California Estate Planning Attorney - Los Angeles and Orange County Estate Lawyer

When you finally get to the details, things can get very confusing very quickly. The good news is there is voluminous reference information available for most of these subjects, so it is unlikely you’ll be left without the necessary knowledge to advance your estate plan.

• The first document most people have heard of and understood on at least a basic level is the will or “last will and testament”. This is simply a written set of instructions usually compiled by your local Los Angeles estate lawyer. It expresses your wishes with regard to the distribution of your property. In some circumstances it doesn’t have to be anything particularly official nor does it need to be written in exacting legal terminology. Absent a trust, this is the document that will likely govern the probate process (with few exceptions).
• The second important document is called a “durable power of attorney“. This is an instrument that allows someone to act on your behalf in the event of incapacity or other legal obstacle. The power of attorney gives the right for someone to exercise authority over your own affairs. Absent this permission, decisions may be made by your behalf by the courts, which leaves your estate at risk of an undesired outcome. In many cases, your actual attorney will act legally on your behalf, however, if you prefer to assign authority – whether partial or in full – to a relative or close friend, the durable power of attorney gives you that option.
• Beneficiary Designations are documents prepared by any estate planning lawyers in Los Angeles to appoint certain people as the beneficiaries of properties and/or funds that pass from one to another outside the scope of your will or trust. For example, the proceeds of a life insurance policy go directly to a beneficiary from the insurance company and are not normally under the auspices of the probate process. However, any monetary instruments (including cash or investments) and property owned by the deceased is part of their estate, and therefore governed by a will or trust.
• The Designation of Guardian is the appointment of someone assigned to the affairs of an estate or a person (or both) prior to the need for such a person to serve. It is a document that allows the designated person to exercise legal authority over an estate or person absent the governance of a trust or other documents. In some circumstances, powers of attorney or living trusts do not provide the protection a guardian designation can, especially in situations where an estate is subject to competing interests. Disputes over the details of a probate case can result in legal actions where one party attempts to take control of an estate from another. Making certain there is a designated guardian on hand to look after the affairs of both the estate and its owner is an important part of a highly effective and well organized plan.

One of the fastest ways to create problems for your loved ones (and for your estate in general) is to allow default beneficiary conditions to arise. This happens when a beneficiary is either improperly named, or, various kinds of accounts that should pass directly to a beneficiary are not maintained properly. These assets then end up going to your estate instead, which itself could be subject to months or even years of delays due to various legal matters. This is one of the most frequent blunders made by estates and their owners. It can be very costly in both time and money to rectify, and there is no guarantee as to what the outcome may be.

Another easy-to-overlook detail is the presence or absence of a residuary clause. If an asset or piece of property is not covered in a will, the purpose of the residuary clause is to be the catch-all for them. This includes any property acquired between the time you draft your will or set up your trust and your death. Always remember any property that isn’t covered by your estate plan will end up governed by the probate court and may not end up where you might prefer. This among other things is a key reason you need to plan ahead.

The most easily avoidable problem is dying intestate. This is a legal way of saying a person died without a will or trust. The result can be a protracted legal battle as competing family interests must first prove their relationships to the deceased, and then petition the probate court for whatever they believe the deceased wanted them to have. In a complex estate with various kinds of property, this can be a fantastically expensive process which can, in many cases, threaten to drain the estate of most of its value.

Once an estate plan is in place, a step or process for regular examination and the updating of information as needed is a top priority. While it is possible to put together a will or trust that is flexible enough to accommodate changes in a person’s life and financial situation, there are too many details involved in even a simple estate plan to maintain any degree of certainty. It falls to the owner of the estate to make sure everything is protected, and that any changes in finances are provided for. The safest way to secure and protect your assets and provide for your loved ones is to establish and maintain a relationship with one of the highly qualified and experienced estate planning attorneys serving clients Orange County and Los Angeles, CA.

Working with a professional and maintaining the most up-to-date plan is the key to avoiding mistakes, prevent problems between your family, and eliminating threats to the value of what you’ve spent a lifetime working for. Your estate planning attorney is one of your most powerful and important advisors.