Key Components of an Effective Estate Plan

An Effective Estate Plan includes some or all of the following key components:

• Living Trust or Will
• Advance Healthcare Directive
• Durable Power of Attorney for Finances
• Guardianship of Minors/Disabled Children
• Charitable Bequests

Wills and trusts are both effective tools for managing the distribution of your assets at death. Which one is right for you depends upon your unique scenario, goals, and desires. Which tool you choose will determine how long it will take to settle your estate and how much it will cost up front and after death, and whether or not it will be subject to probate.

What is Probate?

Probate involves judge supervised legal proceedings ensuring the will is valid, an executor is appointed, the creditors of the deceased are properly noticed and paid, and the assets of the estate distributed according to the terms of the will. California probate proceedings can often take a year and quite often longer depending upon various factors. Most clients choose to avoid probate when possible. Click here to learn more about probate.

Dying Without a Plan (Intestate Succession)

If you die without a will or trust in place, California intestacy laws will determine your property distribution and leave it to your surviving spouse, children, parents, and siblings, and then to more distant relatives. A California probate court will also decide, after court investigation and hearing, where to place your children. 

Dying With a Will

If you die with a valid will in place, you get to designate exactly who gets what and how, appoint an executor, and designate a guardian for your children. With a few exceptions, most often your estate will have to go through probate proceedings before your heirs receive a distribution.

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