California Estate Planning Laws You Need To Know

California Estate Planning Laws You Need To Know

No matter where you reside, it is necessary to have basic estate planning documents in a systematic manner like a will, medical directive and reliable power of attorney for handling the finances. Bay area California is a prosperous state and it has high real estate value. Planning to avoid the probate the after your death is crucial. Planning in advance will give you utmost peace of mind and it will also be beneficial for your family and loved ones. 

If you are well versed with the California Estate Planning Laws then things will be easier for you as the state has a system of compensating probate lawyers.

How do lawyers charge?

There is a standard procedure for the probate lawyers to charge as their fee and the percentage of their gross value of assets which need to go through a probate. The probate code of the state is Cal. Probate Code § § 10810, 10811 and the percentage is:

  • 4% of the first $100,000 of the gross value of the probate estate, then it is 3% of the next $100,000, then it will be 2% of the next $800,000, then it will come to 1% of the next $9 million and finally it will be 5% of the next $15 million.

It is not necessary for the Lawyers to charge a percentage fee , but if you look closely at the California attorneys, you will find that most of the attorneys do that. If you have a gross estate of 2 million dollars, then the fee of an attorney will be near to seven thousand dollars if you need some small amount of paperwork. This fee is just for doing ordinary work in California. If some attorney has an usual amount of work then the attorney can ask to court to approve a higher fee.

Check some basics to avoid mistakes:

You must check the basic probate avoidance planning and other aspects of estate planning in California so you can hire the right attorney for making your estate plan. If you know the tax saving strategies and some basic knowledge about the issues which are unique to California residents then you will not make any mistakes.

Hire a reliable attorney:

The next step is to hire a reliable Bay area estate planning attorney whom you can trust. You need an attorney who is genuine in his dealings and gives you advice that works for you. Therefore, you must look for an attorney locally who has a reputation in the market. A good attorney will charge more, but you can rest assured that your estate planning is in the right hands. 

A well known and knowledgeable attorney will be well versed with the California estate planning laws and will be prompt to your needs. The attorney will guide you about the procedures and in case there are any changes, he will intimate you without any delay.

It is also important to meet with your attorney every two to three years to adjust the estate planning documents as per the updates in the laws and the changes in your personal life. In case of death, birth, and divorce in family, estate planning needs to be done again or some changes need to be improvised. Therefore, you need an attorney whom you can call and talk personally about these changes. The attorney will do the necessary changes accordingly.

Through a will you determine how your own care and the estate has to be administered. You will mention how your property has to be distributed and what all business functions need to be worked. So, call a well-known attorney in California today and get an estate plan to make things smooth for you and your family.