The estate planning process is a crucial step for individuals in Covina. It involves careful preparation for the end of life and the distribution of property and assets after death.
While this planning may seem daunting, it is a vital way to protect your loved ones. Contact a seasoned estate planning attorney with Amity Law Group today to learn more about this process.
Estate Planning Basics
Essentially, estate planning involves organizing and arranging the transfer of assets and property to beneficiaries after death. The estate planner can name beneficiaries on life insurance policies, other financial accounts, and their will or other estate planning documents.
Create an Inventory
The first step in estate planning is creating an inventory of tangible and intangible assets. This includes property, land, other real estate, vehicles, collectibles, and personal possessions.
Establish Estate Planning Directives
Depending on a person’s needs, wants, and circumstances, a will, a living trust, or an irrevocable trust may be appropriate. Other important estate planning documents include the following:
- A medical care directive
- Beneficiary designations
- Durable financial power of attorney
- Trusts
A Covina attorney knowledgeable about estate planning could guide someone throughout the process and ensure they make selections that suit their needs.
Choose a Person to Act as Representative of the Estate
Choosing the right person to represent the estate is a crucial aspect of a sound estate plan. This individual must handle the estate planner’s final affairs in accordance with the law, pay taxes, and distribute assets to the beneficiaries.
If problems arise, the estate representative may need to act as a mediator to smooth disagreements between family members. Should a representative not satisfy their responsibilities well, challenges to the will and time-consuming litigation may ensue.
Finalize the Estate Documents and Reassess Regularly
Even after they are finalized, estate documents may need to be reassessed and updated periodically. Life events such as marriages, divorces, births, and deaths may require changes in the estate documentation.
Estate Planning Prevents Family Disputes
After a loved one’s death, family members may experience tension or disagreements over things, such as funeral plans or, more commonly, the division and distribution of assets. An in-depth estate plan can help families avoid disputes and maintain civility in the aftermath of losing a loved one.
The Division and Disbursement of Property and Assets
Estate planners have the legal right to choose who their property and assets will go to upon their death. They can direct the estate’s representative through a will or trust. According to California Probate Code § 4600, their property will be passed on to their beneficiaries as per the guidance provided in the decedent’s will.
If no plan is in place, the estate will pass through an alternate probate process—intestate succession—where the probate court will determine the division and passing of assets and the beneficiaries who will receive them. Call a skilled lawyer in Covina for more information on the estate planning process.
Call a Covina Attorney Experienced With the Estate Planning Process
Regardless of the size of your estate or where you live, having a thorough estate plan in place is essential. While estate planning can be a long and complicated process, it will provide you peace of mind knowing you are prepared for any future challenges and are protecting your loved ones from disputes and time-consuming litigation after your death.
Call a hard-working lawyer knowledgeable about the estate planning process in Covina to schedule an appointment and begin preparing.
