Wills and Trusts Lawyer Sacramento, CA
Creating a plan for your future and the future of your loved ones can be outlined through the assistance of a wills and trusts lawyer Sacramento CA residents rely on. At Yee Law Group, our attorneys work closely with you to understand your desires and goals regarding the maintenance of your estate and other property.
Differences Between a Will and a Trust
A knowledgeable wills and trusts lawyer may explain that wills and trusts are both beneficial and important aspects when creating an estate plan.
Sometimes referred to as the “last will and testament,” a will is a document that states your final wishes. After your death, a county court makes sure that your final wishes are carried out. A wills and trusts lawyer in Sacramento CA may state that the benefits typically include:
- Leaving names of beneficiaries for property (same as a trust)
- Revise the document if needed any time before their death (same as a trust)
- Name guardians for children
- Name property managers for children’s property
- Name an executor
- Instruct how taxes and debts should be paid
- Is rather simple to create
- Requires witnesses
A living trust is created during your lifetime and allows you to maintain complete control over the assets placed into the trust. As a wills and trusts lawyer may explain, one of the main benefits of creating a trust is that your estate could avoid probate after you pass on. Probate is the legal process for passing along your assets and it occurs after your death. It often involves a court reviewing the validity of the estate planning documents, and certain debts are paid from the estate before it is distributed to beneficiaries.
Other benefits of a trust may include:
- Leaving names of beneficiaries for property (same as a will)
- Leave property to young children
- Revise your document (same as a will)
- Keep privacy after death
- Requires a notary public
- Requires transfer of property
- Protection from court challenges
- Avoid conservatorship
Choosing What’s Best for You
A wills and trusts lawyer Sacramento CA provides may be able to give you guidance when you decide to create a trust, a will. or both. If you are considering a trust, there are some different aspects that should be examined to ensure you are making the correct choice. It is highly recommended you talk with a Sacramento wills and trusts lawyer to help you decide.
Opening a trust can be a useful estate planning tool however, it can be expensive. Here are a couple questions to consider when deciding if a trust is beneficial for you:
- Do you have a net worth of at least $100,000?
- Do you have a substantial amount of assets in real estate?
- Do you have specific instructions on how and when your estate will be distributed?
- Are you trying to minimize estate taxes or protecting your estate from lawsuits and creditors?
Even if creating a trust would be ideal for your situation, it may still be beneficial to create a will. This provides a solid backup, allows you to name guardians for children under 18, and can create a catch-all beneficiary for any property you didn’t specifically leave to a certain heir.
Importance of Estate Planning
The following situation occurs more often than you think:
A couple live together for years but are not legally married. Over the years together, this couple has purchased property and save a substantial amount of money. One of them has no children and has no close relatives — just distant ones with whom they barely speak. The individual created a do-it-yourself will in which they leave all of their assets to their partner. They pass away and the will is probated. The court declares the will is invalid because of some statutory requirement that is missing. Now, instead of the partner receiving the assets, state law says the distant relatives will receive them instead.
Sadly, many do-it-yourself wills are declared invalid because they lack critical legal components that are required by the state. This is why it is so important to have a wills and trusts lawyer in Sacramento, CA draft your will and other estate planning documents.
Some of the more common reasons why a will be declared invalid include:
· The decedent was not 18 years of age or older when they wrote the will.
· The decedent did not have the required mental capacity when they wrote the will. They must have had a strong understanding of what their estate was actually comprised of and how they were actually declared it was to be distributed.
· The decedent did not sign the will.
· There were not two witnesses to the decedent’s signature when they signed the will or one or both of the witnesses were also named as beneficiaries in the will.
Any will that is not executed under the laws of the state where the decedent resided can be challenged when it is filed in court for the probate process. If it is found invalid, anything else in the will also becomes invalid. The court then continues the probate process as if the individual had died without a will, and it divides their assets in accordance with Sacramento, CA laws.
This could mean that anyone you had named as beneficiary will not receive anything and anyone you did not want to benefit from your estate could indeed benefit, just like the scenario described above.
How a Probate Lawyer Can Help You in Sacramento, CA
Filing for probate can be one of the most complicated and stressful parts of preparing for after your life, but hiring a probate lawyer in Sacramento, CA can make this process easier by helping you navigate the necessary legal paperwork and ensuring that your family members understand their inheritance rights in accordance with the will you’ve made or other estate planning documents. Here are some tips on how to use the help of an experienced probate lawyer from Yee Law Group, P.C. when creating your estate plan.
Why It’s Important to Write a Will
One of the most important documents you can have is your will. A will tells people what to do with your possessions after you die and names an executor who makes sure everything happens as you’ve written it. If you don’t have a will, it’s called intestacy — and that means things get very messy for your survivors. Your attorney can help guide you through writing and revising your final wishes so everyone knows what happens next.
Who Should Write a Will
Although they are not required by law in all states, wills are generally a good idea for most people. If you have property that you’d like to pass down to your loved ones or if you have minor children (under 18), then having a will is an important decision. By choosing someone to serve as legal guardian of your children and someone who can handle any issues involving your assets after you die, you can take some of the stress off your family members at an already difficult time when dealing with losing a loved one. If there is more than one person who might want to step up and take on those responsibilities for your kids or for inheriting any assets, make sure everyone knows about their wishes when it comes to protecting children or benefiting from your will.
