Estate Planning Hanford, CA

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Picturing a future without yourself can be difficult for many individuals. Planning for it can be even harder. However, with the help of a Hanford, CA estate planning lawyer, you can be a hero to your loved ones by taking the time to make an estate plan with them in mind.

An estate plan is the first step toward taking care of your spouse and your children after you are gone and can no longer provide for them in the same manner. At Griswold LaSalle Cobb Dowd & Gin LLP, we will walk you through the various options and considerations you need to know to ensure everything is set up and enacted according to your wishes. A solid estate plan can provide both you and your family with peace of mind.

What Constitutes Estate Planning

Without an estate plan, it is called dying intestate. This means your assets will be subject to probate court, but the state’s decisions may not align with what you actually want. Estate planning is the process of ensuring that your possessions and wishes are carried out according to your directions and are not left to the default laws of the state. To provide a valid will or trust, there needs to be a written recording with witnesses and a notary on the documentation. Verbal intentions will not be enough to avoid probate court or ensure that the proper parties receive the possessions you want to leave them.

Estate planning also allows you to decide what happens if you are incapacitated and need someone else to make medical or financial decisions on your behalf. Not only can you specify what you want in these situations, but you can also designate who will make these decisions for you.

The process for planning an estate covers several aspects, and every plan is unique to the person who sets it up. An estate planning attorney in Hanford, CA can help you determine what you should include in your estate plan that will meet your goals, as well as ensure that all California requirements are met. There is no better time than the present to create your plan, and your lawyer will ensure you do not have to do it alone.

What Documents Are Included In an Estate Plan

Every person’s estate plan will look different. Some will have very simple and straightforward needs, while others may have a highly complex estate that may need additional considerations. While the exact details and structure of each person’s plan may vary, there are a few documents that most every individual should have in place for a strong and robust estate plan. These estate planning documents include:

  • Wills: Provides direction on how your assets are to be divided up and to whom they will go to. Certain types of will may also provide direction on your preferences in certain scenarios.
  • Trusts: Private contracts between grantor and successor grantee and beneficiaries. A trust can be helpful for avoiding probate court.
  • Power of attorney: Allows you to designate an individual to make decisions on your behalf if you are unable to do so. This typically pertains to medical and financial matters.
  • Health care directives: In the event that you become incapacitated, these directions allow you to specify your preferences and the specific decisions you would like to be made on your behalf when it comes to your medical care.
  • Guardianship directives:Young parents should draft wills to name guardians for children to ensure they are cared for according to your wishes. Without these designations, your children’s care could be left up to the state of California. This also applies to adult children with no power of attorney or spouse with individual named assets.

Planning ahead is the best course of action when it comes to your estate. Each of these documents serves a specific purpose and can ensure that all possibilities are planned for as much as possible. Having a plan and contingencies in place can significantly reduce your and your family’s stress if anything should happen.

Setting Up Your Estate Plan

Before you set up your estate plan, you must first prepare for the estate planning process. This includes making sure you have all the relevant information that you need, and ensuring you know what your overall goals for your estate are. Estate planning lawyers in Hanford, CA can provide direction on what you will need and what you will need to consider, which includes:

  • The assets you wish to include
  • Your family’s needs
  • Information for your selected beneficiaries
  • Your preferences and wishes
  • Tax considerations
  • Review and update cadence during your lifetime

Once you have decided on the items above, it is now time to begin your estate plan. While the majority of Americans do not have an estate plan in place, it is very important to have one regardless of your marital status, level of wealth, or type of estate. Estate planning is an opportunity to retain control over what you have worked so hard for thus far in life. It allows you to have the power to make decisions on who will benefit from your estate and how it should be handled, rather than the state of California.

Your lawyer can help you with wills, estates, and advance care planning so you can provide for your loved ones. Your attorney can help you with decisions regarding your estate and ensure that everything is recorded per your wishes. They can also minimize the discomfort you may feel about this process, and start small and/or prioritize your goals so you have the most important pieces in place first.

Unique Estate Planning Considerations

At Griswold LaSalle Cobb Dowd & Gin LLP, we understand that some estates have unique circumstances and require special considerations. Our team is equipped to help these individuals navigate these matters to sufficiently protect their interests. Some of the unique estate planning needs we can assist you with include:

  • Estate and succession planning for farmers
  • Business succession planning
  • Legal matters with Medicaid, Medicare, and Medi-Cal
  • Life insurance concerns
  • Real estate considerations
  • Elder law

Keeping Your Estate Plan Updated

If one thing is certain in life beyond death and taxes, it is change. Lives, family dynamics, family size, financial and economic circumstances, and various laws can all shift and evolve over time and require constant adaptation. As such, your estate plan should be reviewed consistently and updated as necessary to accommodate for life changes that can impact your heirs after you are gone.

As long as you have the right structure set up for your estate, you can continue to make adjustments to your plan up until you are incapacitated or pass away. Estate plans should ideally be reviewed every 3-5 years. Some common life changes that might prompt a change in your estate plan could include:

  • Divorce
  • Remarriage
  • The death of a spouse or children
  • Beneficiary changes
  • Becoming parents
  • Owning a business
  • Changes to inheritance

The Purpose of Designating a Power of Attorney

Establishing power of attorney is an important step in your estate planning process. The person you designate for this role is the person whom you entrust with making decisions on your behalf if you are incapacitated. They can ensure that bills are paid and you are treated according to your wishes, and much more. While this person is typically responsible for making medical or financial decisions, they may make other ones for you as well per your directions. The individual who possesses the power of attorney may have limited or unlimited discretion and decision-making capabilities. The details of this person’s role — and the expectations you have of them — should be clearly laid out when making your estate plan.

