San Marcos Estate Planning Attorneys

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 to ensure their hard-earned assets are properly managed. Whether you have a large estate or a more modest one, you should speak with a San Marcos estate planning lawyer. Hiring a capable asset attorney can save you time and money.

At the law office of Paul V. L. Campo, Attorney at Law, we have a long history of providing quality estate planning services. Call us today to learn more about how to protect your family in all areas of estate law.

The Estate Planning Process 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. Your asset attorney can inform 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:

• The Will: This document 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. It is not recommended that you write your will on your own. An attorney can draft your will to ensure it is legally valid and will stand up to potential challenges in the future.
• The 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 assets upon your death, making probate unnecessary.
• Healthcare Directives: 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.
• 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.
• Protect Your Children: If your children inherit property from you, and they are minors, you should have someone set in place to ensure they receive the property and/or assets. 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 CA?

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 three 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 more unlikely.
• 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 are 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 amount of assets, your lawyer will rack up 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 a Lawyer to Handle My Estate Planning?

While it is possible to gather the paperwork and plan your estate independently, hiring an asset attorney will 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 will help you navigate these complex situations.

Contact Paul V. L. Campo, Attorney at Law, Today

In all, estate planning is essential for protecting your loved ones and ensuring your hard-earned assets are properly managed 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.