Preparing for after you have passed can be an easy and understandable thing to put off. However, planning now can save your family trouble when the unfortunate occurs. A skilled Redondo Beach estate planning lawyer can help you establish a will, trust, or other estate documents that can take care of your loved ones later.
At Cox Law Group, Inc., we’ve dedicated decades to assisting the people of Redondo Beach and throughout Southern California with their estate planning cases. We tailor our services to meet the needs of clients. Whether you need the help of our experienced attorneys, paralegals, or notaries, our team offers complete services to ensure all your estate planning needs are met. We offer help in both Spanish and English.
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Estate planning refers to the wide range of legal preparations you can make for how your assets and property are handled when you die. Despite the importance of having an estate plan. 59% have no plan whatsoever. Of those without any estate documents, 43% had the intention to make one, but had yet to do so. Taking steps today can save your grieving loved one’s pain in the future. Even a well-intentioned plan can fall short if key details are overlooked during drafting, especially under California’s complex estate laws. Small mistakes made early in the process can have lasting consequences for your heirs and beneficiaries.
The two main types of estate plans are wills and trusts. A will is the simpler of the two documents and is more common. It includes provisions on who inherits what assets, appoints a guardian for children, and names an executor. The executor is the person in charge of managing your estate once you have passed and is responsible for carrying out your wishes.
Starting early is especially important for families with disabled loved ones, as proactive estate planning ensures long-term security and preserves essential benefits for their care.
Wills carry a few downsides. The first is that they only take effect once you die, leaving no exceptions for if you are incapacitated. Another potential issue with wills is the probate process. Probate can be a lengthy, expensive process required if your estate is worth more than $107,900. It can require several court hearings at the Stanley Mosk Courthouse with court oversight.
Trusts are a more complex legal arrangement. They involve the grantor setting aside assets for beneficiaries, with a trustee chosen to manage the account. The two major kinds of trusts are revocable and irrevocable. A revocable living trust can be changed and controlled by the grantor while alive. An irrevocable trust cannot be modified once created, but it does offer potential tax benefits and stronger protection against creditors.
Trusts have many advantages over wills. The first is that they can take effect when you are still alive. Another benefit is that trusts allow for greater flexibility for how and when their assets are dispersed. Finally, trusts avoid probate and maintain privacy for your family. One major drawback of a trust is the upfront and ongoing costs. Setting up a trust can be much more expensive, with ongoing fees for adding to or updating it. For families supporting a loved one with disabilities, establishing the right type of trust is even more crucial. Options such as first-party special needs trusts in California can ensure continued care while protecting eligibility for public benefits.
Estate planning on your own, even creating a simplified will, can be overwhelming. When preparing for the future, hire an estate planning lawyer who can help you with every step of the process. A Redondo Beach estate planning attorney can aid you in deciding on how to form your arrangements and make any needed updates.
The following are a few key services your Cox Law Group, Inc., estate planning attorney can provide:
The cost of your estate planning attorney in California depends on the complexity of your case. A simplified will with minimal details tends to be less expensive than a case with multiple, interlocking trusts handling many assets. Another aspect that affects the cost is the pricing model a firm uses, with common forms including hourly rates, flat fees, or retainer charges. Your estate planning lawyer can provide an estimate for what the final bill may be.
There are many differences between a trust and a will in California. The first is when they take effect. A will is only considered after the grantor dies, while a trust can begin working while the creator is still alive. Another difference is the specificity in each. A will generally can only name who receives what, whereas a trust can include detailed instructions and plans for how assets are distributed.
The 5 by 5 rule is an unofficial term used to refer to federal trust laws. It is a provision that allows beneficiaries to draw from a trust while avoiding gift taxes and maintaining the trust’s structure. Beneficiaries are allowed to draw either $5000 or 5% from their portion of a living trust annually.
Having an estate planning attorney in California is not legally required, but can be greatly beneficial in the process. An experienced estate planning lawyer can provide advice on what type of plan suits you, how to write the actual document, and how to avoid easy mistakes. They can help you navigate the process, saving you time and money.
At Cox Law Group, Inc., we understand how hard estate planning can be. Our team of experienced and knowledgeable attorneys can make a positive impact on your case.
Contact us today for an initial consultation, where we can address your estate planning needs and begin planning a path forward. You may also visit our Torrance office located on the corner of Lomita Boulevard and Hawthorne Boulevard, down the street from Torrance Memorial Medical Center.
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