Owning property together is just one of the ties that can connect family members. Often through inheritance family members suddenly have to deal with the unexpected consequences of jointly owned property. It is important to understand how real property title can affect who receives the property when an owner dies.
When most people think of estate planning, they assume it will be costly. After all, we are talking about your life's possessions here! However, inexpensive estate planning options will enable you to meet your goals without breaking the bank. While estate planning does not have to be expensive, you should do it correctly. A People's Choice can help with document preparation and other types of estate planning logistics. We don't cost nearly as much as an attorney, and our clients often save thousands of dollars.
If you wish to avoid estate planning, advisers may recommend California's Transfer on Death Deed. Once you file this deed with the county, theoretically your properties will automatically transfer to named beneficiaries without probate. Since the forms associated with this transfer are inexpensive to record and fully revocable, the concept often feels like the answer to a prayer. Unfortunately, these transfers have many drawbacks.
Creating an estate plan will make sure you and your loved ones are taken care of in case you become incapacitated or die. For larger estates, your estate plan should include a living trust and pour over will to avoid probate. Fortunately, there are many solutions to make a simple estate plan without a lawyer. Read on to learn more.
No one wants to pay for estate planning. Putting together your estate plan can be expensive, and odds are no one will see the benefits of that pricey estate plan for years. Using an attorney, a person can expect to pay between $1,500 and $3,000 for a basic estate plan package. For more complicated estates, putting together your estate planning can cost over $4,000. While estate planning can be expensive, there are ways to minimize the cost such as using a legal document preparer.
A lot of people don't understand the difference between a will and trust. A will is a legal document which directs who will receive your property upon your death. In comparison, a living trust is a legal document which can also give instructions on how to distribute your property upon your death. With this in mind, however, a key difference between a will and trust is that a trust can also be used to distribute property before someone passes.
There are many advantages of a living trust. Setting up a living trust can avoid the expense of filing probate after someone passes away. We can create a living trust and your other estate documents for a fraction of cost an attorney would charge so your estate can avoid probate, conservatorship or guardianship.
California estate laws deal with probate, conservatorship, and guardianship. Probate refers to a court overseeing distribution of a decedent's estate. Conservatorship gives a person authority to manage affairs of an adult who cannot manage for themselves and Guardianship gives a person control over a minor.
Estate Planning can seem complicated if you do not understand common words used in estate planning and the terminology found in estate planning documents.
Creating an estate plan with a trust or will will make sure your wishes are followed and your family is taken care of after your death. These estate planning tools can help protect your assets and limit your tax liabilities.