Sacramento Estate Planning Lawyer
If you are planning on writing a will soon, you may want to speak to a Sacramento estate planning lawyer. Writing a will might not be pleasant, but it’s important an important thing to do. A skilled estate planning attorney may help you write your will correctly.
What Is a Will?
A will is a legal document that states who should receive your assets after you die. These assets can range from expensive items, like vacation homes, to smaller items, like a painting or piece of furniture. If your children are legally your dependents, you may also name the person or persons you wish to take care of them.
When you write your will with the help of a Sacramento estate planning lawyer, you may also declare who will manage your estate after you die. This person could have several responsibilities, including distributing your assets, paying your estate’s debts and taxes, and maintaining your property until it’s sold or distributed. The executor of your will should be completely trustworthy and capable of handling all the responsibilities that come with the job.
Should Spouses Have Joint or Separate Wills?
An estate planning lawyer in Sacramento, CA may advise against having a joint will with your spouse. It’s possible that some of your property and assets aren’t jointly held. For instance, a separate will may allow you to take care of property that was bought during a previous marriage.
Where Should a Person Keep a Will?
It’s important to keep your original will in a safe yet accessible place. For example, you may want to keep your will in a fireproof safe in your house. Do not forget to let the executor of your will or your Sacramento estate planning lawyer know how to access these documents in an emergency.
How Often Does a Will Have to Be Updated?
While you may update your will as often as you wish, it may only be necessary to do it after major life changes. For example, if you recently had a baby, you may want to set up a meeting with your Sacramento estate planning lawyer and add your new son or daughter to your will. Other major life changes may include a marriage, divorce, and death of a beneficiary.
What Are the Consequences of Not Having a Will?
If you don’t have a will at the time of your death, the state will decide who inherits your assets. The judge will appoint an administrator, who will distribute your assets and assume all the other responsibilities of an executor. Because the administrator may be someone you and your family do not know, he or she may make decisions that don’t fulfill your wishes. It may be in your best interest to write a will while you are still in good health.
There is no better time than the present to write a will. This important document may ensure that your assets go to the right people. If you are looking for a qualified Sacramento estate planning lawyer, contact the Yee Law Group, PC at 916-599-7297.
What You Should Know About Living Trusts
When deciding how to secure your finances, you may turn to advise from family and friends. Each person may give you a different answer, and you may wind up feeling more confused than ever. One tool you may have heard about is a living trust. You may not have delved further into the topic at the time since you didn’t necessarily believe that the process of creating a trust was relevant to you. However, the creation of trusts is not a process reserved for the financial elite. Virtually any adult could benefit from creating a trust, depending on their circumstances. It is therefore important to consider speaking with an experienced Sacramento estate planning lawyer from Yee Law Group before making any assumptions about your broader estate planning needs. A living trust is a special kind of financial shelter and estate planning element and may be worth exploring, depending on your circumstances.
The Purpose of a Living Trust
Much like a bank account, a living trust acts as a depository for you to place items of value. Something like property can be placed in a trust. Once you establish a living trust, anything you put within it becomes the property of the trust. For example, if you own an investment property, the ownership will legally transfer over to the name of your trust. A living trust, like traditional trusts, also has beneficiaries. When you die, the trust passes to those you have named without going through probate, which can be beneficial as California has a complex probate process. In fact, many people choose to work with an experienced Sacramento estate planning lawyer to create living trusts simply because they allow property to be passed along while avoiding the probate process.
The Advantages of a Living Trust
When you put something into a living trust, you are removing it from your net worth, which also means you are removing it from your tax returns. One of the reasons that working with a Sacramento estate planning lawyer to create a living trust is a popular process is because managing assets in this way allows people to minimize their income tax bracket while technically retaining control over an asset. After you’ve granted something to the trust, it will remain there unless you decide to remove it. If the trust is revocable, it can be changed or canceled at any time by the grantor. If this occurs, the property transfers back to the grantor and tax liability resumes.
When speaking with our experienced Sacramento estate planning lawyer team, you may want to ask whether creating a living trust is right for you. Depending on your circumstances, moving forward with a living trust may be one of the smartest financial decisions you ever make.
Common Myths About Wills
It’s becoming common knowledge that establishing a will is very important. However, some people are still reluctant to do so because they believe some of the myths surrounding these legal documents. Here are some of the most common myths about wills that a Sacramento estate planning lawyer hears about.
- Wills Are Only for the Wealthy: While this might have been true a long time ago, it isn’t the reality today. Even if you come from modest means, it’s still wise to hire a Sacramento estate planning lawyer to help you establish a will. If you have a family that depends on you, a will ensures they will be taken care of after you’re gone. If you have minor children, you can also state who you want to look over them if you die suddenly.
- It’s Cheaper to Create a Will on My Own: Another reason why some people shy away from hiring a Sacramento estate planning lawyer to help them establish a will is because they think it’s too pricey. They instead attempt to create a will on their own with online estate planning software. While a will may seem like a pretty simple document to create, it actually involves many complexities. It may contain legal jargon that you’re not familiar with, causing you to make costly errors. By investing an experienced estate planning lawyer, you can actually save more money and headaches down the road.
- Making a Will Takes Too Much Time: If you hire a skilled Sacramento estate planning lawyer, establishing a will shouldn’t take long at all. In fact, it shouldn’t take longer than a day for most people.
- Once You Create a Will, That’s It: Many people are under the false impression that after you establish a will, you don’t have to look at it again. However, it’s important to reassess your will every time you experience a major life change. For example, if you get divorced, you likely don’t want your ex-spouse to inherit any of your assets. Unless you update your will, however, your ex-spouse can still receive your assets after you die. Other life changes that call for a will update include the birth of a child, marriage and death of a beneficiary.
- If You Die Without a Will, the Government Gets Your Property: If you die without a will, it doesn’t mean that the government will get everything. If you have a spouse and/or children, they will inherit your assets. The only way the state gets everything is if you have no living relatives left.
I Don’t Need a Will Because I Can Just Tell People My Wishes: While you can tell your family who you want to inherit your property or who you want to take care of your children, none of this will be legally binding without a valid will. If you want to ensure your wishes are carried out, establish a will with the help of a Sacramento estate planning lawyer.
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