Attorney
Creating an estate plan is one of the most effective ways to protect your family, your assets, and your future. In California, several legal documents work together to make sure your wishes are carried out, both during your lifetime and after. A strong estate plan typically includes a will, a trust, powers of attorney, and advance healthcare directives. Each serves a specific purpose to ensure your affairs are handled the way you intend.
Why a Will Still Matters in California
A will remains the foundation of many estate plans. It allows you to:
- Name who will inherit your property
- Designate guardians for minor children
- Appoint an executor to carry out your wishes
Without a will, California’s intestate succession laws decide how your assets are distributed, which may not reflect your preferences. Even if you have a living trust, a “pour-over” will can serve as a safety net for any assets not titled in your trust.
The Role of a Living Trust
A revocable living trust offers flexibility and privacy. Unlike a will, a trust allows your assets to pass directly to your beneficiaries without going through probate, a court process that can be lengthy and public. You can change or revoke your trust at any time while you’re alive, and it can include provisions for managing your assets if you become incapacitated.
For many California families, a living trust also simplifies the transfer of real estate, such as a primary home, rental property, or vacation house.
Power of Attorney for Financial Decisions
A durable power of attorney authorizes someone you trust to handle financial or legal matters if you’re unable to do so. This document can cover a wide range of responsibilities, such as:
- Managing bank accounts or investments
- Paying bills or taxes
- Handling property transactions
Without a power of attorney, your loved ones might need to petition the court for authority to manage your finances, which can be stressful and time-consuming.
Advance Healthcare Directive
An advance healthcare directive lets you outline your medical wishes and appoint someone to make health care decisions on your behalf if you cannot speak for yourself. This document includes two parts:
- Health Care Power of Attorney: Names your agent to make medical decisions.
- Living Will: Describes your preferences for life-sustaining treatment and other care options.
Having a directive in place can ease the emotional burden on your family during medical emergencies.
HIPAA Authorization
Even with a health care directive, it’s important to include a HIPAA authorization. This form ensures your designated agent can access your medical information and communicate with doctors or hospitals. Without it, privacy laws may prevent them from obtaining important updates about your condition.
Beneficiary Designations and Digital Assets
In addition to the core documents, make sure your retirement accounts, life insurance policies, and payable-on-death accounts have up-to-date beneficiary designations. These accounts pass directly to the named beneficiaries and are not controlled by your will or trust.
You should also include instructions for your digital assets, such as online accounts, photos, and social media profiles, so they can be properly managed or closed.
Reviewing and Updating Your Estate Plan
Life changes like marriage, divorce, the birth of a child, or a home purchase can affect your estate plan. We recommend reviewing your documents every few years or whenever a significant event occurs to ensure everything still reflects your intentions and complies with California law.
Start Building Your California Estate Plan Today
Taking the time to create a complete estate plan gives you greater control and clarity for the future. From preparing a will to establishing a trust and naming decision-makers, each document works together to safeguard your wishes and protect your loved ones.
If you’re ready to start or update your estate plan, contact Scott D. Fisher, A Professional Law Corporation. We’ll help you create a plan tailored to your life, your family, and your goals.