Estate Planning Documents California Residents Should Consider

It can be confusing to know where to start when thinking about estate planning. With so many options and financial tools available, making sense of them all can be difficult when grieving over the loss of a loved one. At the Law Office of DeAnne E. Parker in Redding, we have more than 20 years of experience helping California residents craft sound estate plans that lead to feelings of confidence and security about the future. Our founding attorney, DeAnne E. Parker, is a California Certified Specialist in Estate Planning, Trusts and Probate Law who is able to help clients of all income levels with every aspect of the estate planning process.

Writing A Will

A will is an estate planning tool used by people to outline how they want their property divided after they pass away. Those who pass away without a will could leave the distribution of their property in the hands of the state. Additionally, there are many different types of wills, but the four most common types are:

• Simple wills: This is the type of will that most Californians are familiar with. A simple will lays out your property and how you would like to divide it amongst your beneficiaries.
• Testamentary trust wills: People often use a testamentary trust will to keep their assets safe for their beneficiaries until they pass away. Generally, people use these wills when minor beneficiaries are involved to keep their inheritance protected until they reach legal age.
• Joint wills: Joint wills are similar to simple wills, except they are often used by married couples who want to list each other as the sole heir to their assets. However, these types of wills often cannot be changed after their creation.
• Living wills: This type of will won’t directly affect your assets. Instead, it outlines your medical wishes in the event you become incapacitated. In most instances, people with a living will also create another type of will to protect their assets.

Deciding which type of will to create can be complicated. However, each option has its own unique benefits and your attorney can ensure you select the right type of will.

Establishing A Trust

Similar to wills, trusts come in many forms to accommodate your personal needs. Because of this, it is vital to find the right trust that matches your own goals. The two most common trusts are as follows:

Revocable Trusts

Revocable trusts can be changed at any point in time. Due to this, people often refer to them as living trusts. One significant benefit of a revocable trust is that the probate process can generally be bypassed. This is something that a will alone cannot do.

Irrevocable Trusts

On the other hand, creating an irrevocable trust is another option when estate planning. After establishing this type of trust, no changes can be made. While this option gives you less control over the assets in the trust, it protects them from creditors and estate taxes.

Drafting Power Of Attorney Documents

This legal document grants another person the power to act as an agent on your behalf. There are many different types of power of attorney documents, including medical, financial, durable and general. Medical and financial powers of attorney give the appointed person, or principal, the ability to make decisions regarding your medical and financial affairs. With a general power of attorney, the principal is able to make any legal decision for you. Lastly, a durable power of attorney gives the principal the power to act as your agent even if you become incapacitated.

Building A Business Succession Plan

Founding and growing a business is a profound achievement in life, and protecting this accomplishment is likely at the top of your estate planning priority list. We have the experience to help you create a succession plan that protects your business and clearly outlines each person’s responsibilities in the event that you become incapacitated or pass away.

Contact A Shasta County Estate Planning Attorney

No one enjoys planning for the end of their life. But being proactive about estate planning is the best way to feel at ease about the topic. If you are thinking about creating an estate plan or revising an existing one, please reach out to our firm at 530-242-6025 or by email.