Desiree Vance and Associates

Power of attorney is an important responsibility that can significantly affect your life and your estate at a time when you are most vulnerable. You carefully should consider whom you designate. It should be someone you trust — someone who has your best interests at heart. Many people choose their spouse, a child, or a longtime friend.

This is a legal document in which you express your health care wishes if you become unable to participate in health care decisions yourself. You can designate someone to make medical decisions for you in the event that you can’t make them yourself.

Similar to a Will, a revocable living trust can provide for the distribution of your property upon your death. Unlike a will, a revocable living trust can allow you to manage your property while you're still alive and it can authorize a trustee to manage the trust property for the benefit of you and your family if you ever become incapacitated; therefore, you won't need to appoint a guardian for that purpose. Further, creating a revocable living trust will allow your beneficiaries and heirs to navigate the administration without the need for probate.

This is a legal document in which you express how you want your property and wealth to be distributed after you die. The executor of your estate is required to follow it. To help avoid conflicts among the heirs and other potential problems, the document should be drafted by a lawyer. There are certain formalities one must follow in order to execute a valid will. Distribution of your estate by will, will most often require court supervision known as “probate”.

A revocable living trust is a trust that you create during your lifetime. It is called a "revocable" living trust because you can revoke, amend or change the trust.

A trust is, broadly defined, a relationship in which property is held by someone (the trustee) for the benefit of another (the beneficiary). Trusts can be an effective way to preserve wealth, provide tax advantages and avoid probate. The beneficiary of a trust receives income from investments, but the principal stays intact during the existence of the trust. There are many types of trusts. Some last indefinitely, but others can be revoked by the person who created them. An experienced trust attorney can review your situation and recommend and prepare an appropriate trust that fits your particular circumstance and needs.

Every situation is different, but in general, an estate plan should include a properly prepared trust or will, power of attorney for health care and power of attorney for financial administration.

Yes. Even if you’re net worth is modest, establishing an estate plan helps ensure that your property goes to the people you choose, avoiding disputes between your children or other heirs. Even young parents should consider establishing an estate plan in order to plan for guardianship of minor children in the event of incapacity or death.

Your estate consists of the personal items, real property, valuables and investments that you own. Good estate planning establishes a way to preserve your assets for your beneficiaries following your death through either a will or a trust. Your estate plan may also include health care directives and powers of attorney to ensure your wishes are upheld and your estate managed if you become incapacitated.

Yes. With estate planning!

California statute has set forth certain guidelines for attorney and executor fees in regards to probate, though the courts may order higher fees for particularly complex cases. Fees are based on the appraised value of the Estate as follows: 4% of the first $100,000 of the estate, 3% of the next $100,000, 2% of the next $800,000, 1% of the next $9,000,000, and .5% for the next $15,000,000.

Depending on the case load of a particular court, and the complexity of the case, a court supervised probate proceeding lasts on average approximately twelve (12) to eighteen (18) months from the date a Personal Representative is appointed by the Court.

If your property is valued at less than $166,250, in California, you may be entitled to use an affidavit or small estate petition to transfer your property instead of going through the formal probate process. The California probate code offers shortened and less costly transfer procedures depending on the nature of the assets. However, it’s always smart to check with an experienced attorney to determine what is required for your case.

Probate Administration refers to the practice of identifying, valuing, and distributing the estate of a decedent. The process is carried out by the Executor or by a volunteer Administrator (if the decedent died without a will in place), and is supervised by the court.