Estate Planning Attorney in Orange County

Do You Really Know?

Do you know beyond a shadow of a doubt what would happen legally and financially to you, your loved ones, your money, and everything else you care about if something unexpected happened to you?

If you don’t have an estate plan or your estate plan is out of date, the outcome may not be what you would want or expect. If you become incapacitated, for example, your family could end up in court fighting over who makes your medical decisions. The person who prevails may not be the one you would have chosen.

If you do not have an estate plan, then the state of California has a plan for you, and it’s probably not what you want. If your assets pass under California’s law of intestate succession your property may not be distributed as you hoped. In a worst case scenario, your assets could be lost to the state department of unclaimed property.

Do you have a plan in place that dictates what will happen to you, your loved ones, your money, and everything else you care about if something happens to you unexpectedly? If not, you are taking a big risk. Regardless of your income and assets, you need a current, well-drafted estate plan in place. A comprehensive estate plan can give you peace of mind, knowing that you are as prepared as possible for life’s unexpected twists and turns. At Morgan Law Group, we will design an estate plan that is just right for you and will keep you and your loved ones out of court and out of conflict. To begin the estate planning process, please contact our estate planning attorney in Newport Beach today.

Nearly everyone has an estate- it’s your home, bank accounts, life insurance, investments, rental properties and life possessions…. Everything you own!

Whether you are married or single, have many assets or just a few, have young children, adult children, young adults or no children or are part of a blended family.

Estate planning is for anyone who wants to have control over their own care and finances during a disability as well as the distribution of assets after their death.

Who Needs an Orange County Estate Planning Attorney?

Many people, especially those just starting out in life, assume they don’t need an estate plan because they don’t have a lot of high-value assets. Nearly everyone has an estate- it’s your home, bank accounts, life insurance, investments, rental properties and life possessions…. Everything you own! Those assets will have to be managed and distributed after you pass away, or if you become incapacitated. 

Whether you are married or single, have many assets or just a few, have young children, adult children or no children or are part of a blended family …

Estate planning is for anyone who wants to have control over their own care and finances during a disability as well as the distribution of assets after their death.

About Estate Planning

Estate planning is the process by which an individual plans for the management and transfer of his or her assets both during and after life. It is much more extensive than just creating a will or living trust to pass property on death. When done properly, estate planning minimizes legal fees, taxes, and interference by the state. Therefore, anyone who owns any property at all should work with an attorney to begin the estate planning process.

Everyone Needs an Estate Plan 

Most people should, at an absolute minimum, have a will in place. A will can be a relatively simple document that establishes your wishes regarding the distribution of your property. A will can also include other things, however, such as nomination of a guardian for minor children. However, most people need a complete estate plan, which goes much further than a will. Not only can an estate plan provide instructions for the distribution of your assets, but it can help you and your loved ones pay substantially less in taxes, court costs, and fees. To accurately determine your estate planning needs, you should schedule an appointment with an experienced estate planning attorney in Orange County for assistance.

Components of an Orange County Estate Plan

Every estate plan is different, since the best approach depends on your assets and your goals. An experienced estate planning attorney in Orange County is the best source of information about what will work best in your circumstances. However, there are some core components that are generally included in a comprehensive estate plan. These include: 

• A will, living trust, or combination of the two to pass assets after your death
• An advance healthcare directive that lets your medical providers know what to do in extreme circumstances
• A medical power of attorney (also known as a healthcare proxy) that appoints someone to make medical decisions for you if you can’t
• A power of attorney that allows someone else to manage your property and finances if you are unable
• Appointment of a guardian if you have minor children 
• Life insurance

Depending on your circumstances, you may also want to consider: 

• Changing the way property is titled to facilitate transfer on death and perhaps reduce taxes
• Creating a special needs trust or other type of special purpose trust
• Adding beneficiaries to certain types of accounts
• Working with a Trust Attorney for guidance on creating or modifying trusts
• Using a Trust Amendment when your circumstances or wishes change

It’s never too early to start thinking about estate planning and take steps to protect yourself and your family. No one likes to think about becoming incapacitated or passing away prematurely, but the unexpected does happen. Illness, accidents and untimely passing can be much worse for your family–and in some situations, for you–if you don’t have an effective estate plan.

Benefits of Estate Planning

There are numerous benefits to working with an attorney to draft an estate plan. The documents described above enable you to:

