Can I Do Estate Planning Myself?

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When it comes to estate planning, it’s not a subject most people want to think about. However, estate planning is essential for everyone, regardless of age or wealth. So it’s important to put a plan in place with instructions in the event of your passing, especially if you have children or significant assets. You are preparing a document that can speak for you and clarify your intentions.

It can be tempting to save money upfront using a quick fix solution with services like LegalZoom or RocketLawyer. These platforms provide templated documents that appear professionally written. Still, this seemingly easy solution can cause headaches or lead to costly situations for your heirs if the documents are not correctly set up or are legally unenforceable.

This isn’t to say there are no situations where a DIY solution may be suitable. A simple DIY will may meet your needs if you have modest assets or a clear division of property. However, for more complex situations, the guidance of a legal professional can be invaluable in ensuring your wishes are communicated clearly and without bias at a time when emotions can be running high.

A hasty decision to create a DIY will can leave lasting financial and emotional consequences for your relatives – at best, leading to confusion and at worst, leading to lengthy and perhaps even hostile litigation if you do not make your wishes clear and legally binding.

Working with an impartial legal counselor can help you make unbiased decisions that align with your own wishes, not influenced by family members or friends.

What should an estate plan include?

At a minimum, an estate plan should include three key elements: a will, power of attorney, and healthcare directive. A will is a document that explains to the court how you would like your assets, such as property, investments, valuable possessions, and even businesses, to be distributed. If you have minor children, it’s also essential that you designate a legal guardian so there is a clear plan in the event anything should happen that leaves you unable to care for your children.

You can also designate power of attorney indicating who is authorized to act legally on your behalf or make decisions in the event you are incapacitated. In conjunction with this, a healthcare directive clarifies how you would like medical situations, such as organ donation, to be handled.

Other factors to consider:

In addition to the will, power of attorney, and healthcare directive, there are a few other factors you might want to include in your estate planning.

You can create a funeral plan that provides direction on how you would like funeral arrangements to be handled in the event of your passing. It may also be helpful to outline arrangements for any final expenses, such as a funeral or settlement of debts.

It’s also vital to keep your estate plan up-to-date with significant life events such as marriage, children, or divorce.  A lawyer can also help ensure proper custody of the will and note any changes throughout your life, so there are no questions of integrity to the chain of custody.

If you have questions about setting up your estate plan, call Lonich Patton Ehrlich Policastri at 408-553-0801 or click here to schedule a free consultation.

What Is The Difference Between A Living Will & A Final Will?

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Have you ever heard the terms “living will” and “final will” and wondered what the distinction is, exactly? Are you thinking about estate planning and the outline of your own end-of-life plans? Both types of documents help you and your loved ones feel secure knowing that your wishes will be adhered to, but how can they accomplish that?

What Is A Living Will?

A living will is also called an Advanced Health Care Directive. Its purpose is to make sure that, in the event that you cannot articulate your own healthcare preferences, they will still be honored. It allows you to appoint a family member or friend as your medical power of attorney. This person should know you well and be willing to communicate with physicians and other healthcare providers on your behalf. If you have specific preferences and instructions regarding treatments you would or would not want, your living will can lay these out.

You remain in control over your medical decisions even if you have created a living will. An Advanced Health Care Directive would only come into effect if you are deemed medically incapacitated. Once it is in force, any healthcare provider must follow what you have laid out in your living will and listen to your appointed agent. However, it is essential that your family, your doctors, and especially your agent all have access to your living will in the case of an emergency. The state of California also maintains a registry of Advance Health Care Directives so that every relevant party can access and follow your wishes.

What Is A Final Will?

A final will is what you probably imagine upon hearing the term: a last will and testament. It is an estate planning tool that allows you to set forth who shall inherit which parts of your estate, amending the automatic apportionment based on state law. If you do not have a will in California, your spouse receives all of your joint property and part of your separate property, with the remainder divided among your children. If you do not have a spouse or children, your estate is apportioned to your relatives, or, if none are found, it is given to the State of California.

