But to help you decide, it’s important to understand what these documents are. Essentially, a living will is a written declaration by an individual that instructs their medical providers on how to proceed if they become incapacitated and unable to speak for themselves (i.e., they have lost capacity). And an advanced health care directive simply takes some of those instructions — in particular regarding end-of-life treatment — and makes them applicable while an individual is still healthy and able to make his or her own decisions. The question then becomes: What do you want? How much do you want your medical providers involved in your decision making process?

3) What if I Have Named Someone as My Agent, but They Die Before Me?

In terms of estate planning, it’s always important to plan for a worst-case scenario. What if your agent is unable or unwilling to carry out your wishes? That doesn’t mean you have to go back and start over; there are alternatives that can still get your wishes carried out as well as possible. These alternative agents are called successor agents or secondary agents, and they become active when something happens to your primary agent. If you name multiple successors in case one person isn’t able to fulfill their duties, then your heirs will be in even better shape than if you had only named one successor. Make sure any successors understand their responsibilities, so they can step up without hesitation when needed.

4) How Can I Get My Parents or Relatives to Do What I Want?

When it comes to estate planning, it’s not always easy to get your parents or relatives on board. It can be a sensitive subject and most people don’t like talking about death. You may need to accept that they will never change their minds, but you can still protect yourself by filing a durable power of attorney with someone you trust who has proven his ability to handle financial affairs in your place. If an individual refuses you but is mentally competent (not mentally challenged), then you should check out your state’s laws regarding conservatorships. These legal arrangements appoint another person or organization (such as a bank) to manage finances for someone who has been deemed incapacitated.

5) Are Health Care Directives Different from Powers of Attorney?

Technically, these two legal documents are separate but similar. While an advanced health care directive allows you to designate a specific person to make medical decisions for you in case you become incapacitated and unable to do so yourself, a durable power of attorney lets you name someone as your financial agent should something happen that renders you unable to make financial decisions for yourself.

Securing Futures with Roseville Estate Planning

Planning for your future can be made simple with the help of an experienced Roseville, California estate planning lawyer who is ready to help you make a plan that reflects your values and needs. Estate planning is a complex process that requires expertise and knowledge of legal intricacies. This is where an estate planning lawyer comes in. These legal professionals specialize in assisting individuals in creating comprehensive plans for their estates. Learn about these four essential services offered by estate planning lawyers.

Creating a Will

A will is a fundamental document in estate planning. It outlines your wishes regarding the distribution of your assets after your passing. An estate planning lawyer can guide you through the process of creating a legally binding and comprehensive will. They will help you articulate your intentions clearly, ensuring that your assets go to the intended beneficiaries. A skilled lawyer can also offer advice on how to streamline probate or avoid it altogether, which can prevent your loved ones from going through unnecessary conflicts.  

Establishing Trusts

Trusts are valuable and flexible tools for many people who wish to protect their assets and hand them down to loved ones. Estate planning lawyers can assist in establishing different types of trusts, such as revocable living trusts, irrevocable trusts, and charitable trusts. By creating a trust, you can protect your assets from probate, minimize estate taxes, and determine how and when your assets will be distributed to your beneficiaries. An experienced estate planning lawyer will ensure that your trust is tailored to your specific needs and goals, providing you and your loved ones with financial security and peace of mind.

Developing Advance Directives

Preparing for unforeseen medical circumstances is an essential aspect of estate planning. Advance directives, including a durable power of attorney and a living will, enable you to appoint a trusted individual to make healthcare decisions on your behalf if you become incapacitated. With the guidance of a skilled Roseville estate planning lawyer, you can understand what documents to include, how to ensure your wishes regarding medical treatment can be followed, determine end-of-life care, and address financial concerns. By having advance directives in place, you alleviate the burden on your family and ensure that your healthcare preferences are honored.

Minimizing Estate Taxes

Many people creating an estate plan have concerns about the amount of taxes that they must pay. An estate planning lawyer can offer valuable strategies to reduce the tax burden on your estate and preserve your wealth for future generations. They stay up-to-date with ever-changing tax laws and regulations, allowing them to employ legal techniques like gifting, charitable giving, and establishing family limited partnerships to protect your assets and maximize the benefits for your heirs. By working closely with an estate planning lawyer, you can develop a tax-efficient plan that aligns with your financial goals.

Legal Guidance Is Available 

Estate planning is a critical step in safeguarding your assets and ensuring the well-being of your loved ones. By engaging the services of an estate planning lawyer, you gain access to their expertise and experience in navigating the legal complexities of estate planning. From creating wills and trusts to establishing advance directives and minimizing estate taxes, these professionals offer comprehensive services to meet your unique needs. Seek help from a trusted Roseville estate planning lawyer like one from Yee Law Group Inc. to receive legal counsel with your estate planning matters. 

Contact Our Roseville Estate Planning Lawyer

If you need an estate planning lawyer, contact Yee Law Group, P.C. today!

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