Best Business Attorneys in Redding, CA

Understanding the basics of estate planning is key to realizing whether or not you need to create one. An estate plan is a tool people use to plan for the future and to inform their loved ones about their wishes. An estate plan can help ensure that your assets are distributed according to your wishes. With the right tools, and estate plan can also help to minimize taxes and avoid the probate process.

Depending on the complexity of the estate, an estate plans may include numerous financial documents, including wills, trusts, powers of attorney and advance health care directives.

One of the many benefits of establishing a living trust is that it can help California residents completely bypass the probate process. Additionally, living trusts can be amended at any time without the need for court involvement.

California does not have a state estate tax, but federal estate taxes may still apply if the value of the estate reaches a certain threshold. Certain kinds of trusts are effective tools for passing assets to beneficiaries and limiting their tax exposure.

Choosing the right person to administer an estate or trust is crucial, and Californians may seek legal guidance on selecting an executor or trustee who will be responsible and trustworthy. The selection of an executor may be one of the most important parts of estate planning. Be sure to select someone who is reliable, as your financial affairs will be in their hands.