Estate Planning

Wills, Living Trusts & Estate Planning

Everyone should have an estate plan. The reason is that an estate plan is an effective, efficient, and thoughtful way to plan for the present and the future. People often think of hiring an attorney only when they find themselves dealing with litigation as the result of some legal dispute, but lawyers can be vital when it comes to estate planning as well.

At Cumming & Associates, we spend time with each client to understand their needs and expectations and provide a customized and detailed estate plan to ensure their expectations are met, both in the present and in the future. Our goal is to give each client the peace of mind to know that their estate plan is done right and they are ready for the future.

Why Is Having an Estate Plan Important?

Depending on your present circumstances, estate planning might seem like an unnecessary expense. Those who consider themselves to have a relatively small amount of assets often assume there is no need to make plans for the disbursement of said assets after death. The larger the estate, the more complicated things are likely for your loved ones in regard to determining what should be done with your property. However, it’s vital not to underestimate the importance of estate planning regardless of your Costa Mesa estate’s size.

All property that hasn’t been distributed via other means must go through probate court, which can be a very costly, time-consuming, and stressful experience for your loved ones. Additionally, while you may not think your items hold any financial value, they could be of sentimental value to some. Failing to make any designations via estate planning puts your assets at risk of falling into the hands of those who don’t fully appreciate them.

Estate planning can also feel superfluous if you are relatively young and in good health. The truth is that accidents and sudden illnesses can occur at any time. No matter what your current status is, it’s important to be prepared. Additionally, estate planning does not only affect what happens after you’ve passed away. Estate planning also allows you to make preparations for situations where you might be incapacitated and unable to make decisions independently. It’s vital to ensure you have the proper plans in place so that the burden of making those decisions falls onto someone you trust.

Ultimately, regardless of your situation’s specific details, it’s vital that you begin some level of estate planning. Scheduling an initial meeting with an estate planning attorney can allow you to ask questions and discover what options best fit your particular needs.

What Is Probate Court, and How Does It Relate to Wills?

Probate court is the court that handles a person’s property, assets, and any outstanding debt after their passing. Its responsibility includes ensuring that any outstanding bills are paid and that your estate is distributed correctly. Generally speaking, the larger the estate, the longer and more expensive it will be. Because of this, many people choose to work with their probate attorney to minimize how much of their property must go through the probate process. Listing certain assets under joint ownership, trust ownership, or even simply giving items away while you’re still alive are all common ways to do so. Whatever remains would still go through probate, but if the amount is relatively small, it will be far less cumbersome for your loved ones.

While a big part of probate tends to be the verification and interpretation of the deceased’s will, a will is unnecessary. This process will occur regardless of whether there is a legally binding will available, and refusing to create one will not allow your loved ones to skip this step. The lack of a will is likely to further complicate things. In the state of California, there are intestacy succession laws that determine how your property should be distributed. Different arrangements are possible depending on who survives the deceased; however, these distributions are limited to family members. That means that if you fail to create a will, your belongings could pass to someone with whom you had a tumultuous relationship instead of a trusted friend, just because they happen to be a relative of yours.

If you went through the trouble of creating a will, it is up to the probate court to determine its validity and interpret its contents. Depending on how the will is drafted, this might be relatively straightforward and quick, or it could require some amount of back and forth for the parties involved to come to a satisfactory conclusion. If any of your loved ones decide to contest the will, the court must consider this, and it will undoubtedly lengthen the duration of the process. Leaving behind a legally valid, carefully written will created with the assistance of a will attorney can go a long way toward making probate as unchallenging and painless as possible.

What Should You Consider When Creating a Will?

Even if you appreciate the importance of estate planning and are fully prepared to take on the task of creating a will, it can be a little intimidating to decide where to begin, especially if you’ve never attempted such a feat before. When getting started, it can be helpful to prepare by getting a better idea of what assets you own and determining what the overall goal of your estate plan should be.

For the former, simply sitting down and writing out a list of the various assets you presently own is a solid beginning. Start with the most obvious items, such as banking accounts, your home, your vehicle, and then branch out to any other things you can think of, such as a collection of rare coins, a cryptocurrency account, etc. Often people instinctively wish to leave the bulk of their estate to a significant individual, such as a child or spouse. By mapping out the various elements that make up your estate, you can identify specific items you might prefer to leave to someone else, as your previously intended recipient might not appreciate them in the same way.

Consider going over a list of questions to better determine what you want your will to accomplish for the latter. One example would be whether you want your spouse and your children to be provided for in the event of your passing. Other questions could include: Do you want to place any conditions limiting how any inherited funds can be used? To what extent would you like to avoid probate? How will your decisions affect the tax liability of your heirs? Do you want to show support for a charitable organization?

Having a clear idea in mind can help you make critical decisions regarding creating your will later on. It’s also okay not to have straight answers to some of those questions. If you’re unsure about any particular area, consider bringing it up to your will attorney, who can give you some more clarity on the options available. For instance, if you’re very concerned about tax liability but aren’t sure how it should factor into the writing of your will, an attorney can provide you with the information you need to make a choice.

