A lot of people falsely believe that they do not have enough money to require an estate plan, but if you own a home in California, the best way to avoid unintended expenses during your lifetime and when you pass away is to create a living trust. The state of California says that if you own real property worth more than $50,000 or have more than $150,000 in personal property you must go through a probate court process to pass your assets on to your heirs. Probates often take a year or more and will have significant court and attorney fees.
During your lifetime, you might be surprised to learn that even for small financial accounts, or to allow your family to speak with anyone to pay bills on your behalf if you are incapacitated, your family will need a power of attorney. If your family does not have a power of attorney, then they will likely have to go through a court process to be able to act for you. This costs time, money and adds additional emotional stress on your loved ones when they just want to focus on your care.
No matter the size of your estate, it is important to consult with an estate planning attorney to ensure that your family can take care of you while you are living, and they are taken care of when you pass away.
Call Bryant Elder Law for your no-cost consultation today.
Bryant Elder Law
Estate Planning & Elder Law Attorneys
Compassionate Counselors & Fearless Advocates for Seniors
with Aging & End of Life Issues