What is Estate Planning?

Estate planning in California is about making decisions about what happens to you, your kids, and your stuff if you are incapacitated (e.g. unconscious) or if you die.

Your “estate” refers to all your STUFF that you own when you die. “Planning” is about making decisions about what you want to happen when you’re healthy/able to make those decisions.

If you don’t create your own estate plan, the state that you live in (California) makes the decisions for you. California has a backup plan as to what happens to your stuff and your kids and a process that takes place (probate) to make sure that debts are paid and people receive your stuff. Is California’s plan what you want? Maybe. Maybe not.

California’s plan also involves going through the probate process. That means 18-24 months; that means expense (a percentage of your gross assets); and it means a public proceeding.

If you don’t like that California is making the decisions for your OR you don’t like that your estate is going to go through probate, talk to an attorney about creating a trust. A trust is a method to avoid probate and to ensure that your stuff gets to the people you want.

Contact me for a complimentary consultation, where we can discuss your specific situation and talk through some of the important considerations with estate planning.