Do You Really Need an Attorney for a Will?

The laws regarding what makes a legally binding will vary largely from state to state. Some states require witnesses, notarized signatures, and other safety measures to ensure the will’s validity. The state of California is one of several that accepts what is termed as a holographic will. A holographic will is handwritten and signed by the person looking to create an estate plan for their assets, referred to as the testator. As long as the testator is over 18 and is considered to be of sound mind, the will is deemed to be legal. This means that a person could readily sit down and write out a valid will all on their own. That being said, some challenges come into play under such circumstances.

Because there are no other safeguards to verify the will, the court must verify that your signature and handwriting match previous records. This is an easy matter for some, but others who have altered their signature over time could cause trouble in this area. If there is enough inconsistency to question the will’s authenticity, the court can call upon handwriting experts or people who were familiar with your handwriting. Depending on the individuals involved, this might not be the most effective method. If any of said parties determine the handwriting is not a match, your will could be invalidated.

Another potential challenge is how the will is worded. The law is very particular about how requests should be worded to be legally binding. Any instructions that could be considered vague or at risk of misinterpretation could potentially be challenged or completely disregarded.

There may also be concerns about whether the will presented in court is the final will and a testament to the testator’s true intentions. Your family members or other acquaintances could argue that the will is an early draft or that it is too old and, as such, no longer a reflection of your last wishes.

Finally, depending on where you ultimately decided to store said will, it may never be discovered. There have been multiple incidents where a testator thought they had placed their will in a precise location and entrusted said location to a beloved family member, only for that family member to be entirely incapable of remembering that fact when the time comes. If the will cannot be located, it cannot be presented to the court, and all your hard work will be for nothing.

Working with an attorney can go a long way toward avoiding all of the above. By going through this process with a skilled lawyer, you can ensure that your will is verified, difficult to contest, carefully worded, and safely guarded until the time needed in probate court.

How Much Does an Attorney Charge for Making a Will?

The final cost of hiring a lawyer to help you with estate planning and making a will varies based on several factors. While most attorneys will charge a flat fee for such services, the amount of that fee will likely depend on your location, the size of your estate, and how complex your arrangements and plans will be. Overall, most people in the US end up budgeting between $300-$1,000 to have their wills written.

Depending on your present situation, this might seem like a high amount, and you might wonder if it’s worth the cost. At Cumming & Associates, we believe in providing our clients with high-quality services for an affordable price. Not only do we strive to ensure that everyone can benefit from our legal assistance, but we also offer free consultations. That way, you can have a solid idea of what to expect and get the answers to all your questions before deciding to make the commitment of hiring us for your estate planning needs.

How Long Does It Take for a Lawyer to Draw Up a Will?

While the exact details vary from case to case, relatively straightforward wills can be drafted within 24 to 48 hours. The larger the estate, the more assets, and the more instructions and specifications involved, the longer this will take. On average, most wills are completed within a week or so.

Does a Lawyer Keep a Copy of the Will?

It is unnecessary to leave the original copy of your will with your attorney; they will respect whatever your wishes might be in that regard. However, doing so could be very advantageous. You don’t have to worry about accidentally misplacing the will or forgetting to tell people where the will is located. In addition, having your lawyer provide the original copy of the will to the court will further help establish its authenticity.

Deciding to leave the original copy of the will with your attorney doesn’t mean that you can’t have additional copies on your person. You can certainly make extra copies and keep them in a safety deposit box or other trusted location that your beneficiaries can access. That way, your beneficiaries can review the documents and get into contact with your lawyer in the event of your death. In this manner, the beneficiaries still have access to all the information they need to help take care of your estate, but the original copy of your will remains protected and safe.

What We Do

We provide complete estate plan packages that are customized for each client. Some of the relevant documents include, but are not limited to, the following:

  • Attorney consultations during the initial consultation and the signing of the documents
  • Revocable Living Trust
  • Trust Synopsis (a summary in plain English not legalese)
  • Separate Schedule “A” – Initial Trust Assets
  • Pour-over Will(s)
  • Trust Certification
  • Durable Power of Attorney for Financial Affairs
  • Advance Health Care Directive with a place to write out burial or cremation wishes
  • Assignment of Tangible Personal Property with a place to write out gifts of personal property
  • Nomination of Guardian for Minors (if any)
  • Community Property Declaration (where appropriate)
  • Preparation and recording of a deed to transfer one property to your trust
  • County preliminary change of ownership report for recorded deed
  • Indexed and Organized Trust Portfolio/Binder
  • All required witnessing and Notary fees

Our Clients

Our clients include people that have large estates worth millions of dollars and estates that are much smaller in value.

Why Cumming & Associates

Our firm is committed to taking the time to ensure the goals and expectations of our clients are properly reflected in the estate plan and to ensure the estate plan is done right. If you are prepared to move forward with an initial inquiry, contact our team for a consultation today.

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3080 Bristol Street
Suite 630
Costa Mesa, CA 92626

Cummings & Associates
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