Fontana Estate Planning Lawyer

An estate plan is a series of legal documents that outline how a person’s assets and responsibilities are to be addressed during their life and after death. Estate plans are commonly associated with inheritance, but they can also provide clarity for unexpected situations like healthcare decisions, financial decisions, children’s guardianship, and more.

While estate planning is important for all income types, many people do not have one. According to one survey, in 2024, only 32% of Americans had an estate plan. Out of those surveyed, 43% said they do not have one due to procrastination, and 40% believe they don’t have enough assets to have one.

Having an estate plan in place offers reassurance that your assets will go where you intend rather than being subject to California’s standard legal distribution. A well-designed estate plan may also reduce your family’s potential for fighting over your property and streamline estate administration after death.

You can combine many legal documents to create a comprehensive estate plan. No two families are alike, and the right estate plan for your family depends on your unique circumstances. Some common estate planning documents include:

• Last will and testament
• Durable power of attorney
• Minor children’s guardians
• Revocable living trust
• Healthcare directives

Each document has its own set of benefits and can help address different issues. When used together, they create a network of legal protection for your estate.

In California, estate planning laws set the minimum requirements for creating valid wills, trusts, and other estate planning documents. Understanding these laws can help you see that your estate plan follows California law and carries out your intentions.

If you ever need to have your estate plan reviewed by a court in Fontana, you may eventually interact with the San Bernardino County Superior Court – Fontana District, 17780 Arrow Boulevard, Fontana, CA 92335.

California Probate Code § 6100 details who is legally able to create a will in California. California Probate Code § 15200 contains a complete list of ways that a trust may be created under California law. Both of these laws can impact how your estate plan is created and administered. Knowing about these laws can help you create estate planning documents that hold up when your family needs them.

Many people choose to hire an estate planning lawyer when they need help creating legal documents. Estate planning is a process that allows you to make important decisions about your family, assets, future goals, and healthcare. Everyone has unique needs and priorities when planning for the future. An experienced estate planning attorney can walk you through your options and help you understand how different decisions can protect your family.

FAQs

What Is the 5-by-5 Rule in Estate Planning?

A 5-by-5 rule is language that may be included in a trust which permits the beneficiary to take the greater of $5,000 or 5% of the trust each year without suffering tax penalties. The 5-by-5 rule is commonly used in trust planning when the goal is to give beneficiaries limited access to money.

What Are Common Mistakes to Avoid in Estate Planning?

The biggest estate planning mistake is not having an estate plan. Other common estate planning mistakes are not updating your documents when you experience life changes, forgetting to name beneficiaries, not funding your trust, and selecting the wrong person to act as your fiduciary. Also, many individuals fail to plan for incapacity, which can cause problems if you become unable to handle your affairs while you are alive.

How Often Should I Update My Estate Plan?

You should review your estate plans from time to time to make sure they still reflect your wishes. Some professionals recommend reviewing your documents every three to five years. Others say you should review them after any major life change. These life changes can include marriage, divorce, the birth of a child, retirement, and significant financial changes.

What Happens if My Beneficiary Dies Before Me?

Typically, if a beneficiary dies before the estate owner, the deceased beneficiary’s portion goes to their descendants. However, this isn’t always automatic and may be contingent on the language of the will, trust, or beneficiary designation. Some estate planning documents contain alternate beneficiaries, while others require that assets be distributed via state law. Periodic review of estate planning documents can help make certain that these issues are considered.

An estate plan is not only for those who are wealthy. Estate planning is beneficial to anyone who has wishes for their loved ones and assets after death. Gaudy Law can help you build an estate plan that reflects your desires. Contact us today to speak with an attorney.

We can meet in our office, or over the phone. Use this time to get questions answered and learn your best next step.