There are four types of power of attorney in California, and each one serves a distinct purpose. It is important to know the scope and role of each type of power of attorney so you can select the one that makes the most sense for your needs and wishes in the event that someone else has to step in and make decisions for you. The types of power of attorney include:

  • General power of attorney: Covers a broad scope of responsibilities and decision-making power. A general power of attorney can handle real estate decisions, creating or ending contracts, and managing business matters. The person designated to this role can also handle matters related to the probate process. This individual’s role is effective except in the case of your incapacitation.
  • Durable power of attorney: This individual is responsible for making decisions in the event that you are incapacitated. They can make financial decisions for you regarding real estate, stocks, and assets. They can also manage your bank account, bills, and investment strategies on your behalf. The extent of their role and responsibilities can be outlined by you as you create your estate plan.
  • Medical power of attorney: This is the person you designate to make medical decisions on your behalf if you are unable to make them yourself. They may have unlimited or limited power as you see fit. The person in this role can be responsible for deciding what medical facilities should provide your care, approving or denying various tests and treatments, providing surgical consent, and making decisions about end-of-life and life-sustaining treatments. You can record your wishes in advance so the medical power of attorney’s decisions are in alignment with your wishes.
  • Limited power of attorney: This option is ideal when you want an individual to handle one specific aspect of your estate plan. The individual in this role is typically responsible for one role, transaction, or decision per your wishes, and is carried out within a specific amount of time.

Estate Planning and Taxes in Hanford, CA

When creating your estate plan, it is important to take taxes into account so you can plan accordingly and prepare your loved ones. California does not apply an estate tax to any individual’s estate, but it could still be subjected to a federal estate tax. This type of tax, when applicable, is applied to the estate before any assets are distributed, and usually applies to estates above a certain value threshold. Additionally, California does not apply an inheritance tax to what beneficiaries receive, but if other states are involved, this tax should be taken into consideration. There may also be tax implications depending on the type of structure you have chosen for your estate.

To ensure that all applicable taxes are handled accurately and appropriately, it is highly beneficial to have estate planning attorneys provide guidance in these matters. There are certain steps that may be taken while planning your estate that can help ease the tax burden you or your heirs may face. Your attorney can also help ensure that taxes are paid properly when the estate is settled, and answer any questions that the trustee or executor of the estate may have when carrying out the decedent’s wishes.

Talking to Your Loved Ones About Your Estate Plan

An important step in the planning process is sharing your estate plan with your loved ones and beneficiaries. Make time to sit down with these individuals as a group or individually and share your plans and explain why you have structured your estate plan as you have. Discuss who will take on what roles, what documents you have, and your plans for how everything should be executed. It is also important to provide the name of the law firm and lawyer who is managing your estate and will be in charge of executing it when the time comes.

By discussing your plans, you can prepare your heirs and beneficiaries ahead of time to minimize surprises after your death, prevent feuding, and ensure decision-makers have all the information they need to carry out your wishes. It also helps prepare them for how your estate and other assets will be distributed after your passing. For example, if you have a will, then inheritors will need to proceed through probate rather than receive assets directly like they would with a trust. You should also prepare your beneficiaries for any tax implications that may apply to your estate plan.

What to Expect From the Probate Process in

Whether you are anticipating navigating probate yourself if your spouse dies first, or you are trying to make it as smooth as possible for your loved ones after your death, understanding the probate process can help you in your estate planning.

Probate takes place after a person’s death and is the process of settling the estate. Generally a named personal representative or executor is responsible for ensuring the decedent’s wishes are carried out according to their will, or working with the court to settle the decedent’s affairs if a will does not exist. Throughout the probate process, the court oversees and makes decisions about the estate and ensures that beneficiaries, creditors, and other interested parties are notified, and debts and assets are paid for or distributed as applicable.

Probate proceedings can last anywhere from a few months to a couple of years. The complexity of the estate and any challenges that arise often dictate the length of the process. This is one of the many reasons it is important to have an experienced lawyer on your side to ensure that the process goes as smoothly as possible and all requirements are fulfilled.

Why You Need an Estate Planning Lawyer in Hanford, CA

An estate planning lawyer empowers you to take control of your future and ensure your wishes are known and carried out. Whether you are just starting out on this journey, have an existing estate plan that needs updating, or you are the one settling your loved one’s estate, a lawyer can provide valuable guidance and support to help make the process easier and give you peace of mind. There are many aspects that can feel confusing or even be complex, and it is essential for an experienced lawyer to handle these nuanced and intricate requirements so your assets are protected and you can leave your loved ones a thriving legacy.

When you sit down with a lawyer, they will learn about your specific needs and goals, and discuss your options with you. They know this can be a difficult topic to talk about, and they will be compassionate as they help you take the first steps toward setting up your estate plan. They will make sure that all paperwork is drafted and filed properly so you have a valid and viable plan in place should the unthinkable happen. Your lawyer is also equipped to handle your other estate planning needs as well.

Let Us Help You Protect Your Future and Legacy

Griswold LaSalle Cobb Dowd & Gin LLP understands that estate planning may feel intimidating, but with the right support it does not have to be. We help you ensure that your wishes are heard, planned for, and protected. We guide you through the process so you do not have to make these decisions on your own. To learn more about how to get started planning your estate, contact us online or call our office at 559-608-4598 to schedule an initial consultation today.