Estate Planning
Estate Planning Attorney Los Angeles
A California Estate Plan is a collection of documents that typically include a will, trust, quitclaim deed, power of attorney and advance healthcare directive.
An estate plan should at least accomplish the following three goals for you in California:
1. Avoid Los Angeles Probate Court
2. Plan for Guardianship of Minor Children
3. Plan for Incapacity
At Best Coast Estate Law we offer flat rate packages that are custom tailored to each client. Your estate plan allows you to control what happens to you in the event of incapacity and the transfer of your assets after your death. It should encompass your private assets, real estate, business assets and even intellectual property or royalties and residuals.
Frequently Asked Questions
Our team specializes in simplifying the estate-planning process so you and your loved ones can feel certain about every decision. Start with this overview, and then book a consultation when you’re ready to talk more.
Why do I need an estate plan?
In California, if you do not have an estate plan, the Probate Court will determine who
controls your estate after your death, who can manage your affairs during a period
of incapacity and who should take custody of your children if you are unable to. An
estate plan gives you the power to make these choices yourself.
Should I put my child’s name on my property to avoid probate?
No! There are many reasons to avoid this, including but not limited to capital gains tax consequences, increased legal liability and potential elder abuse. You can avoid probate of your California real estate by creating a trust or by executing a transfer
on death deed (in limited circumstances). If you put your child’s name on your home you can never change your mind, but an attorney drafted estate plan gives you flexibility to make updates throughout your life.
Trust v. Will, what should I do?
In California, the primary difference between a trust and a will is that a trust avoids Probate Court. If you only have a will, your assets will likely be subject to court administration after your death or during a period of incapacity. A trust allows you to avoid California Probate Court. Probate Court is very time-consuming and expensive. If you own real estate, have minor children or have other significant assets, a trust is your best option for avoiding court.
Is California Probate really that bad?
In California a Probate Administration typically takes 1 – 2 years to complete. There
are many expenses related to a probate such as publishing fees, filing fees, courier
fees, appraisal fees and of course, attorney fees. A California Probate Attorney is
paid a percentage of the gross value of the assets. A Probate also exposes your
estate to potential creditors against your estate- most significantly Medi-Cal estate
recovery.
How do I name a Minor Guardian for my children?
If you have minor children, you can nominate a loved one to serve as guardian of
your children if you are unable. This nomination should be made in your Will. A
guardian has the rights and responsibilities of a parent and would have custody of
your child. You can name a guardian on the condition that they are still married or
reside in a particular area. You can also make sure funds are available to the
guardian for your child’s expenses so that he or she is not financially burdened by
caring for your child.
How much does estate planning cost?
We offer flat fees for clients beginning the process of estate planning. If you have an existing estate plan, we will review and modify that plan at our hourly rate. Learn more about our flat-rate packages and pricing.
