Skilled Estate Planning Attorney in San Marcos, CA

When a loved one passes away, their estate may be distributed according to a will or a trust. However, many people do not have an estate plan in place. Whether you have a large estate or a more modest one, you should speak with a San Marcos estate planning lawyer. Hiring a capable estate attorney can save you time and money.

Why Choose Paul V.L. Campo Attorney at Law?

When you are choosing an attorney to help you take care of your estate plan, you are choosing a person to help you safeguard your legacy and your family’s future. This decision should not be taken lightly, and you should carefully vet the qualifications of any attorney you consider using. Paul V.L. Campo Attorney at Law brings more than 40 years of estate planning experience to his clients’ service. Our team takes the time to get to know all of our clients and understand what their goals are when it comes to estate planning. We believe in an individualized, compassionate, and forward-looking approach to our work. Contemplating the end of your own life can be overwhelming and emotionally fraught, but we can help take the guesswork out of planning for your family’s future security.

Estate Planning Documents in California

It is important to understand the process of planning your estate in California. Estate planning is an extensive process that may involve several parties, such as lawyers and financial consultants. Contrary to what some believe, estate planning is not reserved only for people who have high-value assets or a high net worth. Unfortunately, the lack of general knowledge of estate planning results in most Americans taking no action at all. As of 2024, only 32% of American adults had a will in place. When you hire an estate planning lawyer, they can advise you of which estate planning documents could benefit you, as your unique plan should be tailored to your needs. The following are documents that may be included in your estate plan.

Will

A will is a document that outlines who will inherit your property and assets, who will take care of your minor children if you have them, and who will be the executor. In California, the only requirements to write a legal will are that the person making the will is over 18 years of age and of sound mind, capable of understanding their actions. Many individuals who have a comprehensive estate plan choose to use a document called a pourover will. A pourover will dictates that any assets that are left out of a trust when a person dies are automatically bequeathed to the trust for distribution. Such assets may still have to go through the probate process. They ultimately become the property of the trust when that process is complete and can then be distributed according to the terms of the trust. Although it is possible to write a legal will on your own in California, hire an estate planning lawyer for a more thorough plan. An attorney can draft a legally valid will that can stand up to potential challenges in the future.

Trust

A living trust avoids the need for probate, which is the long, costly legal process of administering a will. A living trust designates a person, known as the trustee, to manage the trust and the assets within it. The assets in a living trust can be directly transferred to your beneficiaries upon your death, making probate unnecessary. There are a wide variety of trusts, but they can generally be irrevocable or revocable. In an irrevocable trust, the assets included in the trust pass out of the trustor’s control immediately when the trust is enacted. After this point, it is very difficult to modify the trust to change the assets included or the beneficiaries listed. The most significant benefit of an irrevocable trust is that the assets included can often avoid certain estate taxes. A revocable trust, on the other hand, is a more flexible arrangement. The trustor of a revocable trust can modify it any time while they are still living. For example, they could add or remove assets, change the trust’s beneficiaries, or change the distribution proportions for all of the listed beneficiaries. Assets in revocable trusts can often be kept out of the probate process, but they are generally subject to more estate taxes than assets in irrevocable trusts.

Healthcare Directives

Many people are concerned about their wishes for their healthcare being honored if they lose the capacity to make decisions or express their wishes. Healthcare directives outline the type of healthcare you want to receive if you are unable to make decisions for yourself. They can come in the form of a living will or power of attorney, which allows a person, known as an agent, to make medical decisions should you become incapacitated. Healthcare workers are legally required to honor the wishes advised in an advance directive, even if a family member requests that they do something that contradicts the directive. California Probate Code Section 4701 outlines what can be included in an advance directive and the responsibility of healthcare workers to honor such documents.

Financial Power of Attorney

If you are unable to make financial decisions or manage your money, you can appoint someone to make these financial decisions on your behalf. A financial power of attorney is a legal document that gives such a person the legal authority to act for you. These are not the only possible documents involved with an estate plan in California, but these are most of the major ones. Your attorney can advise you as to whether or not any other documents are necessary for your specific situation.

Protect Your Children

If your children inherit property from you, and they are minors, you should have someone set up so they receive the property and/or assets in your estate. This can be your appointed guardian or the successor trustee.

File Beneficiary Forms

This is for retirement plans, stock, bonds, or brokerage accounts. Assigning a beneficiary to these accounts helps skip an often costly probate process. If these forms are filed, your listed beneficiary will receive the payouts from these accounts upon your death.

