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Estate planning is the process of anticipating and arranging for the transfer of your assets (to your beneficiaries) in the event of your death. Estate planning typically attempts to avoid probate, maximize the value of the estate, and reduce taxes and other expenses. Traditional estate planning documents include wills, trusts, guardian nominations (for minor children), powers of attorney, specific final instructions, business succession instructions,
and more.

If you pass away without an estate plan in place, California law will dictate how your property is distributed. You will have given up your right to determine how you want your assets divided, who you want to inherit them, when you want children to have control of their inheritance, and even who will receive custody of minor children. Your loved ones will have to go through this very public, very long, very expensive process at the same time they are grieving your death.

If you want your family to know your love, get your estate planning handled. It’s not just for the rich. In fact, it has less to do with money and more to do with what really matters.

If you become disabled and lose the capacity to deal with your finances yourself, someone will have to establish a conservatorship over your finances. Doing so is expensive. If you have prepared a living trust or a financial power of attorney, a conservatorship is not needed and the person you have designated will handle your finances.

Your spouse is able to manage joint accounts only. He or she cannot sign on your behalf for financial accounts under your name alone unless you have prepared a living trust or a financial power of attorney naming your spouse as the person who will handle your personal financial matters.

In California, a traditional estate plan will include a last will & testament along with a living will, health care power of attorney, durable (financial) power of attorney, and a revocable living trust. There are many more documents that may be appropriate for your individual family situation such as a Children Protection Plan, legacy plan, ethical will, and more.

Depending on the type of estate plan documents you draft, you may not have to work directly with an attorney. That said, it is highly recommended that you do so to avoid the common mistakes, pitfalls, and omissions non-attorney drafted estate plans often contain. A personal relationship with your estate attorney gives you peace of mind knowing your legal documents will work exactly as you want them to after your pass and that your attorney will be there for your family in their time of need.

Estate planning should begin as soon as an individual acquires assets or has dependents. In Los Angeles, where property values are high, even young adults may benefit from early estate planning. Starting early allows individuals to protect their assets, designate beneficiaries, and legally document their wishes.

Life events such as marriage, having children, or purchasing a home often trigger the need for estate planning. However, we don’t recommend waiting for these milestones. Early planning provides peace of mind and can be adjusted as circumstances change. The following table outlines key life stages and corresponding estate planning considerations:

Without a will and testament in California, the state’s intestate succession laws determine how assets are distributed. This process can lead to unintended beneficiaries receiving portions of the estate, potentially leaving out close friends or favored charities. Additionally, the court appoints an administrator to manage the estate, which may not align with the deceased’s preferences.

Dying without a will and testament can also complicate matters for surviving family members, potentially leading to disputes and prolonged probate proceedings. In Los Angeles, where estate values can be significant due to high property prices, the absence of a will and testament may result in substantial tax implications and unnecessary legal costs for heirs. Estate planning attorneys strongly advise creating a valid will and testament to ensure assets are distributed according to one’s wishes and to minimize potential conflicts among beneficiaries.

We recommend reviewing and updating estate plans every three to five years or after significant life events. These events may include marriage, divorce, birth of children, acquisition of substantial assets, or changes in tax laws. Regular reviews keep estate plans current and aligned with the individual’s wishes and financial situation.

Updating an estate plan involves reviewing all existing documents, including trusts, powers of attorney, wills and testaments. Estate planning lawyers assist clients in assessing whether current plans still meet their goals and comply with California law. We may suggest modifications to account for changes in family dynamics, financial circumstances, or legal requirements. A comprehensive review schedule helps maintain the effectiveness of estate plans:

Clients can indeed make changes to their estate plans later. Most estate planning documents, such as wills and revocable trusts, can be amended or revoked as long as the individual has the mental capacity to do so. This flexibility allows for adjustments to reflect changing life circumstances, financial situations, or personal preferences.

To modify an existing estate plan, individuals should consult their estate planning attorney to follow proper legal procedures. Changes may involve executing a codicil to a will, amending a trust, or creating entirely new documents. The process for making changes varies depending on the type of document and the nature of the modifications: