Claremont Estate Planning Attorney
It can be easy to put off planning your estate, but a solid plan can provide peace of mind and protect your family’s future, no matter what happens. An experienced Claremont estate planning lawyer from Gaudy Law has the knowledge to address your concerns about safeguarding your assets and making a plan for your loved ones, whether that means starting a new estate plan or modifying an existing one.
Estate Planning in Claremont
Estate plans can feel like something for a far-off future, but it is important to consider the confusion and stress that result from a death or even temporary incapacity. Over 50% of adults do not know where their parents keep their important documents, and conflict over deceased family members’ estates is extremely common.
An estate plan can make sure the most important aspects of your life are managed appropriately when you can’t handle them yourself, whether due to death or incapacitation. A skilled estate planning lawyer can often handle most of the process and collaborate with professionals in other fields as needed, such as medical, financial, or insurance professionals.
Understanding the Probate Process
You may think you do not need an estate plan until you reach a certain age, but anyone who has assets or loved ones who depend on them can benefit from an estate plan. Without such a plan in place, your heirs have to navigate the complicated probate process without knowing your wishes. Probate is the legal process in which the court supervises the administration of a person’s estate. This includes assets like bank accounts and property, as well as debts.
Probate is generally handled by judges from the probate department of the Superior Court in the county where the deceased resided at the time of death. For Claremont residents, this is the Los Angeles Superior Court Probate Division. Your probate process may occur at the Stanley Mosk Courthouse on Grand Avenue in Los Angeles or the Michael D. Antonovich Antelope Valley Courthouse in Lancaster.
In fiscal year 2020, 32,799 probate cases were filed in the California Superior Courts unrelated to conservatorships or guardianships. This was a slight decrease from the previous year, which saw 35,025 filings.
What Happens When There Is No Will?
When there is no will in place, the court appoints an administrator, who is usually a spouse or other close family member, to pay debts and taxes, distribute heirs’ assets, and perform other necessary tasks to settle the estate. If there is no close family member the court finds suitable, a public administrator is named instead. Either situation has the potential to create stress, confusion, and disagreement, as well as hinder the effective distribution of assets.
If the deceased had dependents, the court determines who will be given custody and guardianship. While judges should consider the interests of the dependents, they are not always able to discern the wishes of the deceased if there is not a specific plan in place.
Most or all of these decisions are generally outlined in the will. This makes the process smoother for the executor and gives you more control over how your affairs are handled, especially if you disagree with how the courts would make certain decisions about assets and dependents.
How to Start Estate Planning
When you start an estate plan, it is important to consider your overall goals and objectives, including asset distribution, custody and guardianship of dependents, asset protection, minimizing tax burdens, and establishing healthcare directives. A trusted estate planning lawyer can help make sure that nothing gets left out, that your plan meets all legal guidelines to minimize complications, and that your documents are updated as needed. This often includes:
- Creating key documents such as a Last Will and Testament, a Durable Power of Attorney, an Advance Healthcare Directive, and trusts
- Helping to identify key people in the estate, like executors, trustees, guardians, and beneficiaries
- Developing an asset protection plan
FAQs
Q: How Much Does an Estate Lawyer Cost?
A: How much an estate lawyer costs can vary and depends on several elements. These include how complicated the estate is, the total value of the estate, and how many heirs exist. In your initial consultation with an estate lawyer, make sure to discuss all your options and ask about the cost, payment, and the lawyer’s payment structure, which could be a flat fee in some cases or an hourly rate.
Q: What Is the Difference Between an Estate Lawyer and an Estate Planner?
A: The difference between an estate lawyer and an estate planner is that an estate planner can be in one of many professions, such as finance, accounting, or law, while an estate lawyer practices estate law. In Claremont, Estate law covers many aspects of estate planning, like wills and trusts, power of attorney and healthcare directives, estate administration, and minimizing estate taxes. Planners who focus only on finances generally can’t help with other aspects of estate planning.
Q: If I Already Have a Will, Do I Need an Estate Plan?
A: Yes, in many cases, you still need an estate plan, even if you have a will. A will is only one part of a comprehensive estate plan that mainly covers asset distribution when you die. An estate plan can also include asset protection plans like trusts, as well as financial and medical powers of attorney and living wills that can be essential during your lifetime if you become incapacitated, even temporarily.
Q: What Are the Steps in the Estate Planning Process?
A: The steps in the estate planning process include:
- Defining your goals
- Consulting with a qualified estate planning lawyer
- Creating your will
- Establishing trusts
- Designating beneficiaries
- Creating healthcare directives
- Addressing taxes
- Regularly reviewing and updating your estate plan
Your estate planning lawyer can help you navigate this process and make sure that your plan covers all the specific needs of your family.
Your Claremont Estate Planning Lawyer
At Gaudy Law, our skilled and compassionate legal team knows that a solid estate plan can minimize the stress and conflict that families so often experience during difficult times. With all the options and complex laws, it can be overwhelming to determine what’s right for your circumstances. To discuss your family’s estate planning needs and goals, contact our office today to schedule a consultation.