You may choose to use a final will along with a trust, which can allow your assets to avoid the probate court supervision process altogether. However, a final will is critical regardless of your financial situation and it is an important part of your estate plan. It gives you the opportunity to name a guardian for any of your children who are minors and to appoint an executor of your estate. This person is responsible for seeing that the wishes, as you’ve laid out, are carried out properly and your finances are in order. You will also want to keep it up to date. Revisions may be in order after major life changes such as marriage, the birth of a child, divorce, or even a new relationship if you wish for your unmarried partner to receive any of your estate, which they are not automatically entitled to under California law.

Both types of wills give you and your family peace of mind knowing that no matter what, you have a well-thought-out plan in place. For a more in-depth look at wills and estate planning, have a look here. If you are located in or around Santa Clara, contact Lonich Patton Ehrlich Policastri to set up a virtual consultation with one of our estate planning attorneys.

What Is A Living Trust?

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Deciding what happens to your assets upon your death is an essential part of estate planning. You’ve worked hard to grow your property, and securing its transference will help preserve your legacy and pass it on to your loved ones. A living trust is created and maintained while you are alive. So, what is a living trust and why might you want to set one up?  

Types of Living Trusts

There are two types of living trusts: revocable and irrevocable. Revocable living trusts are the most common as they can be modified at any point in your lifetime by either yourself or a co-trustee (such as a spouse). Property placed in irrevocable living trusts is, as the name implies, unable to be modified or removed after it is put in the trust. In this post, we will only address revocable living trusts.

How It Works

Before you decide to create a living trust, it is vital to understand what will happen to your assets once they are part of the trust. When you place an asset within your trust, it becomes the property of the trust. Deeds and other documents will no longer be under your name, but rather be under the name of the trust. When you set up a trust, you name yourself the trustee, and have the authority to move your assets into and out of the trust should you ever want to sell or modify the assets in any way. You also name a successor trustee, who will take over the trustee role after your death or incapacity and be able to take control of your assets without having to go through the court.

Differences Between Trusts and Wills

Living trusts, like wills, are designed to ensure your assets are divided and distributed as you intend. Though the end goal of trusts and wills is essentially the same, there are several differences to consider in order to decide which option is best for you.

Unlike wills, living trusts do not have to go through the probate process in order for your assets to be passed down to your heirs. Probate can be a long and often costly process that requires involvement with the court to calculate the value of your estate and involves making sure all of your debts and taxes are paid before your assets can be distributed. The length of time probate takes varies depending on the size of your estate and the state you live in. In California, the average probate process takes between 9 months to a year and a half, but each case is unique so the length of probate varies. Probate costs are proportional to the size of your estate, meaning that the larger it is, the more expensive the probate process.

The other main differentiating factor between wills and trusts is your privacy. A will is a public document that can be viewed by anyone after your death, whereas a trust remains private at all times unless you or the trustee you choose as successor gives out your information. 

Where to Start

Creating a living trust that protects your assets and interests is a responsibility that should be left to the expertise of an estate planning attorney who will work with you to make sure everything is prepared correctly. You may do an online search and discover that you can make your own living trust and save the cost of legal fees, but if you truly want your assets and loved ones to be taken care of, an estate planning attorney will provide you with confidence and knowledge that your trust is set up according to your wishes. 

If you’re ready to begin crafting your living trust and live in the Santa Clara, CA area, or if you still are unsure what a living trust is, our experienced estate planning attorneys are here to help you. You can learn more about our living trust services here. We offer a complimentary 30-minute consultation to learn about you, provide information to make the decision that’s right for you, and answer any questions you may have. Simply fill out our contact form or call us directly at (408) 553-0801 to get started.

Business Succession Planning for Small Businesses

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Business succession planning is the process of determining how you are going to transfer your business ownership and transition out of a business management role while maximizing your personal financial security. It is a critical process that determines whether the transition of a business succeeds or fails. This entails a series of logistical and financial decisions that will prove to determine the fate of business succession.

Why Should Small Businesses Worry About Succession Planning?

There are several reasons:

  • Unexpected events, such as death or disability of you or a business partner. Normally, business succession planning is implemented in view of a predetermined retirement date. However, the chances that there could be an occurrence of unexpected events makes the process more important and urgent.
  • Poor business transition can have negative effects on business results. Consequently, failure of business could occur.
  • The value of your business may represent a substantial source of income in your retirement. Therefore, it is important that efforts are made to implement successful succession planning. You could minimize risks to your retirement capital that way.
  • If you wish to transfer your business to a family member, you will likely need to coordinate your business plan with your estate plan. You will also want to explore any tax deferral opportunities that could benefit you and other family members. 

