basic california estate planning checklist that

BASIC CALIFORNIA ESTATE PLANNING CHECKLIST THAT HOW TO

Can save you significant court fees and administrative burdens by avoiding the probate process, so long as the revocable trust is funded.Unlike wills, which take effect only on death, revocable trusts are effective immediately when signed and funded. One of its primary benefits: you get to avoid probate. You can drastically reduce the time and expense by putting together a well-written will prior to passing.Ī well-written will minimizes the costs, time commitment and impact of the court-supervised probate process.Ī revocable trust (or “living trust”) is an alternative route for distributing your assets following your death. Probate can be expensive, reaching tens of thousands of dollars in costs. The probate process involves identifying, locating and calculating the value of your assets and paying any debts or taxes for which you are responsible.

BASIC CALIFORNIA ESTATE PLANNING CHECKLIST THAT HOW TO

Ultimately, your will has to go through probate, a court-supervised process that authenticates your will and determines when and how to distribute your estate.

This reduces the amount of control you have on the terms of distribution. Dying intestate, or without a will, results in your assets being divided based on predetermined rules set by your state of residency. You can also name a guardian (or guardians) to care for your children should both parents pass away before the children reach the age of majority.

When they will receive them (either immediately or over time)Ī will names an executor, who becomes the legal representative of the estate at your death.

How beneficiaries will receive them (outright or in trust).

Who will receive your assets (beneficiaries).

Use a will to leave detailed instructions about what should happen to your assets. It also outlines how you want them to be carried out upon your death. Let’s look at four documents that should be a part of every estate plan: a will, a revocable trust, an advance health care directive and a power of attorney.Ī will is a document that states your final wishes. But what constitutes a complete estate plan? Why are these documents important? Attorneys and financial advisors often recommend that clients protect their assets by establishing an estate plan. No matter where you are in life, you will need to plan for what happens to that estate when you’re no longer around to control and use it.

Basic california estate planning checklist that