Understand the basics of estate planning to ensure your future
“What is estate planning in Auburn, CA, and why do I need one?” This can be one of the questions you might have when planning for your future. Most people in the United States think of estate planning as something that only wealthy people do. The truth is everyone has an estate, and literally, every adult should have an estate plan in place.
Estate planning might feel scary and overwhelming, which is why working with our skilled Auburn estate planning attorneys at Bottomline Lawyers is essential. Our legal team will make sure your final wishes regarding your estate are carried out. Contact our law office today for a free consultation to learn which approach is best for your situation.
Why Do I Need an Estate Planning Lawyer in California?
Estate planning is not only for the wealthy. It ensures your assets and finances are dealt with properly after your death. Based on your wishes, our trusted Auburn estate planning lawyers will design the plan that best fits your estate planning needs. At Bottomline Lawyers, we are committed to:
- Help individuals and families from all backgrounds and incomes create estate plans designed to preserve their wealth and pass it on to beneficiaries and succeeding generations, according to their final wishes.
- Provide efficient legal advice to our clients and their family members and protect them from unforeseen financial risks and complications.
- Assist clients in preparing wills, trust agreements, power of attorney documents, advanced healthcare directives, and more complex estate planning instruments.
- Create an estate plan that can minimize taxes such as income tax, gift tax, estate tax, and generation-skipping transfer tax that can diminish the value of your estate.
- Provide various legal services in other practice areas, including bankruptcy, business formation, estate planning, asset protection, probate litigation, trust administration, and tax resolution.
Our estate planning law firm can tailor your estate plan to your needs. We are here to give you and your family the required legal framework to ensure your legacy is how you intended it to be. Schedule an initial consultation today to learn more about your legal options.
Estate Planning Basics in Auburn, California
Estate planning is creating a plan about what will happen with your wealth, possessions, and even your children if you become incapacitated or when you pass. It involves creating binding, legal documents to ensure your wishes are carried out. You will provide specific instructions stating how and to whom your property or other assets will be transferred after your death.
Our knowledgeable Auburn estate planning lawyer will review your situation and help you create or update your estate plan to ensure your plan aligns with your wishes.
An estate plan can range from a simple one that addresses family members and charities to complex multi-generational plans. If you do not have an estate plan, the State of California will decide what happens to you, your children, and your property.
What is the Purpose of Estate Planning?
Creating an estate plan ensures that all estate assets will be managed and distributed according to the deceased’s wishes. It allows a person to decide who will benefit from their estate and to what extent. A top-ranking Auburn estate planning lawyer can help you understand the benefits of having a well-rounded estate plan.
Estate planning also ensures that the estate will not be significantly affected by taxes imposed on the transfer of assets at death. Aside from providing financial security, estate planning encourages someone to make critical decisions, such as choosing healthcare preferences, securing funeral arrangements, and naming a guardian for minor children.
By planning, you or your heirs can potentially benefit financially. Life is easier for a surviving family member when you provide instructions on handling everything from medical issues to asset protection and distribution.
What are the Essential Estate Planning Documents?
Various estate planning documents can be used to ensure that estate assets will be distributed in the best desirable way. The type of estate planning tool you need will be usually based on the estate size, the number of beneficiaries, and the purpose of distributions. Our qualified Auburn estate planning attorney can help you determine the essential elements of an estate plan.
Last Will and Testament
The will is considered the most common estate planning tool. It is a legal document that expresses your last wishes for the distribution of your property or other assets. By creating a will, you can appoint a personal representative, or executor, to manage the estate and complete tasks like closing accounts and distributing assets. You can also name a guardian for minor children and specify who should receive any assets in your estate at the time of death.
The authenticity of a will is determined through a legal process known as probate, which may be a lengthy and expensive process. Probate is the first step taken in administering the estate of a deceased person and distributing assets to the beneficiaries. As a result, the beneficiary of the will may not receive the entire share stated in the will, and there may be a delay in the distribution of assets.
Living Trust
A living trust is beneficial in managing your estate both before and after your death. It is a legal entity separate from the person who forms it that holds assets for beneficiaries.
The primary benefits of a living trust are that you can name a trustee of your choice to financially care for you with your assets when you become incapacitated on either a temporary or permanent basis.
When you die, your trustee can step in and provide for your family by using the assets you placed in the trust during your lifetime or in your will. If you hold your property in a living trust, your surviving heirs will not have to experience the expensive and time-consuming probate process.
Power of Attorney
A power of attorney (POA) is a legal document that gives an appointed agent or attorney-in-fact substantial power to make significant financial, healthcare, or life decisions on your behalf when you are incapacitated and unable to make decisions for yourself. If you do not let your final wishes be known in your power of attorney, the court will decide who should be appointed. It may not be the person you would choose.
The type of power of attorney determines the limits of the agent’s authority. A durable power of attorney extends further than the principal’s incapacity. “Durable” means that the POA remains in effect even if you become incapacitated. These powers of attorney can be a general power of attorney allowing the agent to take any legal action on your behalf, durable power of attorney for healthcare decisions, or financial power of attorney that appoints an agent for the limited purpose of making financial decisions for you.
Advance Health Care Directive
An advance healthcare directive, also known as a “living will,” sets forth a person’s decisions regarding healthcare at the end of their life. This includes a health care declaration and a power of attorney for health care. Health care directives ensure that someone’s medical wishes will be carried out when they cannot make their own health care decisions.
Call Our Competent Auburn Estate Planning Attorney Now!
While it may be a complicated topic to think about, estate planning is an important step you can take to protect the best interests of your family. A comprehensive estate plan will help ensure your final wishes are carried out, and your loved ones are financially supported. However, planning what happens to your estate when you are gone can seem frustrating and intimidating without qualified help.
Our seasoned Auburn, CA, estate planning attorneys at Bottomline Lawyers are here to answer your concern on “What is estate planning in Auburn, CA,” and assist you through every step of the process.
Our estate planning law firm will work closely with you to ensure the right people receive your assets and continue your legacy. We can guarantee you will feel more confident about your future after you have made and communicated your final wishes to the people you care about most.
Your estate plan is the greatest gift you can give your loved ones to alleviate stress and uncertainty. Let us help you create an estate plan that protects your valuable assets, maximizes tax advantages, and provides the significant people in your life with the best benefits. Call our law office today and schedule a consultation to begin creating or updating your estate plan.