• Provide for your family: Through the estate planning process, you can ensure that your family will be taken care of after you are gone. In addition to leaving assets to your loved ones, an estate plan allows you to make decisions about how that property will pass and be managed. While a will transfers property directly to your heirs, a trust allows greater control over how assets are managed and spent. This allows you to do things like care for a family member who has a disability and establish a college fund for someone you love.
• Care for your children: In addition to leaving assets to your children, you can name a guardian in your estate plan to care for your children should you ever become unable to do so yourself. Though the court ultimately makes the decision on guardianship, they will typically defer to the parents’ wishes as long as the guardian is considered appropriation.
• Ensure your property goes to the right people: With an estate plan, you can determine exactly where your assets will go after you pass away with the right Asset Protection. If you fail to do this, however, the state will make this decision for you. Many people assume that will be fine, as the state will automatically pass assets to those closest to you. But, those legally closest to you aren’t always those you most want to provide for, and the way property is divided can be quite disruptive to surviving family members.
• Choose the best way to transfer each type of property: The options can be a bit overwhelming. Some property is best transferred directly on death, either through joint ownership with rights of survivorship or by listing a beneficiary. But that option isn’t available for all types of property, and you may be unsure when it’s the best answer. There are also important differences between transferring property through a will versus a trust. Our Orange County estate planning attorneys will guide you through this process so you can make the best decisions for you and your family.
• Minimize expenses: Probate is expensive and time-consuming. With the guidance of an experienced Orange County estate planning attorney, however, you can avoid many of the expenses associated with the process with the help of our expert probate attorneys.
• Make things easy on your family: One of the primary benefits of the estate planning process is that it makes things easier on your family. If you pass away or become incapacitated, you don’t want to leave your family struggling. By outlining your wishes regarding important issues ahead of time, you save your family the heartache and potential conflict of having to figure things out for themselves.
• Donate to a cause: If you are passionate about a specific cause, an estate plan allows you to contribute to one or more charitable organizations after your passing. This may involve a direct bequest in your will, or something more complex, such as a charitable trust.
• Plan for incapacity:  If you should ever become incapacitated, the last thing you want is for your family to be left without a plan. With an estate plan that factors in incapacity planning, you can specify your wishes regarding who will make important medical and financial decisions on your behalf should you ever become unable to do so yourself.
• Reduce taxes: With an estate plan, you can minimize the taxes collected on your estate, and perhaps during your lifetime. This helps preserve your estate and will benefit your beneficiaries by allowing them to keep more of the money you leave them.
• Choose an executor: Someone will need to ensure that the administration of your estate is handled properly, and you will want it to be someone you can rely on to see that your wishes are carried out. When you work with an attorney to draft an estate plan, you can name a person you trust to act as the executor of your estate. You will also save your loved ones the stress of trying to sort out on their own who should take on this responsibility.
• Plan for retirement and long-term care: Contributing regularly to your 401(k) is a great start, but true retirement planning should also account for the possibility of needing assistance later in life. In California, over 60% of nursing home residents rely on Medi-Cal to cover costs, and qualifying for this coverage often requires advance preparation. Our Elder Law & Medi-Cal Planning resources can help you understand your options and prepare years ahead.
• Legacy planning: For many people, especially those with significant assets, legacy planning goes beyond just transferring assets to the next generation. Long-term planning tools such as family trusts can help ensure that your wealth stays in your family across generations, not just right after you pass.

Why You Need an Attorney to Handle Estate Planning 

Estate planning is complicated. Therefore, trying to create an estate plan by yourself is often a losing proposition. When you attempt to create an estate plan alone, there is a good chance that you’ll overlook key legal requirements. When you hire an estate planning lawyer to guide you through the process, however, you can rest assured that your estate plan is well-drafted, current, and legally sound.

How Morgan Law Group Can Help

At Morgan Law Group, our experienced estate planning attorneys will work with you to draft a comprehensive and effective estate plan that leaves you and your loved ones protected. When you become our client, we’ll review your situation and determine the most appropriate estate planning documents, including guidance on Trust Administration, based on the unique needs of you and your family. In other words, we make the entire estate planning process about you, your goals, your dreams, and the protection of you and your loved ones.

Our emphasis during the estate planning process is on planning for the inevitable changes in life—such as marriage, where you may benefit from a Prenuptial Agreement —not just what happens when you pass away. We also understand how busy life can get, so you can count on us to do the heavy lifting for you—that’s what we’re here for.

Frequently Asked Estate Planning Questions

• What Are the Basic Estate Planning Documents?

  An estate plan consists of a series of documents that ensure the legal protection of you, your family, and your assets. An estate plan usually consists of several documents, each of which serves a distinct and important purpose. Some common estate planning documents include:

  • Will: A will, also called a last will and testament, details your last wishes regarding your assets, debts, and expenses. When you pass away, an executor will carry out your will’s instructions.
  • Trust: A trust provides guidelines for the management and transfer of certain assets. A trust is a great way to avoid probate administration, which is the process by which your assets are distributed by the court system. Probate can be very time consuming and expensive, so avoiding it is imperative.
  • Healthcare directive: A healthcare directive details your wishes regarding healthcare in the event that you become incapacitated.

  Durable power of attorney: A durable power of attorney is an estate planning document that gives a person the authority to make certain decisions on your behalf.

• How Do I Choose an Estate Planning Lawyer?

