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Wrong! You definitely need an estate plan. If you are single with no children, California probate law will pass your assets to your closest blood relatives when you die. Your assets will be distributed to more distant relatives if your immediate family members are not alive at the time of your death. But most people have friends, specific relatives and/or charities to which they want to leave their estates. A comprehensive estate plan can make sure that the right people or charities receive your assets and continue your legacy.

A power of attorney is a very important estate planning document that every adult should have. If you lose your mental capacity due to an injury or illness, a power of attorney grants someone you trust the power to make legal decisions on your behalf. They can sign legal documents, make financial transactions and complete other actions that you might not be able to do yourself.

Although you have the right to write your own handwritten will – also called a holographic will – this is not always wise. For a court to uphold it, you must meet several strict criteria. You must:

• Write it by hand 100% and include your signature

• Write it while you’re of sound mind and are not under undue influence from another person

• Add the date that you wrote it somewhere on the will

If you do not do this, a judge will not consider it valid.

Estate planning is a great way to help your loved ones avoid the probate process after your death. Although a will has to go through probate, you can use a living trust and other tools, such as joint ownership, to keep your assets out of the court system.

Fortunately, the state of California does not impose an estate or inheritance tax. The federal government, however, does. Under federal law, assets over $12.92 million are taxed at a rate of between 18% and 40%. Because of these high rates, you should take advantage of strategic estate planning to shield your assets from taxes.

The benefits of a revocable living trust include the following:

• You gain peace of mind knowing that your loved ones and your legacy are protected.

• Your family and your estate bypass the long and expensive California probate process.

• You retain control. You determine how your estate is managed and what happens to your assets after your death. The money in a trust can be distributed in many ways, including paying it to minors on an annual basis or using it to pay tuition.

• Your estate remains private. By eliminating the need for probate, your personal and private affairs do not become a matter of public record upon your death.

• You can protect your assets from creditors. Depending on how your trust is set up and administered, it can also protect assets that you have set aside for your children or grandchildren from creditors.

Probate is the process of gathering all your assets, settling your debts and distributing your estate to your heirs under the supervision of the probate court. Assets passed via a will are still subject to probate. Consider executing a revocable living trust instead.

Unlike many lawyers, we don’t ask you to fill out a lengthy, impersonal questionnaire before we meet. Your initial, free consultation is to discuss your intentions, your vision and how we can create it. Expect to meet for 30 minutes.

We offer a flat-fee structure, which varies depending on your specific wishes, so you will know exactly what to expect in terms of cost. Once you’re our client, we will remain available to you whenever you have a question. We offer unlimited support via telephone, email, Zoom or in person. Ask us a question at any time.