Types of Business Succession Plan

Various options exist for small business owners to explore if they desire to implement a succession plan. An experienced succession planning lawyer can help you move forward with these options. 

Selling Your Business to a Co-owner

If you founded your business with a partner or partners, you may be considering your co-owners as potential successors. A buy-sell agreement could be implemented in this case.

Passing Your Business onto an Heir

This is a popular option for business owners, especially those with children or family members working in their organization. It’s seen as an attractive option even though most second-generation businesses hardly survive business transition. Lifetime transfer strategies could be implemented in this case.

Selling Your Business to a Key Employee

This is selling your business to someone that works within the organization. Most times, employees in the organization don’t have the financial capacity to buy the organization they work in. Seller financing could be implemented in this case.

Selling Your Business to an Outside Party

This is looking elsewhere other than your family members, partners or employees for potential successors. Entrepreneurs or even your competitors could be the outside party.

Selling Your Shares Back to the Company Upon Death

This is an option available only to businesses with multiple owners. An “entity purchase plan” or a “stock redemption plan” is an arrangement where the business purchases life insurance on each of the co-owners. When one owner dies, the business uses the life insurance proceeds to purchase the business interest from the deceased owner’s estate. This gives each surviving owner a larger share of the business. 

Why You Need a Succession Planning Attorney

The success of succession planning hinges on both financial and legal factors. It involves a lot of details revolving around:

  • The timing of the transfer and how interests will be held.
  • Determination of who will succeed in ownership and management.
  • Transfer tax and income tax considerations.
  • Provisions for family members who are not active in the business.

The input of an attorney specializing in business succession planning is critical to your business’s success. An experienced attorney will be an invaluable asset as you navigate the legal factors involved in succession planning. You don’t have to worry about drafting contracts and agreements if you hire a qualified attorney to do this for you. An attorney plays a key role by drafting a buy-sell agreement, creating matrimonial agreements, creating trusts, and restricting corporate capital. The need for an attorney by small businesses when planning a business succession is a matter of extreme importance and urgency.

To learn more about succession planning, visit us here. Lonich Patton Ehrlich Policastri is a leading law firm in the area of business succession planning. They offer free consultations to anyone within the following areas: Santa Clara, San Mateo, Contra Costa, Santa Cruz, Monterey, San Jose, and San Benito.Contact them today and successfully implement succession planning for your business.

Do You Need A Trust Litigation Attorney?

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Nobody wishes to quarrel over financial assets, but unfortunately, large inheritances and complicated trusts are often subject to controversy. When there are conflicting opinions regarding the validity of a trust, the trust may be scrutinized in the trust litigation process. Trust litigation is the process in which a person hires a trust litigation attorney to dispute the validity of a trust or the distribution process of the trust’s assets. During trust litigation, a judge determines if the trust was created according to the due process of law, if it is valid, and if the wishes laid out in the trust are being properly executed. 

When Should You Hire a Trust Litigation Attorney?

While most people wish to avoid this lengthy litigation process, it is often necessary to ensure that the true wishes of the owner of the trust are being properly executed. If you are the beneficiary of assets that are subject to trust litigation or believe that the trust does not reflect the true intentions of the owner, then you should not hesitate to hire a trust litigation attorney in order to protect your property.

There are several situations in which a trust may be considered invalid. For example, sometimes a person who creates or revises trust documents may be experiencing memory loss or dementia, which would mean that the trust is invalid because the owner was not of sound mind when creating the trust. 

Additionally, the trust owner could have been coerced, manipulated, or even forced to sign documents that do not reflect their intentions. Occasionally, there are even situations in which one person forges signatures in order to alter the trust to become a beneficiary. While the latter situations can seem extreme, these situations are particularly common among trusts with high assets, as people with more at stake are often the targets of others’ influence. 

Even if the creation of the trust was lawful and valid, the execution of the trust can be subject to validity. If the executor mismanages funds, makes substantial errors in accounting, commingles assets unlawfully, or commits another action that affects the lawful distribution of property, then it is highly recommended to hire a trust litigation lawyer. 

