ESTATE PLANNING LAW

Estate planning is not only about what happens after death. A thoughtful California estate plan also addresses who may manage finances, make healthcare decisions, care for minor children, and carry out instructions if a person becomes unable to act.

COMMON ESTATE-PLANNING TOOLS

• A will names beneficiaries and an executor and may nominate guardians for minor children

• A revocable living trust can manage assets during life and transfer properly funded trust assets outside probate

• A durable power of attorney authorizes someone to handle financial and property matters

• An advance health care directive records healthcare wishes and names a decision-maker

• Beneficiary designations and transfer-on-death arrangements may pass particular assets directly

COMMON PLANNING ISSUES

Plans may need special attention when a family owns California real estate, operates a business, includes minor or disabled beneficiaries, has children from prior relationships, or wants to coordinate retirement accounts and life insurance. A trust only controls assets that are actually transferred to it, and a will does not necessarily avoid probate.

WHEN TO REVIEW A PLAN

Review planning documents after marriage, divorce, a birth or death, a major move, a business or property acquisition, or a significant change in assets or health. Documents must also be signed and witnessed or notarized as required.

This overview is general information, not legal or tax advice. The right plan depends on the family, assets, and goals.