R. Zebulon Law, Esq.
                        A Professional Law Corporation

BASIC ESTATE PLANNING

There are many reasons to implement a good estate plan. Here are some of the more important reasons to do so:

Control the Distribution of Your Estate
California provides a set of rules which apply when you have no will (these are known as the "intestacy" rules). Basically, your estate will be distributed under these rules if you have no will. The intestacy rules were developed over many years, and often achieve the same result as many people would want under a will. A will basically gives you control over how your estate is handled.  

For example, under the intestacy rules, an estate would be completely distributed to children at age 18. Many people would prefer for their children to receive the estate at an older age (especially in cases involving large estates).  A properly drafted will (or a trust) can keep the estate from being distributed until the children reach the desired age(s).

Take Advantage of Tax Breaks
Without proper planning, married couples can "lose" many hundreds of thousands of dollars in estate tax credits that might have been otherwise available. This is because, without proper planning, the tax credits that would have been otherwise available at the first death become permanently lost. A properly-drafted trust (or will) can take advantage of all of the available tax credits and deductions.

Avoid Probate
Even though an estate may be distributed, for example, to one's children, without proper planning, probate is often necessary before title to any applicable real estate can pass to the children. Probate is a court process that can take 18 months or more to complete. In addition, a certain portion of the estate gets taken away as statutory attorneys' fees, and statutory executor fees.  This can all be avoided with proper planning.  

Naming the Players
Perhaps the most important estate planning decision is determining who will involved with overseeing your financial situation, and who will be involved in taking care of your children should anything happen to you. Without proper documentation, it is possible that someone other than your preferred choice as guardian could end up taking care of young children. Everyone should consider executing a will, if for no other reason than to name the executor and/or choice as guardian.

Start Now

You can take control of your estate plan at any time. As a first step, you should retain our firm (or other qualified counsel) to assist you with your estate plan. Other qualified professionals, such as CPAs and financial planners, can often help in making estate planning decisions. Ultimately, you can take control of your own plan at any time by making the decision to get started.