Lastly, if you are the beneficiary of assets that are being subject to trust litigation, then it is imperative to invest in a trust litigation lawyer in order to protect your assets during the litigation process.

Trusts & Litigation in Santa Clara

If you are interested in learning about how a trust litigation attorney can fight to protect your assets, please contact our offices today in Santa Clara to schedule a free, no-obligation consultation. LPEP is one of the largest estate planning law firms in the Bay Area and has a dynamic team of attorneys who specialize in trust litigation. We aim to solve most problems outside of court but are renowned for protecting assets during the litigation process.
We can answer any of your questions about trust litigation in your free consultation or, if you have lingering questions, you can look here to see if it answers your questions.

How Long Does Probate Take?

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Probate is a dreaded process for many, full of uncertainty. Most people haven’t heard of probate prior to losing a loved one. It is a process that nearly every estate must pass through (with exceptions, of course). Many people find themselves wondering, how long does probate take? To answer this question, you need to understand how the process works. 

What is Probate and How Long Does Probate Take?

Probate is the legal process that validates the legality of a will. In this process, a judge determines the validity of a will and declares it legal or invalid. How long does probate take? This process can last from six months up to two years. However, some probate cases have been known to drag on for years. While most probate proceedings are not as time-consuming, cases with high-assets, missing financial information, or cases that do not have a will tend to be significantly lengthier. It is highly recommended to hire an attorney to assist you with expediting the process and protecting the decedent’s assets.

Typically when a will is included, the cases are on the shorter side, however, if the judge believes that part of the will is invalid, the process will be much more extensive.

What Happens During Probate?

The first step is to establish an estate representative to represent the beneficiaries during the court proceedings. An estate representative is typically the executor of the will if a will exists, or it can be another person that is close to the deceased person.

During the legal process, personal representatives of the probate court will collect all assets and pertaining information, and provide the court with a basic catalog of the assets and determined worth. 

Next, the beneficiaries of the inheritance are determined, based on either the will or their relationship to the deceased person. After the beneficiaries are determined, the representatives determine how and when the funds should be distributed. If there is a valid will, then this would be per the directions of the will and the reality of meeting logistical demands.

Finally, the beneficiaries examine the document describing the distribution of assets and determine if they approve the process, or raise any objections if need be. Once this step is complete, the court approves the estate distribution process and the assets pass probate.

Does My Estate Have to Pass Probate?

Some people chose to allow their loved ones to bypass the probate process by passing their inheritance through a revocable living trust instead of a last will. Revocable living trusts designate assets to a trustee, who is then responsible for distributing the assets to the beneficiaries. This allows the transference of assets without a lengthy process.. It is typically advisable to create a revocable living trust if you own real property and want to avoid the costly delay in the process. 

While revocable living trusts are the most common alternative, other strategies include asking a qualified lawyer to create joint ownership of property or gifts, or pay-on-death accounts and registrations.

Understanding How an Attorney Can Help You

If you are uncertain and need to know how long does probate take in regards to your case, it is highly recommended to discuss your options with a qualified probate attorney. Call our office today to set up a free 30-minute consultation with LPEP. Our reputable law firm in the Bay Area specializes in high-net-worth estate planning. Our large team represents some of the best talents in the San Jose and Santa Clara areas, providing you with the necessary resources to protect your assets and work through the process. Set up a free 30 minute consultation here. (Virtual options available)

What Is Probate?

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When a loved one passes away, you’re consumed with grief. The last thing you want to think about is how assets are divided up. Unfortunately, dealing with assets and the estate is necessary in the aftermath of one’s passing. If you’ve recently lost someone you care about, you may find yourself wondering “What is probate?” Learn what it is and how you can navigate this legal process. 

What Is Probate?

