Guide To Orange County, California Estate Planning Laws

Estate planning is an important activity that helps in proper disposition of property upon one’s demise. If you don’t have a will then the state of California takes control of your estate and they decide the fate of the property and it might not be what your wish was. Estate planning can also help reduce taxes and avoid probate or make sure that a large portion of your estate actually gets to those you intend it for at a fast rate.

Well, Here Is a List of Some of The Voluminous Aspects of Most Estate Plans and The California Laws That Go with Them:

If you need legal assistance with the preparation or modification of your estate plan in and around the greater Orange County, we invite you to come in to the Law office of Rebecca Sommer to discuss your objectives with a team of committed and experienced California estate planning lawyers. Orange County, California estate planning laws regulate how your property is controlled and who gets it after you are gone, whether through a will or by way of a trust, and the methods affiliated with the process, known as probate. Knowledge of these laws will put anyone in a better position when it comes to the planning of his estate.

Will

A will is a legal document which you create to outline your wishes concerning the distribution of your wealth after your demise. You may wish to bequeath your property to relatives, friends, non-governmental and voluntary organizations, schools, society, parks, or museums, or to such other persons or organizations for whose benefit you may wish to make the bequest. Your will can also name a person or people to act as an executor of everything you own as well as name a guardian for any young children you may have. Wills can also give you the opportunity to leave no room for doubt as to what has to be done with each of your assets. If you pass on without a valid will, then the state of California takes a decision as provided in the California Probate Code section 6400 and the following. These laws divide your property among your close and distant relatives.

Trust

A trust is a civil contract under which you transfer your property to a trustee who is supposed to use the property for the benefit of the beneficiaries. Some of the most common trust established in Californian include revocable trust, irrevocable trust, and special needs trust. Of course, each type of trust has its advantages and disadvantages and it’s always wisest to speak with an Orange County Estate Planning Lawyer to establish which of these is best for your particular situation. The trust document indicates the trustee and beneficiaries who can be named or can be definitely ascertained. The settlor can also nominate her initial trustee along with a second trustee but a proper trust must not have just one person acting in each capacity- the trustee and beneficiary. A trust is a legal document and the more intricate regarding its classification and legal nature without professional advice and guidance of a lawyer specializing in estate planning you should not draft such documents.

Probate Procedures

Probate is the legal method by which the assets of the deceased are divided up under the supervision of a court. Generally, the process of probate in Orange County, California may be very lengthy and costly and it may take clearly several months to get through the whole process. However, there are some exceptions if some of the assets like the assets in the trust, or having a designated beneficiary, will not go through the probate process. One should consult an estate planning attorney with an intention to reduce the effect of a probate in their estates. 

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