There is a common misconception that estate plans are only valuable for individuals who are at an advanced stage of life or who have astronomical accumulations of wealth. These myths are simply untrue, however, as creating an effective estate plan is important for any person with assets to their name. A comprehensive estate plan can protect your and ensure your assets are passed on to your intended beneficiaries in the event of your death.
At Kushner Legal, our estate planning lawyers serve Hollywood & West Hollywood and our years of experience in employing legal strategies to protect the assets of our clients are why we have become a leading law firm in estate planning. Taking into the consideration the value of your assets and your long-term financial goals, we tailor an estate plan that works for you. It is never too early to start planning for your estate. Call us at 310-279-5166 to get started today.
Estate planning is the process of organizing an individual’s assets in the event of their incapacitation or death. Estate planning can also be used as a tool for limiting taxes, avoiding steep probate costs, and restructuring assets to qualify for certain benefits. In many cases this process is conducted with the help of an attorney, since the documents involved can be quite legally complicated and must be executed according to California law.
Having a Hollywood estate planning lawyer help with structuring an estate plan correctly can help limit the burden of taxes and specify precisely how decisions should be made in the event of incapacitation or death. An estate plan can consist of many components, such as:
These tools can be used in tandem to create a comprehensive and effective estate plan to protect a person’s assets. These documents are only effective when prepared in advance, while a person is healthy and able to make sound decisions, underscoring the importance of estate planning early in life.
Once an individual dies, the court will handle their estate differently depending on whether the individual had a will in place. If they did have a will prepared, they are considered to have died testate, meaning the distribution process will take their will into account during the probate process.
If an individual did not have a will in place, however, they are said to have died intestate. In such situations, the court must take greater control in distributing their assets. California Probate Code Sections 6400-6414 dictates how their estate will be distributed, prioritizing spousal and first-order familial relationships.
Deciding when to prepare an estate plan is crucial. Beginning the process too late can limit the effectiveness of some of the estate planning tools, namely trusts and power of attorney documents. For this reason, it is important to consider your assets, family structure, and future goals to determine when to begin estate planning.
As long as you have assets, it is possible to begin establishing an estate plan. Life is unpredictable and estate planning in advance can ensure that your assets are protected, regardless of the situation. Additionally, it is important to continuously review and update your estate plan as major life events can greatly impact your finances.
One major benefit of estate planning is reducing the time and costs associated with probate proceedings. Wills must pass through probate, but trusts do not need to be probated. This nuance is key to estate planning, as trusts can be leveraged to avoid probating substantial assets. It’s critical to consult with an experienced estate planning attorney serving Hollywood & West Hollywood to discuss your options.
Moreover, California Probate Code Section 5020 highlights that an individual can consent to a non-probate transfer of property that they jointly own with a spouse. Having this consent prior to an individual’s death can help streamline the process of distributing these assets.
Estate planning is a powerful tool that can be used to protect your assets and specify how you would like decisions to be made in the event of your incapacitation or death. Having an estate plan in place can help limit the burden of taxes and ensure that your assets are passed down according to your wishes. For these reasons, estate planning is incredibly valuable.
Kushner Legal works with Hollywood & West Hollywood residents to create an estate plan according to California laws that ensures the legal and financial rights of our clients remain protected. We believe in the importance of responsibly handling assets and property and help our clients tailor their plan to fit their unique needs. Estate planning can be intimidating. Let us help ease the burden. Call Kushner Legal at 310-279-5166 to get started today.