Probate is a legal process that occurs after someone passes away. In this process, a court determines how that person’s assets will be divided up. It also dictates how creditors will be paid. Having a valid will can make all the difference in how this process unfolds. You may have heard bad things about probate. This usually has to do with how time-consuming and lengthy the process is. The probate process is paid for out of the estate, so the longer a case goes on, the more depleted the estate will become. 

a lawyer in a blue button down explains what is probate as he signs documents

Testate vs. Intestate Wills

Testate means there is a valid will in place, while intestate means there was no will, or the will was proven to be invalid. If the will is valid, the court will use this to name an executor and follow some of the last wishes laid out in the will, if not all of them. When a person dies intestate, the assets will be distributed via California probate law on intestate succession. There will be a court-appointed representative in charge of distributing assets. Dying intestate can elongate the probate process, so setting up a final will and testament can greatly help your loved ones in the future. Regardless of whether your loved one died intestate or testate, some of the steps for probate are the same. 

1. Notification

The executor named in the will or appointed by the court is responsible for notifying all creditors and heirs of the probate proceedings. California probate law allows creditors up to one year to place a claim against the estate for repayment. After that window has expired, they may not file a claim in most cases. All heirs, including the ones not mentioned in the will need to be notified of the proceedings. Any heir that sees fit has the right to contest the will. Waiting for all heirs to come forwards and for creditors to come forward is one of the lengthier steps to probate. 

2. Debts & Taxes

The executor is in charge of paying off debts and taxes using the assets and estate. The executor must file both personal and estate tax returns if the estate is over a certain income. This adds time to the probate process as it generally takes the IRS 3-4 months to process estate tax returns. Any claims of debt against the estate made in the one year period after notification will need to be paid off using the estate. When an executor is named, they are responsible for the estate and its financial management. If you are the executor of an estate and need help with probate proceedings, contact our San Jose lawyer, Michael Lonich. He is an expert in estate planning and probate. 

3. Assets & Division

After debts and taxes have been taken care of, and if no heirs have decided to contest the will, asset division can begin. With the help of a judge, assets will be passed on how the will lays out or how the court dictates. If an heir does decide to contest the will, probate cannot begin until these proceedings are completed. The contesting of a will can take years to resolve, which is a drain on the estate and extends the probate proceedings indefinitely. 
What is probate and what steps must an estate go through for assets to be distributed? If you are an executor or an heir in a probate case and have questions about the next steps, contact our legal offices at Lonich Patton Ehrlich Policastri. We offer free 30 minute consultations – both virtually and in person. You can set your consultation up here.

What’s The Difference Between Wills And Trusts?

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Nobody likes to think of leaving their loved ones behind, but it is an inevitable part of life that we will all face. Fortunately, wills and trusts allow people to ease the burden of their passing on their loved ones. 

Wills and Trusts in Estate Planning

One of the most important steps that you can take in financial planning is to develop a plan for your estate in the event of your death or inability to manage your assets. While most people don’t like thinking about estate planning, it is an essential process to guarantee that your assets are given to their intended recipients.

When discussing your estate plan, it is important to decide if you want to create a will or a trust. Wills and trusts are both legal documents that dictate how a person’s assets must be distributed upon the person’s death.

If you are wondering what’s the difference between a ‘will and a trust?’ then you are not alone. While both wills and trusts have their advantages, it is important to understand their nuances so that you can choose the route best suited for your unique circumstances.

How a Will Can Help You

A will is a legal document in which a person specifies who they want to give their assets to — the beneficiaries — and how they want their assets to be divided among the beneficiaries upon the event of their death. A will automatically applies to all property that the creator owns, excluding joint-property and property owned via a trust or covered by a beneficiary designation or certain joint ownership that transfers at death.

Wills provide the benefits of being able to name a guardian for children if they are under 18 and being able to specify funeral arrangements. Additionally, they are relatively inexpensive to create, even with the help of an estate planning lawyer.

When a person creates a will they must designate an executor – a person who is responsible for executing the tasks of distributing the property according to the legally-mandated instructions in the will. It is important to include pertinent information in the will such as bank account numbers, life insurance policy numbers, and passwords to access the accounts and make the executor’s job easier.

Unlike a trust, a will must pass the probate process before the property is available for distribution. Probate is a court hearing in which a judge determines the validity of a will. While most wills pass in probate, it may be subject to a lengthy process if there are discrepancies in the will or if the judge has other reasons to doubt its validity. Since the probate process is a public hearing, it means that the individual’s private information will also be made available to the public.

 A lengthy probate process amplifies the pain and stress of losing a loved one and a mistake in drafting the will can make it susceptible to a long hearing. In order to ensure a quick probate, it is highly recommended to hire a lawyer to ensure the will is lawfully dictated, especially for individuals with high-net-worth estates.

