Estate Planning Basics
Lot of our estate planning clients are immigrants, who came to United States for Education or Jobs. Some are here on Visas, some have permanent residency and some have acquired Citizenship. Some of them have siblings, other family members or relatives and some have only friends in the United States. They have worked very hard, contributed significantly to the United States Economy, and accumulated wealth; and are concerned about what happens to their family and assets when they pass away. It is a genuine concern among Californians, independent of whether they are U.S. Citizens or immigrants, and Estate Planning Attorney Kamala Maddipoti can help them in taking necessary steps to proactively protect their family and assets.
What happens when a California resident passes away
If the deceased person has no Will or no Estate Plan documents, then the assets of the deceased person will be distributed through a court supervised probate process according to the California Intestate Succession laws.
If the deceased person has a Will and no other Estate planning done, then also the assets are likely to be distributed though the probate process and distributed according to the instructions outlined in the Will.
If the deceased person has executed Estate plan instruments like a Revocable Trust, then the assets of the Trust can be distributed according to the instructions outlined in the trust, but it avoids the probate process.
The probate process involves getting a court order to distribute the deceased person’s estate. It is typically a time consuming process and the person’s estate will be responsible for additional costs like court appointed Attorney and Executor’s fee. The fee varies based on the total value of the estate of the person.
When the family is already grieving the loss of a loved family member, not having access to the assets to pay regular expenses like mortgage, credit card payments, college tuition fees etc complicates the situation further.
What documents are prepared as part of Estate Planning
Having an Estate Plan can help in avoiding the probate process and consists of preparation of following documents
Is Estate Planning helpful only when a person passes way
Though Estate-planning is helpful in avoiding the probate process, it is further useful in streamlining the process involved in the life altering situations like incapacity, where a person is unable to make decisions for himself or herself.
We are here to help you.
Let our Estate Attorney Kamala assist you in creating your estate planning documents to avoid uncertainties by utilizing our experienced services. Attorney Kamala will help you in drafting your estate plan documents based on your unique situation & assets, taking into account all your family needs and will guide you through the whole process in an efficient and cost-effective manner in a short period of time. Also, we accept major legal insurance plans like Hyatt or MetLife Legal Plans.
What happens when a California resident passes away
If the deceased person has no Will or no Estate Plan documents, then the assets of the deceased person will be distributed through a court supervised probate process according to the California Intestate Succession laws.
If the deceased person has a Will and no other Estate planning done, then also the assets are likely to be distributed though the probate process and distributed according to the instructions outlined in the Will.
If the deceased person has executed Estate plan instruments like a Revocable Trust, then the assets of the Trust can be distributed according to the instructions outlined in the trust, but it avoids the probate process.
The probate process involves getting a court order to distribute the deceased person’s estate. It is typically a time consuming process and the person’s estate will be responsible for additional costs like court appointed Attorney and Executor’s fee. The fee varies based on the total value of the estate of the person.
When the family is already grieving the loss of a loved family member, not having access to the assets to pay regular expenses like mortgage, credit card payments, college tuition fees etc complicates the situation further.
What documents are prepared as part of Estate Planning
Having an Estate Plan can help in avoiding the probate process and consists of preparation of following documents
- Revocable Living Trust
- Pour-over Will and Nomination of Guardians for clients with minor children
- Advanced Health Care Directive - Power of Attorney for Healthcare
- Durable Power of Attorney for management of property
- Deed to transfer your real estate properties to the trust
- Preliminary Change of Ownership Reports for the county recordation
Is Estate Planning helpful only when a person passes way
Though Estate-planning is helpful in avoiding the probate process, it is further useful in streamlining the process involved in the life altering situations like incapacity, where a person is unable to make decisions for himself or herself.
We are here to help you.
Let our Estate Attorney Kamala assist you in creating your estate planning documents to avoid uncertainties by utilizing our experienced services. Attorney Kamala will help you in drafting your estate plan documents based on your unique situation & assets, taking into account all your family needs and will guide you through the whole process in an efficient and cost-effective manner in a short period of time. Also, we accept major legal insurance plans like Hyatt or MetLife Legal Plans.
San Jose Estate Planning Lawyer Kamala Maddipoti helps families in Bay Area counties like Santa Clara, Alameda, Contra Costa. Kamala helped several clients from in cities like San Jose, Sunnyvale, Cupertino, Santa Clara, Milpitas, Fremont, Newark, Union City, Dublin, Pleasanton, San Ramon, Livermore, Mountain View, Los Gatos, in creating their estate plan.
Attorney Kamala - "Whether you are near me or in California, i can help you on your estate plan, just contact me and lets discuss".
Attorney Kamala - "Whether you are near me or in California, i can help you on your estate plan, just contact me and lets discuss".
