Answering Our Clients’ Most Common Estate Planning Questions
The estate planning process is built on state-specific laws that can be confusing to the majority of California residents. At the Law Office of DeAnne E. Parker, our founding attorney personally collaborates with clients to completely grasp their unique situations and concerns. The following are some of the questions we frequently hear from clients in the local Redding community:
What is an estate plan, and do I need one?
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.
What documents should be included in a California estate plan?
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.
What is a living trust?
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.
How can I minimize estate taxes in California?
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.
Who should I name as my executor or trustee?
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.
What if I die without a will in California?
Passing away without a will (otherwise known as intestacy) is an unfortunate event that happens far too often. Not having a will in place at the time of death means that the estate will be handled according to California’s intestacy laws. Often, the distribution of an estate in the absence of a will does not align with the wishes of the deceased, and often intestacy results in added confusion and heartache for the grieving family.
Contact Us To Arrange A Consultation
These are just a small sample of the numerous estate planning questions that we encounter regularly. If you are in need of further guidance, the Law Office of DeAnne E. Parker is here to help. Please call us in Redding at 530-242-6025 or contact us by email.