Irvine Estate Planning Lawyer

Irvine Estate Planning Attorney

An estate plan is essential for informing your beneficiaries of your wishes when you pass away, but it is also a necessary tool for defining how things should be handled if you become sick or incapacitated. An Irvine estate planning lawyer can explain the benefits and guide you through the process of establishing an estate plan.

Establishing an estate plan can give you security in knowing that someone will be legally empowered to pay your bills, manage your finances, take care of young children, run your business, and make decisions about your healthcare.

Experienced Irvine Estate Planning Lawyer

In the US, only 40% of adults have a living trust or will. At Engels-Janzen, we understand that creating these documents can be intimidating. Our attorneys believe in getting to know our clients so that we can provide legal advice and services based on their needs. Our lawyers have a vast understanding of California law and the impact it has on estate planning. We approach each estate plan with your family and concerns at the forefront.

Estate Planning Documents in California

Estate planning is essential to providing a secure future for you and the people you love. Each estate plan will vary, but yours may include:

• A will is a legal document that clearly defines how you want your property to be distributed when you pass away. It clearly lists your assets and your beneficiaries.
• A living trust divides your assets among your beneficiaries and does not require the probate process. This means your beneficiaries can access their designated assets immediately upon your death and avoid certain fees by avoiding the probate process.
• A durable power of attorney names an individual, such as a family member or professional, to make legal and financial decisions if you die or become incapacitated.
• An advance healthcare directive outlines the decisions you have made regarding healthcare near the end of your life if you are not able to communicate your wishes. It can also name someone to make these decisions if you are incapacitated.

The documents outlining your wishes are critical, but so is designating executors, trustees, and healthcare agents. You will want to select trustworthy individuals who have the capacity to make difficult decisions.

All documents should be notarized. In Irvine, notary services are available through the Orange County Mobile Translation and Notary located at 4667 MacArthur Blvd. Suite 230, Newport Beach.

What to Do After You Finish Your Estate Plan

In some cases, the individual creating the plan shares their intentions with their loved ones and provides copies of the documents. It is also important to ensure the person you have selected to manage your finances or property if you pass away or become incapacitated has agreed to fulfill these roles.

The person you have nominated should have copies of your documents and know where your important papers are kept. You should also plan to give them access to important information that may be stored on your computer and your safety deposit box. You should also share financial account information.

You should regularly review and update these documents as necessary with the help of your estate planning lawyer. There are certain life events that may trigger needed changes, such as a significant financial change, a marriage, a divorce, or the birth of children.

Why Trust Engels-Janzen with Your Estate Planning Needs?

Our attorneys are committed to providing the highest-quality estate planning services. We ensure our clients are served in a manner that suits their unique needs. Our effective, personalized legal services are recognized in our clients’ testimonials.

FAQs

How Much Does It Cost to Talk to an Estate Lawyer?

There are various factors that will impact the cost of talking to an estate lawyer. Some attorneys offer a no-cost consultation, where you will describe the nature of your legal issue. Based on this initial conversation, a lawyer can provide a list of your legal options, your chances of success, and the estimated amount of work that will be required to address your issue and the associated costs. Typically, if you have a specific legal question, you will pay an upfront fee for a single consultation.

What Is the Five by Five Rule in Estate Planning?

The five by five Rule is an optional provision that allows a beneficiary to have certain withdrawal rights under the terms of a trust while avoiding negative tax consequences. It is also called a five-or-five power, five-and-five power, or five-by-five power. It allows for the annual withdrawal of 5% of the trust’s assets or $5,000, whichever amount is greater. The five by five rule is typically used when the settlor wishes to distribute trust assets in smaller amounts over a period of time instead of all at once.

What Is the Average Cost of an Estate Plan in California?

There is no set cost for an estate plan in California. There are various factors that influence the cost of an estate plan. These include the complexity of your assets, the number of documents in your plan, and the attorney’s fees. If you know what documentation you want to include in your plan, you may be able to estimate the cost. Most attorneys will provide a consultation where you can discuss their billing structure. Some attorneys will charge a flat rate, but most charge an hourly fee.

What Is the Difference Between an Estate Attorney and an Estate Planner?

Estate planners draft documents such as wills, powers of attorney, and trusts that follow relevant laws and clearly state the client’s wishes. An estate attorney will handle legal matters following your death, like wills and probate, to ensure your wishes are followed. An estate planner assists with determining how your assets will be transferred through establishing trusts and creating detailed plans that address your medical, financial, and end-of-life needs.

Discuss Your Needs With an Irvine Estate Planning Lawyer

At Engels-Janzen, our estate planning lawyers work to understand your unique situation and develop an estate plan that is customized to your specific needs. Our lawyers stay updated on recent court decisions and tax laws that could impact your plan. Please call the office to schedule a consultation to learn how we can help.