General Questions
Estate Planning
Can effective Estate Planning help me to avoid Probate Court?
Most definitely!! Not only can you avoid probate, but depending on the nature and size of the estate, you can realize substantial and significant tax benefits for yourself and your family.
Do I need all of these documents?
Yes, if you own real property valued at greater than $100,000 in order to avoid probating the estate. If you do not own real estate, or if all real estate you do own has a gross market value of less than $100,000, then you probably still need documents B & D. At any rate, anyone over the age of 18 should have an Advanced Health Care Directive and a General Power of Attorney.
What documents are needed for an Estate Plan?
There are 4 basic documents involved in basic estate planning:
Living Trust - A living trust is a legal means of assuring that a decedent's property and assets are transferred to his or her heirs according to the decedent's wishes without a formal court proceeding, i.e. probate.
Last Will and Testament - A will is a written statement that directs the disposition of a person's property at death and names an executor to oversee the distribution of assets. It may also name a guardian and/or conservator to handle the affairs of minor children.
Advanced Health Care Directive - An advanced health care directive is a written statement that appoints an agent to make healthcare decisions in the event that the person is unable to express his or her wishes due to illness or incapacitation.
Power of Attorney - A durable power of attorney is a document in which one person (the principal) gives authority to another to act on his or her behalf should the principal become unable to do so.
What happens if I do no Estate Planning as described above?
Mostly, waste happens. In Los Angeles County, the average probate from start to finish takes approximately 18 months and costs most likely thousands, if not tens of thousands of dollars, depending on the size of the estate.
Any real property, i.e. real estate, which is not deeded to a living trust, must be probated in Superior Court. If there is no will, the deceased person is said to have died intestate, and the assets in the estate are distributed according to the laws of intestate succession of that jurisdiction.
What is an Estate Plan?
An Estate plan puts your affairs in order so as to maximize the benefits that your assets can provide to you during your lifetime, as well as distributing those assets at death. Estate plans vary from individual to individual depending upon their needs.
What is Probate?
Probate is a court proceeding formalizing and sanctioning the distribution of your assets after your death. Essentially, it’s tantamount to a divorce from your earthly belongings. It includes:
proving in court that a deceased person’s will is valid
* identifying and inventorying the deceased person’s property
* having the property appraised
* paying debts and taxes, and
* distributing the remaining property as the will (or state law, if there is no will) directs.
Probate Proceedings
What are the benefits of Estate Planning?
·Saves money
·Saves time
·Reduces emotional stress for families
·Provides peace of mind to all concerned
When should an Estate Plan be reviewed?
If you already have an estate plan, it should not be considered permanent. Conditions, as well as your desires, may change. Estate plans should be reviewed at least every two-three years. Additionally, any important change in your life demands immediate review. These changes may include:
Birth, death, marriage, divorce or disability of you or a beneficiary
* Large increase or decrease in your net worth, or that of a beneficiary
* Substantial change in the nature of your assets
* Purchase or sale of a home or business
* Change of residence to another state
* Change in tax law.
Family Law
Family Law
Ms. Daniel handles a full range of Family Law matters including divorce, alimony and spousal support, premarital agreements, paternity, custody and visitation, and domestic violence.
We realize divorce is one of life’s most traumatic events. We understand how emotional, frightening, and frustrating a break-up can be. We are sensitive to the special problems that may arise during family law matters. We focus on problem solving and helping you have more time to focus on getting your life back together.
What are you waiting for?
Effective estate planning is easier and more affordable than you think. Please call us today at
(626) 403-9731 to start your estate plan.