The Importance of Having an Estate Plan
The death of a loved one is never easy. If you don’t have an estate plan, it may become harder than you think. It takes time to compile all your assets and arrange them properly. And it takes time to create documents such as wills and trusts that help protect your estate after your death. Many people procrastinate on these important matters and end up making mistakes they’ll regret later on. A probate lawyer from Yee Law Group, P.C. can help you avoid these problems. He or she can guide you through every step of creating an estate plan so that everything goes smoothly when your time comes. This ensures that family members will be able to settle their affairs without having to worry about legal complications. When planning for your future, trust only a professional probate lawyer who has been practicing law for many years and knows how to handle any issues that might arise during probate proceedings.
Choosing the Right Executor
It is important to pick someone who will be willing and able to do what is required of them. If they are unwilling or unable, then they are not fit for being your executor. And if you leave it up to chance then you may never find out until it’s too late. Some executors can even abuse their position and make life difficult for your loved ones after you pass away.
A probate lawyer can help you with all these big decisions when planning your estate. Contact an attorney at Yee Law Group, P.C. today.
Contact Yee Law Group Today
In order to avoid issues with your will, avoid the online, do-it-yourself options. You may think you are saving money by doing so but, in the end, that decision could have devastating financial consequences for your loved ones.
At Yee Law Group, we work with our clients to ensure that their last wishes are stipulated exactly as they want them. We can also go over some of the other estate planning options you may be interested in, such as revocable living trusts, special needs trusts, pet trusts, and charitable trusts, so your beneficiaries can avoid probate completely.
If you are seeking further advice, contact a wills and trusts lawyer Sacramento CA residents depend on from Yee Law Group today.
What is the purpose of creating a will?
As a Sacramento, CA wills and trusts lawyer can explain to you, a will is important because it allows individuals to dictate how their assets should be distributed. It ensures that their wishes are legally recognized, minimizes the potential for family disputes, and provides peace of mind knowing that loved ones will be taken care of according to their specific instructions.Creating a will is essential to ensure that your assets are distributed according to your wishes and to minimize potential conflicts among family members. A will allows you to appoint a guardian for your minor children, specify funeral arrangements, and even make charitable donations, enabling you to leave a lasting legacy.
What are the benefits of establishing a trust?
There are several advantages to setting up a trust. Firstly, it allows individuals to maintain control over their assets while alive and specify how they should be managed and distributed after their passing. Trusts can also help minimize estate taxes and avoid probate, providing privacy and flexibility in wealth transfer. Moreover, trusts enable individuals to protect assets from potential creditors and ensure ongoing financial support for beneficiaries.Establishing a trust provides numerous benefits. Apart from allowing you to retain control over your assets, it offers the opportunity for tax planning, as certain types of trusts can help minimize estate taxes. Trusts also provide protection from creditors and potential lawsuits, ensuring the preservation and efficient management of your wealth for the intended beneficiaries.
How often should a will be updated?
It is recommended to review and update your will whenever significant life events occur, such as marriage, divorce, birth of children, or the acquisition of new assets. Reviewing your will is important if you want to make sure that your will is up to date with your current wishes, as a Sacramento wills and trusts lawyer can tell you. Failing to update a will can lead to unintended consequences and potential conflicts among beneficiaries, making periodic updates an essential part of responsible estate planning.Regularly reviewing and updating your will is crucial to reflect any changes in your life circumstances accurately. Whether it’s a new marriage, divorce, birth of children, or significant asset acquisition, updating your will ensures that your wishes are current and relevant, preventing unintended outcomes and potential disputes among your loved ones.
What role does an executor play in the probate process?
An executor, named in a will, is responsible for administering the estate of the deceased. They play a crucial role in carrying out the deceased’s wishes, such as distributing assets to beneficiaries, settling debts, filing tax returns, and managing legal proceedings if necessary. Executors should possess strong organizational and communication skills, as well as a thorough understanding of the probate process, to effectively fulfill their duties and responsibilities.An executor, also known as a personal representative, is entrusted with the responsibility of managing and distributing the assets of the deceased according to the instructions outlined in the will. This involves gathering and appraising assets, paying debts and taxes, and ultimately ensuring that the beneficiaries receive their designated shares. The role of the executor is critical in achieving a smooth probate process and following the deceased’s orders.
How can I protect my assets from potential creditors or legal claims?
Asset protection strategies vary depending on individual circumstances, but some common methods include establishing trusts, creating family limited partnerships or LLCs, utilizing retirement accounts, and obtaining appropriate insurance coverage. These strategies can help shield assets from potential creditors or legal claims, safeguarding them for the intended beneficiaries. It’s crucial to consult with an experienced wills and trusts lawyer who can assess your situation and recommend tailored asset protection strategies to best suit your needs and goals. Asset protection strategies aim to safeguard your hard-earned wealth from potential creditors or legal claims. Find out how you can receive legal assistance regarding estate planning letters by connecting with a qualified Sacramento wills and trusts lawyer like one from Yee Law Group, PC.
“Michael Yee and his staff were great at helping us set up our living trust . They were very professional , knowledgeable and helpful with all our questions and made the whole process very comfortable and easy . It only took 2 weeks to complete the whole process . I highly recommend their services and strongly encourage anyone seeking legal services to contact them.”