Mission Viejo Estate Planning Lawyer

Estate planning is the process of setting up a plan regarding the distribution of your assets and property after you pass away. This involves the following:

• Creating an inventory: Your inventory includes things like your home, land, vehicles, collectibles, and any other assets you may have. Less tangible assets may be bank accounts, stocks, life insurance, health savings accounts, retirement funds, or any businesses you may own. It is helpful to have a list of these assets before moving forward, as well as accounting for the value and location of them.
• Accounting for your family’s needs: This will look different for every family. If your children are still minors, you will need to plan for their financial and circumstantial care in the event that you pass prematurely. Naming a guardian, and even a backup guardian, is an essential part of this process, as well as assessing if you have enough life insurance funds. If your children are grown or you do not have any children, it is still a smart idea to assess your family’s potential needs.
• Establishing your directives: For this step, it is helpful to evaluate whether or not you will benefit from what is known as a living trust. It is also helpful to address any wishes you may have regarding medical care. This is a good thing to have on hand, and it will be an essential tool if you ever reach a point where you are unable to make or communicate these desires.
• Reviewing your beneficiaries: It is always good to have beneficiaries explicitly named in your will to avoid escheatment. If you haven’t assigned ownership to any future beneficiaries, the state will claim the unassigned assets. Charitable donations can be one way of avoiding this. It is also a good idea to review insurance and retirement plans to ensure that the right people will have claim to them upon the event of your passing.
• Noting California’s tax laws: Federal estate taxes, known as “death taxes,” are considered the tax payment required to transfer ownership from the deceased’s assets to their beneficiaries. It is good to plan ahead for this so that your family is not left scrambling in the event of your death.
• Drafting a will: While it is difficult to think about passing away or experiencing disability, preparing a thorough will can help your family immensely. It will help them potentially avoid the probate process, and it may decrease any confusion regarding asset distribution. It also helps you, as the state and your family will know how to accurately carry out your final wishes.
• Having a plan to reevaluate: It is a good idea to have a vague timeline in mind for when you should go over it and adjust things as needed. Having a Mission Viejo trust lawyer who is already familiar with you and your estate can be a helpful part of this process.

Everyone can benefit from having a well-planned estate process. You will have peace of mind about any potential medical decisions that may need to be made, knowing you properly planned ahead of time. Your assets and property will be distributed according to your wishes after death, which benefits your family and eases some of the burdens they will have to face.

We know this can be a hard thing to think about, and there are different complications or confusing aspects of the estate planning process. This is why at Law Office of Christopher P. Walker, our team is prepared to help simplify the process and carry this burden with you.