  When choosing an estate planning lawyer, there are several things to consider, including:

  • Specialization: When choosing an estate planning attorney, specialization is important. In other words, you should choose an attorney who focuses almost exclusively on estate planning.
  • Experience: Next, the attorney you choose should have plenty of estate planning experience. Generally speaking, the more experience in this area an attorney has, the better.
  • Cost and payment structure: Let’s face it—when it comes to estate planning, cost matters. Before you hire an attorney, be sure you understand his or her cost and fee structure. However, cost shouldn’t be the only factor you consider when choosing an estate planning lawyer. Remember, you get what you pay for

  Communication: Finally, the attorney you choose should be willing to communicate with you openly and treat you as an active participant in the estate planning process. One way to gauge this is by asking the attorney during your initial consultation whether he or she is willing to share your estate planning documentation with you as it is prepared. Estate planning should be a collaborative process!

• What Questions Should I Ask an Estate Planning Attorney?

  If you plan to speak with several estate planning attorneys before choosing one, these questions can be helpful in assessing their services:

  • “How much of your practice is devoted to estate planning?” Although a prospective attorney doesn’t have to devote 100% of his or her practice to estate planning, it should comprise a significant portion of his or her business.
  • “How much estate planning experience do you have?” Even if an attorney devotes all his or her practice to estate planning, this doesn’t mean much if he or she doesn’t have years of estate planning experience.
  • “What happens if I need to get a quick question answered and you’re unavailable?” While attorneys of any kind cannot be on call 24/7, it’s reasonable to ask how your needs can be met when you need information.
  • “Will you update my estate plan?” No matter how solid your estate plan is, it will need to be periodically reviewed and updated, especially if you experience any major life changes or new laws are passed. The attorney you choose should have a system in place for reviewing and be willing to update your estate plan as often as is necessary.
  • “Are all of your fees flat fees? How do you charge for ongoing work after the initial completion of my estate plan documents?” Although money shouldn’t be the only factor you consider when choosing an estate planning lawyer, you should ask about fee structures and how you may be charged if you have questions years later or questions about something other than your estate plan during your initial consultation. It’s important for you and your attorney to be on the same page when it comes to fees.
  • “Can you prepare comprehensive plans for my children’s care if something happens to me?” If you have children, it’s important to have an estate planning lawyer to expertly manage the process of naming both short- and long-term guardians, as well as creating specific instructions to all guardians and caregivers. You’ll also want to understand if your estate plan can be structured so that the assets you leave to your children are protected in the event of a lawsuit or divorce in the future.
  • “Do you have a team in place to work on my estate planning or is it just you?” Depending on the size of the attorney’s practice, you may have more than one person creating your estate plan. If so, you will want to know who will be on the team. If you’re working with a single attorney, ask what plans he or she has in place if they retire or something happens to them. Estate planning is an ongoing process as you go through the stages of your life, and continuity may be important in the future.
• What Should I Bring to an Estate Planning Meeting?

  At Morgan Law Group, we provide a package of information with full instructions on how to prepare for your Family Wealth Planning session.

  These are just a few examples of the documents and information you will need to provide:

  • Current financial statements
  • Investment, bank, and retirement account statements
  • The deed to your home or other property you own
  • Current estate planning documents
  • Prenuptial or marital agreements
  • Retirement plan and annuity contracts
  • Life insurance policies
  • Contact information for your professional advisors, including your CPA, general practice attorney, insurance professionals, and financial advisors
  • Contact information for your healthcare providers
  • Contact information for family members, those you name in positions of authority (such as trustees, guardians, executors, and agents under a power of attorney), and clergy members
  • List of potential guardians, trustees, executors, and agents under a power of attorney
• Should I Periodically Update My Estate Plan?

  After you’ve established an estate plan, you should periodically review it to ensure that it offers you and your family the maximum level of protection. Unfortunately, at most estate planning law firms, the relationship ends when you sign your final documents. At Morgan Law Group, however, we view the signing of your estate planning documents as the beginning of our relationship with your family. Our experienced attorneys understand that your estate plan should evolve with you and your family. Therefore, when you become one of our valued estate planning clients, we offer a no-charge, three-year review to ensure that as your life changes, so does your estate plan.

• Can I DIY My Estate Plan?

  People often attempt to draft their own estate plans or use one-size-fits-all estate planning software to save money. Unfortunately, however, drafting your own estate plan can ultimately have the opposite effect. Even small mistakes made during the estate planning process can cost you—big time. When it comes to estate planning, there is simply no substitute for working with an experienced and knowledgeable estate planning lawyer.

Contact an Estate Planning Lawyer Today

At Morgan Law Group, we will take the time to get to know you and your family, taking your goals, concerns, and other issues into account as we guide you through the California estate planning process. We also understand that estate planning is a team effort, so our talented attorneys will answer any and all questions you may have as we design an estate plan that meets your needs. If you’re ready to begin the estate planning process, please contact us today to schedule a free initial consultation with an estate planning attorney in Newport Beach and throughout Orange County.

Here’s the bottom line: If you are uncertain of what would happen to you, your loved ones, your money, if something unexpected happened to you … then the first step is to find out exactly what would happen, legally and financially so that you can decide if the current state of your affairs is okay with you or if further action is needed.

A well-drafted estate plan can give you peace of mind, and the sense that you are as prepared as you can be for whatever life has in store.

Your estate plan should give you confidence that during an incapacity and after your death, your assets will be distributed as you intend, and your loved ones provided for.