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Creating an estate plan is one of the most important things you can do for yourself, and it can extend beyond a simple will. If you’re not sure what your options are or how to make your plans legally solid, talk to a Marina del Rey estate planning lawyer from our firm.
Cox Law Group, Inc., has more than 30 years of experience helping clients with their estate plans. We guide our clients through their misconceptions of planning for what happens to their assets after they die. Many of our clients think a simple will is sufficient, but our team can help you understand how other options may benefit you and your beneficiaries. From wills and trusts to advance healthcare directives and more, our team can help.
Recent studies show that more people are prioritizing estate planning, with at least a 10% increase in interest from Millennial and Gen Z respondents. This interest is a good sign. It’s also important to understand what the options are for estate planning.
Many people are familiar with wills and trusts as options for handling their estate. However, there are many other documents and plans you could make to suit your needs. These include:
Which documents you want to pursue depend on the needs of your estate and who you want your inheritors to be. A dedicated estate planning lawyer can help you navigate any concerns you have over your Marina del Rey property.
Many estates go through probate, a process by which the court appoints an official representative to either enact the terms of a will or manage an estate without a will. During probate, all necessary parties will be notified, and relevant assets will be appraised to confirm their value.
In 2024, California had over 63,000 probate filings. Over 13,000 of those were in Los Angeles County. It is common for a person to pass away without an estate plan or with only a will, which typically initiates the need for probate.
Probate is a public process, meaning that the details of your estate and wishes would become public record.
Many people prefer to avoid probate, either to keep their estate private or to have more control over what happens with their assets. The most common way of doing this is through a trust, often a revocable living trust.
Unlike wills, which only take effect after you pass, a revocable living trust allows you to place assets into it while you’re still alive. You can often still manage these assets, and once you pass, the named trustee will become responsible for trust administration.
On top of avoiding probate, trusts can offer other benefits, such as:
Trusts aren’t the right choice for everyone, and many people choose to have a trust and a will. Your lawyer can go over everything in your estate and help you determine what type of plan you want to use to protect it according to your wishes.
Your estate plan should be personalized to your own needs and the people who are important to you. Unfortunately, California’s estate planning laws are complex, and it’s possible to make mistakes in your planning that mean your wishes might not be followed.
Estate planning lawyers commit themselves to helping you navigate your plans, allowing you to match your wishes to any legal documents. A professional estate planning attorney can help you with:
This isn’t a task you want to risk doing alone, as even small mistakes can have large repercussions. Work with a Marina del Rey estate planning attorney to reduce your worry and help you create stronger plans.
The cost of estate planning in California varies greatly based on the complexity and value of the plans being created. Simpler estate plans tend to be cheaper, but different attorneys may charge different fees. You can ask about pricing when you hire an estate planning lawyer, so you know what to expect.
Which child to name as an executor for your will depends on your relationship with them, not necessarily who is the oldest. You may want to choose a child who is organized, responsible, and whom you trust to enact the terms of your will. People sometimes choose to name other trusted family members or close individuals instead of their child.
There are benefits to having a house in a will or in a trust. If you are already setting up a trust, it may make more sense to leave the house in the trust, as it is an asset. Sometimes, a simple will is enough for your plans. You should ask your attorney about your concerns and get their guidance on what course of action supports your plans the most.
The biggest mistake when it comes to wills is not having one. Failing to have an estate plan in place can put your assets and your beneficiaries at risk of litigation. Life changes can happen unexpectedly, and when you leave without a will or other plan, family members may be confused and overwhelmed trying to sort out your estate. The only way to have your wishes followed after you pass is to create a thorough, clear estate plan.
Based in Torrance and well-versed in estate planning in Los Angeles County, our attorneys are here to help you bring your plans to life. From a house near Venice Beach to property elsewhere on the Peninsula, it’s important to create a plan that covers all your estate.
Our staff provides compassionate counsel to our clients. With the knowledge and experience of the team at Cox Law Group, Inc., you can continue to support your family by implementing an estate plan that fits your needs. Contact us today to learn more about how we can support you in planning for your future.
Our team supports clients in both English and Spanish.
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