How Much Does Estate Planning Cost in California?

The cost of estate planning in California depends on the types of estate planning documents you choose to create. For instance, creating both a will and a trust will be more expensive than creating only a will. In California, if your assets are well below the probate threshold of $184,500, you may choose not to draw up a trust, as avoiding probate will be unnecessary. Even if your assets are below the threshold, you may draft additional documents for your estate, and these come with fees as well. As California has a higher cost of living than most states, estate planning costs can be higher than the national average. In general, there are two main types of fees associated with estate planning: flat fees and billable hours. Here is a breakdown of how these fees are calculated and charged in California:

• Flat fees. Some estates only require drafting a simple will. For these services, lawyers may charge a flat fee, which varies based on their experience and the complexity of the case. If a person has many assets, a lot of property, or businesses to consider, the case becomes more complex, and flat fees are less likely.
• Billable hours. If you find yourself in need of a lawyer for your estate planning needs, they will charge an hourly rate for their ongoing advice and assistance.

Other considerations in an estate plan include life insurance policies, estate taxes (for taxable estates), funeral expenses, final arrangements, and businesses, if you own them. If these factors apply to you or if you own a large portfolio of assets, your lawyer may require more billable hours to handle the process. However, if you are a person with minimal assets and no property, for instance, your lawyers’ fees may be much lower. Whatever the costs may be, in San Marcos, California, fee agreements that exceed $1,000 must be put in writing. It is important to understand the time commitment and complexity of your estate planning case before meeting with your lawyer.

Why Do I Need to Hire an Estate Planning Lawyer?

While it is possible to gather the paperwork and plan your estate independently, hiring an attorney can make the process easier and more efficient. Estate planning not only requires a considerable amount of paperwork, but it is also an emotional process. A lawyer is an objective party who can handle every detail of your estate while you focus on spending time with your loved ones. Also, if you anticipate family conflicts surrounding your estate, hiring a lawyer is especially beneficial. Your estate plan will be more likely to stand up to challenges if it’s created with the assistance of an attorney. In addition, if you are a business owner or are likely to owe estate taxes, hiring a lawyer can help you navigate these complex situations.

FAQs

Do I Need an Estate Plan if I Am Not Wealthy?

Yes, you need an estate plan even if you are not wealthy. Although estate plans are vital for people with high net worth or extensive assets, putting an estate plan in place is a responsible move for anyone. If you pass away with no plan in place, your assets and property may be distributed to someone you do not want to receive them. Putting a will in place can help you direct what happens to your estate after you die.

Can an Estate Planning Attorney Help Me With Probate?

Yes, an estate planning attorney can help you with probate. Paul V.L. Campo Attorney at Law can help you navigate the process of probate if you are going through it because you have recently lost a loved one. Your attorney can help you throughout the steps of probate by reviewing the details of the estate and helping you file everything on time.

Can I Reduce Taxes on My Estate With Estate Planning?

Yes, you can reduce the taxes your heirs will have to pay on their inheritance through estate planning. For example, if you place assets into an irrevocable trust, those assets immediately pass out of your control. Upon your death, they may be able to pass to your heirs without being subject to taxes. Your estate planning attorney can help you understand the particulars of irrevocable trusts and determine an appropriate course of action for you.

What Can Be Included in a Will?

Many things can be included in a will. They are generally very flexible in terms of what can be included. Your will can include directives for everything you own, as well as directives for care of minor children or disabled adults in your charge. Wills can be very general, or they can bequeath specific items to certain individuals. Wills can stand on their own, or they can work in conjunction with a trust to provide a full estate plan.

What Is Probate?

Probate is the legal process of finalizing a deceased person’s estate. It consists of: 

• Gathering all of the deceased person’s assets
• Paying outstanding debts
• Distributing the remainder of the assets to the deceased person’s family, either according to their will or according to California’s succession rules, if there was no will in place.

Probate can be a long, drawn-out process, and it helps to have the advice of an attorney while you’re going through it.

Contact Paul V.L. Campo Attorney at Law Today

In all, estate planning is essential for protecting your loved ones and properly managing your hard-earned assets upon your death. Though it can be an emotional process, hiring a lawyer can make it easier to manage. Paul V.L. Campo Attorney at Law has extensive experience with even the most complex estate plans. Speak to our San Marcos estate planning lawyer to learn more about estate planning.