How a Trust Can Help You

A trust is a legal document that designates a “trustee” to manage the property included in a trust. A trustee can be a person, an institution, or a group of individuals who are responsible for actively managing the assets both during the person’s lifetime and/or after their death. A trust also includes beneficiaries, who are the people that will receive the assets.

Unlike a will, a trust does not automatically include all of the individual’s property and must be actively managed. Since a trust requires active management, it may be more expensive to create. Generally speaking, a trust is recommended for people who plan to make contributions to the trust throughout their lifetime, as doing this can have financial advantages such as future tax savings.

Another advantage of creating a trust is that it allows the trustee to manage the trust in the unfortunate event of a person becoming incapacitated and unable to manage their property.

Trusts also allow the property to bypass the probate process, thus making the distribution process more smooth and keeping the individual’s information private.

How LPEP Can Help You Plan Your Estate

LPEP specializes in high-asset estate planning in the Bay Area. Proudly serving San Jose and Silicon Valley, our team of reputable attorneys serve to protect your assets. We make it our goal to develop the best plan for your individual priorities, family circumstances, and finances.

If you are still uncertain of what your next steps in estate planning should be, or if you have any further questions, please do not hesitate to set up a free 30-minute consultation with our reputable lawyers.

Don’t Wait Until It’s Too Late – Plan Your Affairs Before Contracting Coronavirus

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Often, in our busy society, people don’t find time to put their affairs in order. They think “This can wait” or “I don’t have time today.” However, death is unpredictable. Especially in the current pandemic we are living in. Many people are finding themselves ill, with the symptoms coming on rapidly and without warning. In order to stop the spread of the disease, patients who are hospitalized with coronavirus are kept in isolation. This means that a family member or estate planning attorney can’t get through to put together a will or power of attorney. A power of attorney can appoint someone to make medical decisions for you in the case of your incapacitation (something that is very likely if you contract COVID-19). You need to get ahead of this before it becomes a problem. You want to make sure your affairs are in order in the unfortunate chance you catch coronavirus. 

Things to Consider

When finalizing your affairs, there are a few things you should put together before meeting with an attorney. You can, of course, put these together with an estate planning attorney if you need help, but if you can put these together yourself, you can speed up the process. 

  • List Out Your Assets – Make a list of all of your assets. This should include any real estate or properties you own, vehicles such as cars and boats, personal effects like jewelry and valuables, and life insurance policies or 401Ks or other bank accounts. This step may take some time, but make sure you are thorough. 
  • List Beneficiaries – Make a list of everyone you wish to leave something to. You do not have to determine who will receive what at this point in the process. Just having a list of those who you wish to leave something to will help when planning your affairs with your estate planning attorney. 
  • Take Care of Your Children – This is a step for you to dictate who will be the guardian of your children if you have them, and how you wish for them to be raised. While a judge does not have to follow these wishes, it is more likely if you have a firm plan set in place. Coronavirus doesn’t discriminate based on age. Many young parents are contracting the illness. Make sure you have the best interest of your kids in mind when creating a will or trust. 
  • Dictate Your POAs and Directives – There are many different kinds of power of attorney. Deciding who will make financial decisions, medical decisions or the power to sign documents on your behalf can all be laid out in an estate plan. 

Wills & Trusts

Many people who are planning for the end of their life are unsure about whether or not to create wills or trusts. An experienced attorney can help explain the difference between the two and can help determine which is best for your situation. Commonly, people use them in tandem with some assets being passed through trusts and others in the will. 

An attorney gestures at an estate plan as they help a client who has contracted coronavirus

Trusts are a popular way of avoiding probate. You can also dictate when the assets or funds in the trust can become available to the beneficiaries. There is even such a thing as a revocable living trust which allows you to revoke the trust while you’re alive. Wills do not have the exemption to probate but are often more practical for certain situations.

Take the first steps and start planning your affairs while you’re in good health. It’s better to be safe than sorry as we live through this deadly and unpredictable coronavirus. If you’re in the Bay Area, set up a free 30-minute virtual consultation with one of our estate planning attorneys. We’re experienced, and strive to make the difficult process of estate planning easier for our clients. You can set up your free virtual consultation here. 

