Every resident of the Golden State, which is California, should do estate planning. As some basic strategies, you should execute a last will and testament; establish a healthcare proxy and should designate the power of attorney rights. If your estate has high value, establish a trust which will protect inheritance assets. And all these planning strategies must comply with state and federal laws. California has some of the most complex probate laws in the country, so it will be best to work with a qualified California estate planning attorney.
A qualified California estate planning attorney can help you settle estates that are not protected by a trust. These processes vary, depending on if the decedents were engaged in estate planning procedures, prior to death. When individuals die without leaving a will, the estate settlement process requires additional time. This exposes the estate to a high level of creditor claims and the potential heirs to contest the will.
The last will and testament provides directive about how the estate assets should be distributed. It is also used to appoint a personal representative who is charged with duties required to complete estate settlement process. Without these written directives, the estate is settled according to California probate code. In California, estates appraised with values of less than $100,000 are usually exempt from probate if a legal will has been executed and filed through court.
The estate undergoes a compulsory 40-day waiting period to avoid probate. Afterward, the personal representative must present a legal affidavit to the court before distributing inheritance gifts to designated beneficiaries. When decedents do not leave a will, the estate is required to undergo a probate proceeding to determine rightful heirs. Contesting a Will can freeze assets in probate for months on end. This act can force personal representatives to sell inheritance assets to cover legal expenses. Defense fees can easily bankrupt small estates and leave nothing for designated beneficiaries.
In addition to protecting assets, California estate planning attorney can offer the most effective strategy for establishing healthcare proxies. This document allows a person to document the type of medical treatment they do or do not want to have if they are incapable of making decisions due to illness or injury. Healthcare proxies include 'Do Not Resuscitate' (DNR) orders, as well as providing directives regarding life support and delivery of nutritional intravenous feedings.
Estate planning is also used to grant the Power of Attorney rights. POA is an important decision that should not be taken lightly. The person granted with POA powers should be someone who can be trusted to make smart financial decisions or difficult decisions on your behalf if you become incapacitated. California estate planning attorney can plan strategies which will be one of the best gifts to behind. Without written directives, decisions surrounding your estate will be left to the courts and chances are they won't be what you would have wanted. Also putting everything in order will reduce family discord and allow for efficient distribution of the inheritance.
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