Pasadena Estate Planning Lawyers Helping Clients Preserve Their Wealth for Future Generations
Everyone avoids thinking about estate planning, but it is a crucial step to take if you want to protect your fortune and make sure your family won’t run into financial problems when you pass away. Here are some crucial facts to understand about estate planning in California from our attorneys.
They have helped numerous families in Pasadena and the nearby communities develop strong estate plans to safeguard their legacy.
Why Is Estate Planning Important and What Does It Entail?
A combination of paperwork and plans called estate planning specifies how your possessions will be divided among your heirs following your death. You may shield your assets from heavy tax burdens and your heirs from them with the help of proper estate planning.
A carefully prepared estate plan can guarantee that your beneficiaries can support themselves financially even after you pass away. Finally, a point that is sometimes ignored is that having an estate plan allows you to specify who would care for your young children during your untimely death. Because of these factors, estate planning applies to everyone, regardless of wealth.
Is California the State of Probate?
Although California does have a probate procedure, not all assets or estates must go through it., probate is the process by which the state ensures that a decedent’s assets are appropriately dispersed to their heirs following the decedent’s intentions or, in the absence of a will, under California’s intestate succession laws.
In California, a standard probate procedure is often necessary when the entire worth of the decedent’s estate is $166,250.00 or more. The administration of these estates and assets that belonged to the deceased as community property with a spouse may be streamlined.
It may be to your best advantage to seek the assistance of an estate planning solicitor if the value of your estate exceeds $166,250.00 since various estate planning options may enable you to keep many of your assets out of probate.
What Would Happen If I Had No Estate Plans?
Occasionally, people pass away without taking any steps to establish an estate plan. This might cause many problems for their beneficiaries and put crucial choices in the hands of a probate court. For instance, the court will decide who will care for your minor children and how your assets will be distributed among your heirs following the California intestate succession legislation.
Also, your estate may be more tax vulnerable or result in additional taxes that your beneficiaries may have to pay after receiving an inheritance. It’s crucial to have an estate plan, or at the very least a will, if you want your intentions documented and honored. Also, many estate planning instruments, including trusts, let you avoid probate and reduce the tax burden your beneficiaries could face.
What Does a Lawyer for Estate Planning Do?
A lawyer specializing in estate planning can handle various paperwork and assist you in drafting crucial documents for your estate plans. Each estate plan must include a properly written final will, and a solicitor can guarantee that it is made correctly and in a way that heirs will not challenge.
Your estate planning attorney may also help with duties like drafting healthcare directives and power of attorney documents, living trusts, financial strategies to avoid probate and minimize estate taxes, and much more.
An estate planning lawyer’s job is to provide you with information and counsel so you may safeguard your legacy, simplify the process of distributing your assets to your beneficiaries as simply as possible, and ensure that your desires are carried out. Our legal team at Barilari & Williams, LLC assists and directs clients in Pasadena and the surrounding regions with estate planning. Call us at 888-EST-PLAN for a free consultation.
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