What Goes Into Setting Up A Last Will?

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The idea that you will not be around forever is never an easy truth to face, and knowing that you will leave behind loved ones makes it even more challenging. 

In order to make the situation easier for your loved ones, it is essential that you take the appropriate actions to guarantee that you will leave them with their intended assets.

The most important thing that you can do to ensure that your property is handled appropriately is to create a last will. A will is a legal document that dictates who will receive your property, names guardians for your children, and even allows you to specify funeral arrangements.

Steps to Creating a Last Will

1. Do Your Research

The most important step in setting up your last will is to conduct research and do your due diligence to ensure that the appropriate legal measures are taken. These specific processes vary by state, thus it is highly recommended to conduct this process with the assistance of a qualified and reputable lawyer.

2. Aggregate Your Assets

When setting up your last will, it is imperative that you create an organized list that includes all your real estate, bank accounts, insurance policies, and retirement accounts. Make sure that all of the account numbers, answers to security questions, and any other necessary information is included.

3. Choose Your Executor

An executor of the will is the person legally responsible for ensuring that all specifications of your will are carried out, your assets are appropriately distributed, and that your financial assets are resolved.

It is highly recommended that this person receives part of your assets since they bear the responsibility of executing your will.

4. Choose Your Beneficiaries

Your beneficiaries are the people who will receive your assets upon your passing. It is important that you are specific with naming the people and stating the amounts that they will receive. 

A person names their beneficiaries in their last will with the help of an attorney.

5. Name Guardians for Your Children

If you have children under the age of 18, it is recommended to make a list of at least three guardians (in order of preference) for your children if you pass away. This ensures that there are people of your choosing who will take care of your children if the first choice is unable to do so. If you have the means, it is wise to leave the guardians with financial assistance by naming them as beneficiaries as well.

6. Select a Witness to Sign Your Last Will

You must have a witness sign your will who is not a beneficiary. The number of witnesses involved and the formalities of signing vary by state. It is important that the specifications are carried through exactly as mandated or else your will may not hold up during probate 

7. Keep Your Will In a Safe Location

Once your last will has been lawfully created, it is important to keep it in a safe, secure, and accessible location. It is also wise to inform a trusted person, perhaps your executor, of its locations.

Updating Your Last Will

You should always update your will after the event of a significant life event regarding:

  • A marriage or divorce
  • An acquisition of new property
  • The birth of a child
  • The death of a spouse
  • The sale or purchase of a business

The Bottom Line

If your estate is particularly large, you have joint custody of a property, you own a business, you own property abroad, or if you think someone may question the validity of your will then it is especially important to hire a lawyer for your last will.

Lonich Patton Ehrlich Policastri in San Jose is a reputable law firm whose lawyers make it their priority to protect your assets from an extensive probate process. 

If you are living in San Jose and want to leave a legacy for your loved ones, our attorneys will help make your intentions a reality. Set up a free consultation with us. 

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LONICH PATTON EHRLICH POLICASTRI

1871 The Alameda, Suite 400, San Jose, CA 95126
Phone: (408) 553-0801 | Fax: (408) 553-0807 | Email: contact@lpeplaw.com

LONICH PATTON EHRLICH POLICASTRI

Phone: (408) 553-0801
Fax: (408) 553-0807
Email: contact@lpeplaw.com

1871 The Alameda, Suite 400
San Jose, CA 95126

Located in San Jose, Lonich Patton Ehrlich Policastri handles matters for clients in northern California, specifically San Jose and Silicon Valley. Our services are available to anyone within the following counties: Santa Clara, San Mateo, Contra Costa, Santa Cruz, Monterey, San Benito, and San Francisco. For a full listing of areas where we practice, please click here.

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DISCLAIMER

This web site is intended for informational purposes only and is not legal advice. Nothing in the site is to be considered as either creating an attorney-client relationship between the reader and Lonich Patton Ehrlich Policastri or as rendering of legal advice for any specific matter. Readers are responsible for obtaining such advice from their own legal counsel. No client or other reader should act or refrain from acting on the basis of any information contained in Lonich Patton Ehrlich Policastri Web site without seeking appropriate legal or other professional advice on the particular facts and circumstances at issue.

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