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Probate & Business – Estate Planning – Trust Litigation – Inheritance Disputes – Product Liability – Trust Administration – Tax Planning
Are you looking for a probate attorney Dana Point, CA, residents trust? Probate can be a lengthy and costly process without the proper guidance. However, hiring an experienced Law Stein Anderson probate attorney provides peace of mind that all required paperwork and documentation is filed. Furthermore, we help you through any disputes that may arise.
Estate Planning With a Probate Attorney in Dana Point, CA
There are many benefits of having a probate attorney in Dana Point, CA. A probate attorney prevents personal liability to the executor. Furthermore, probate attorneys minimize stress and disputes among family members. The probate court process can be lengthy, but hiring an attorney helps speed it up.
When a person passes away without an estate plan or trust, the probate court system will divide the deceased person’s assets. The court oversees the assets. The court’s primary objective is that assets are correctly handled, and heirs are protected. Furthermore, the court makes sure debt is paid off. One of our probate attorneys can help during this process.
If a proper estate plan is not intact, the court will decide estate affairs. An estate plan ensures that you’re in charge of where your assets go instead of the court. Planning allows you to choose who will inherit everything you’ve worked so hard for in your life.
Your loved ones will have to settle your affairs after you are gone. An estate plan makes this process much less difficult for them. Furthermore, settling assets in probate can become costly. Unfortunately, it can also lead to strife in your family. This is especially true if family members disagree on specific terms. During an already difficult time, family members mustn’t be pitted against one other while settling affairs. Having everything preemptively planned for them will keep things straightforward and peaceful.
Estate planning also reduces taxes on what you leave behind. A qualified estate plan professional can advise you on utilizing giving tactics and setting up trusts. Furthermore, experienced estate planning services provide a host of knowledgeable tips to help you decrease the tax burden your loved ones will have to face otherwise. Even just a bit of planning can significantly reduce inheritance tax.
Non-probate Assets
Non-probate assets are transferred immediately to the beneficiaries upon the decedent’s death. According to California probate law, any asset that is not solely owned by the deceased is considered non-probate property. A few examples of non-probate items include:
Life Insurance Policies
Life insurance policies are a well-known kind of non-probate asset. An individual pays the policy over time to provide financial relief for their family members if they pass away. Probate is not necessary for life insurance, and life insurance providers usually pay out within 60 days of receiving a death claim filing.
Retirement Benefits
Retirement plans such as IRAs, 401(k)s, and pension plans usually require a beneficiary designation. For this reason, the benefits are directly passed down to the designated beneficiary immediately without going through the probate process.
Co-owned Real Estate
Real estate property that multiple people own is an example of a non-probate asset. When one of the owners passes away, the other owner(s) inherits their share. For example, a married couple buys a house together. If one of the spouses passes away, the property title will not go through probate. The decedent’s share automatically passes to their spouse, the surviving co-owner.
Probate and Trust Litigation Has Doubled in Southern California Over the Past Ten Years
The death of a loved one is a traumatic experience. Sometimes a parent dies without a will, or the family disagrees over the terms of a will or a trust. When these disagreements can’t be resolved, probate or trust litigation results. Working with a good attorney is the best way to get through the process in these situations. Probate and trust ligation are complex and time-consuming. It’s often costly. When a family disagrees over important facts, discovery is required to obtain the evidence. This usually includes depositions and requests to obtain relevant documents. Even after the facts are obtained, the family can disagree over applying the laws. In those cases, a judge is sometimes needed to rule how the law will be interpreted.
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SOUTHERN CALIFORNIA ATTORNEYS
We are an industry-leading estate, trust, and probate attorney serving clients in Irvine, CA and surrounding communities within Orange County, including Newport Beach and Laguna Beach.
We are an industry-leading estate, trust, and probate attorney serving clients in Dana Point, CA, and surrounding communities within Orange County, including San Clemente and Laguna Niguel.