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Probate & Business – Estate Planning – Trust Litigation – Inheritance Disputes – Product Liability – Trust Administration – Tax Planning
Looking to hire a probate attorney Newport Beach, CA, residents trust? Our team of expert attorneys specializes in the probate process. We recognize that the probate process is a difficult time for many. However, a probate attorney takes some stress off by ensuring the probate process is efficient and effective. Our attorneys work diligently to help minimize the risk of litigation by ensuring that all legal requirements are met and that the distribution of assets and property is handled with transparency.
Estate Planning With a Probate Attorney Newport Beach CA
There are many benefits of having a probate attorney in Newport Beach CA. A probate attorney prevents personal liability to the executor. Furthermore, probate attorneys minimize stress and disputes among family members. The probate court process can be lengthy, but hiring an attorney helps speed it up.
When a person passes away without an estate plan or trust, the probate court system will divide the deceased person’s assets. The court oversees the assets. The court’s primary objective is that assets are correctly handled, and heirs are protected. Furthermore, the court makes sure debt is paid off. One of our probate attorneys can help during this process.
If a proper estate plan is not intact, the court will decide estate affairs. An estate plan ensures that you’re in charge of where your assets go instead of the court. Planning allows you to choose who will inherit everything you’ve worked so hard for in your life.
Your loved ones will have to settle your affairs after you are gone. An estate plan makes this process much less difficult for them. Furthermore, settling assets in probate can become costly. Unfortunately, it can also lead to strife in your family. This is especially true if family members disagree on specific terms. During an already difficult time, family members mustn’t be pitted against one other while settling affairs. Having everything preemptively planned for them will keep things straightforward and peaceful.
Estate planning also reduces taxes on what you leave behind. A qualified estate plan professional can advise you on utilizing giving tactics and setting up trusts. Furthermore, experienced estate planning services provide a host of knowledgeable tips to help you decrease the tax burden your loved ones will have to face otherwise. Even just a bit of planning can significantly reduce inheritance tax.
Did You Know?
A trust is a document in which a grantor states how a trustee will manage assets for the beneficiary. There are various forms of trusts, all benefiting different scenarios. A trust can help you reduce estate taxes, specify clearly how you would like your assets used, and ensure that your estate avoids the probate process.
When to Update Your Estate Plan
It’s essential to review and potentially update your estate plan every couple of years. Specifically, update your plan if your relationships have changed with any members included in it. Furthermore, be aware of market changes because this can be a great time to save on taxes. In times of market volatility, our estate tax planning attorneys can use strategies that enable you to mitigate gift and estate taxes.
Estate planning may be a challenging topic for you and your family to think about. However, effective estate planning with professionals here at Law & Stein will help ensure that your family gets the total value of your estate.