Best Estate Planning Attorneys in Santa Clarita, CA

Generally speaking, a will and a living trust are not mutually exclusive documents, therefore they may address different aspects of your estate. In California, it is essential to have a living trust even if you have a will if your your property is valued at more than $150,000. This living trust will protect your assets from probate proceedings. Conversely, a will is still needed to address assets that were not transferred into the living trust during your lifetime in the event that your named beneficiary predeceases you. Such assets may include proceeds of life insurance policies and/or retirement accounts. Additionally, a will allows you to name the executor for your estate, nominate guardians for minor children, and appoint a trustee to administer any assets to those minor children.

A living will is a legal document that provides written instructions regarding your preferences for medical care in the event that you become incapacitated or otherwise unable to make decisions for yourself. Alternatively known as an advance directive, advance healthcare directive, or medical directive, this document gives guidance to doctors and caregivers if you become terminally ill, are seriously injured, suffer from dementia, or otherwise become unable to make decisions about your own health and care. It is recommended that anyone who is concerned about their future care create a living will. Such documents not only dictate the type and extent of medical care you would like to receive, but also alleviate the strain placed on family or loved ones when faced with critical or end-of-life decisions.

Generally speaking, probate is the process through which an estate is managed and administered and the assets of that estate are distributed to the beneficiaries. This process is mandatory for all estates that have more than $150,000 worth of property, and is a court-supervised proceeding. In addition to being costly and time-intensive, probate court is a highly public process, the details of a probate are available for anyone to see. Thus, many people seek to shorten or even avoid probate; to accomplish this, it is imperative that you create a thorough estate plan, including a living trust, so that your estate can avoid the time and cost inherent in the probate process. Most importantly, estates that avoid probate through the use of an estate plan avoid the associated taxes and fees, leaving more assets to be distributed to their intended beneficiaries

In California, the execution of probate depends on the existence of a will. If the recently deceased had a viable will in place, the probate process begins with the executor named in the will. He or she is responsible for filing a petition in probate court to seek appointment. However, if the recently deceased does not have a will, it is the responsibility of a relative or other party to petition the court for an appointment. Once the petition has been submitted, the court appoints an administrator, or personal representative to collect all assets and property, pay any outstanding debts or other expenses and distribute the remainder of the estate to the beneficiaries upon court approval. If disputes or disagreements arise among the beneficiaries or the administrator of the estate as to the correct management of the property, assets, etc., these disputes are resolved by the probate court. It should be noted that probate court is required in the state of California for all estates valued at over $150,000, but more streamlined processes are available for smaller estates.