Estate Planning: Frequently Asked Questions
Should I have an estate plan?
If you live in the State of California and you own anything, the answer is a resounding yes!
When someone passes away, any assets and debts that are not held in a Trust must go through a court-approved process called probate.
What is probate?
Probate is the judicial process of dealing with a decedent’s estate.
In California, having a Will (or no Will) requires a probate be opened by one’s heirs; a comprehensive estate plan avoids probate while allowing for a seamless distribution of your assets.
In addition to waiting upwards of a year or more to receive assets, you also must pay an attorney probate fees.
What are probate fees?
Probate fees are paid to an attorney based on the total value of your estate. It is paid before heirs take title to a property or get access to a decedent’s assets.
In California, this fee amounts to 4% of the first $100,000 of your estate’s value, followed by 3% of the next $100,000, 2% of the next $800,000 and 1% of the next $9,000,000.
So, if you own a home worth $500,000 and have no other assets in your estate, you are already paying attorney’s fees of $13,000! A comprehensive estate plan avoids probate and probate fees, for a fraction of the cost of probate.
I already have a will. Am I protected from probate?
No! The common misconception about estate planning is that only a will is needed to avoid probate. However, only having a will WILL put your estate into probate proceedings. This is why we prepare both a Will and a Trust as part of our estate planning package.
What if I already have a will or a trust and want to change something?
We can provide a free, initial 30-minute consultation to establish your goals and work towards making these changes through an amendment or restated document. It is recommended that you review your estate plan directives periodically to ensure that these documents continue to reflect your wishes.
Why should we hire your firm?
Unlike other law firms, you will work directly with an attorney throughout the entire process in customizing every aspect of your estate plan, rather than having your information input into a software program. We prepare and record documents on your behalf, so you don’t have to.
We also provide licensed notary services free of charge, so that your entire estate plan can be finalized on the day you are ready to sign.
Finally, we can arrange to have your estate plan signed in an area most convenient to you.