Elk Grove Estate Planning Lawyer
Estate planning is an area of law that every person should participate in at one point in their life. Providing for family or friends after death is a goal that many people seek to accomplish. Fortunately, there are a variety of estate planning tools that a person could use in order to convey their property to others once they pass away. If you need assistance with creating your estate plan, you should consult with an experienced Elk Grove estate planning attorney as soon as possible.
The NewPoint Law Group, LLP is committed to providing you with the legal representation that you need to develop an estate plan that meets your unique goals. Whether you need to draft a will or open a trust, our skilled Elk Grove estate planning lawyers are here for you. To schedule a confidential legal consultation to discuss your estate planning goals, you should call the NewPoint Law Group, LLP at 800-358-0305. You could also contact the NewPoint Law Group, LLP online to schedule your confidential consultation.
Drafting a Will for Your Estate Plan in Elk Grove
There are many misconceptions that estate planning primarily favors wealthy individuals. However, as mentioned, any person that wants to provide for their family after their death should look into an estate plan that meets their needs. The NewPoint Law Group, LLP could help you weigh your options for planning your estate.
A will is often the foundation of a great estate plan. Drafting a will allows the creator of the will, also known as the testator, to convey their property to beneficiaries named in the will. When creating a will, the testator should be aware of all the property they own and that they could convey to beneficiaries. The testator will also need to name a personal representative to handle the administration of the will.
When creating a will, a testator should be sure that they follow the laws of the state where they reside. Failing to adhere to the laws of the state could result in the will being invalidated. The State of California requires that a testator be at least 18 years of age and of sound mind, which means that the testator must understand the purpose of the will and why they are creating it. The execution of the will should also be witnessed by at least two people. California also acknowledges handwritten or holographic wills if they are written by the testator with testamentary intent.
A person should always be wary of passing away without a valid will in place. When a person dies without a will, also known as dying intestate, their estate will be distributed in accordance with the intestacy laws of the state. As a result, the State of California could distribute the estate to the family members of the decedent.
When distributing property by intestacy, the State of California will look at the surviving members of the decedent’s family. For example, if the decedent was not married, their estate could be divided among the decedent’s children. Note, however, that dying intestate will not allow the decedent to convey their property to specific family members. This means that the decedent’s estate could end up in the hands of estranged family members under certain circumstances.
It is also important to note that a will could be challenged if other parties believe it was invalid. For example, if multiple children were cut out of a father’s will, they may argue that the testator was not of sound mind when they created the will.
To learn more about other estate planning tools that we could help you establish, you should continue reading and consult with an experienced Elk Grove estate planning attorney today.
Creating a Trust for Your Estate Plan in Elk Grove
A trust is another tool that could be used for estate planning. While there are many types of trusts, living trusts are most commonly used when creating an estate plan. A living trust is a legal document that permits the creator to transfer their assets into an account for beneficiaries named in the document.
The creator of the trust is also required to name a trustee to manage the assets of the trust. The trustee is expected to uphold their fiduciary duties to beneficiaries of the trust. This means that the trustee cannot use assets of the trust for their own personal gain.
Generally, there are two types of living trusts that the grantor of the trust could establish: revocable trusts and irrevocable trusts. A revocable trust allows the grantor of the trust to make modifications to the trust, such as removing assets of the trust or adding beneficiaries. Alternatively, any changes to an irrevocable trust must be approved by all beneficiaries of the trust.
There are other estate planning tools that you may require, such as a power of attorney or a healthcare directive. Allow the NewPoint Law Group, LLP to address your estate planning needs.
Consult with Our Experienced Elk Grove Estate Planning Attorneys Today
If you would like to create an estate plan to distribute your property, you should consult with an experienced Elk Grove estate planning attorney as soon as possible. At the NewPoint Law Group, LLP, our dedicated estate planning attorneys possess years of experience managing estate plans for our clients, and we would be pleased to work with you. To schedule a confidential legal consultation concerning your estate plan, you should contact the NewPoint Law Group, LLP at 800-358-0305. You could also contact the firm online to schedule your confidential consultation.