• Facebook
  • Pinterest
Mckenzie Legal & Financial

Call (562) 594-4200

For a FREE Consultation
  • Home
  • Areas of Practice
    • Our 3-Pronged Planning Approach
    • Financial Advice and Investing
    • Living Trusts & Estate Planning
    • Wills, Durable Powers of Attorney and Advance Health Care Directives
    • Elder Care
    • Long Term Care
    • Medi-Cal Planning – Asset Protection
    • Planning For Assisted Living, Nursing Home Or Long-Term Care
    • Planning for Minor Children
    • Special Needs Trusts
    • Asset Protection and LLC’s
    • Pre and Post Death Planning
    • Probate and Trust Administration
    • Veteran Planning
    • Same Sex Couples Planning
    • Modifying or Reforming a Trust
  • Real Estate Services
  • About the Practice
    • What Makes Us Unique
    • Attorney Bio
    • Reviews
    • Individual Services
    • Platinum Club
    • In the News
  • Resources
    • Avoid Phony Experts
    • Medi-cal Planning Advisors
    • Forms
  • Blog
  • Contact Us
    • Request a Free Consultation
    • Telephone Consultation
Home
|
Estate Planning
|
Estate Planning Checklist for California Residents

Estate Planning Checklist for California Residents

July 10, 2023 Estate Planning
0

Orange County estate planning attorney

Estate planning is like paying tax; it’s not nice to contemplate but it is necessary. It’s also more than just your last will and testament and appointing a guardian for your minor children. A lot goes into creating a comprehensive estate plan and the process can get complicated. Consulting an Orange County estate planning attorney is the best way to work through every element in compliance with regulations.

A Quick Checklist – Things to Consider Before You Do Your Estate Planning

When you fail to prepare, you prepare to fail. This means that before you get down to the finer points of estate planning, you should gather all the information that you’re likely to need throughout the process.

The question is; what information is necessary? We’ve compiled a list to remind you of the elements you need to consider.

Inventory

Before you can distribute your assets you need to know what assets you own. Your inventory list should include tangible and intangible assets, like your house, household contents, current vehicles, the available balance of bank accounts, retirement accounts, life insurance policies, and investment accounts.

Don’t worry if you’ve left anything out, your Orange County estate planning lawyer will go through the list with you to see if there’s more to add.

Beneficiaries

These are the people you want to leave your estate assets to. It’s entirely up to you how many people you put on the list. If you’re unmarried without children, you can leave your entire estate to the best friends you’ve had since you were 12. If you’re married and have children, you can leave the bulk of your estate to your spouse and a portion to your friends.

Executor

The executor manages your estate and ensures that, as far as possible, all your wishes in your last will and testament are carried out. You must trust the person implicitly and be confident that they are responsible enough to manage all the duties.

Pick at least one backup estate executor (successor executor) because you never know what the future holds. Your first choice might become incapacitated and you need someone who can step up and fill the role.

Healthcare

Imagine the worst-case scenario and then think about what would you like your family to do. Must they do everything possible, including human trials? Would you rather have a Do Not Resuscitate order? Keep going until you think you’ve covered all the basic scenarios.

You need a healthcare agent or Medical Power of Attorney (Advance Health Care Directive) you can trust to make the difficult decisions and fulfill your wishes. Make a list of people you think fit the bill.

Finances

You need a financial agent or a Durable Power of Attorney who will manage your finances while you’re incapacitated. It’s a great responsibility because they might have to make manage your taxes and mortgage, so choose wisely.

As with your healthcare POA, you need a list of choices in case your first choice opts out.

Tax

A variety of estate taxes come into play when you die. All of them have implications for your beneficiaries. An experienced estate planning attorney in Orange County knows how tax laws affect proper estate planning, so you’ll get excellent advice about your options.

Steps to Basic Estate Planning

With all this information in hand, you and your Orange County estate planning lawyer will start taking steps to complete the process.

1. Create Your Last Will and Testament

Your will clearly state how you want your assets to be distributed. For example, Suzi gets the vintage motorbike and Natalie gets the vintage book collection. It also, very importantly, declares your children’s legal guardians. It also names your executor, who will be responsible for administering the will and seeing it through probate, if necessary.

2. Create a Living Trust

These days, a living trust isn’t an optional addition to a will. A living trust lies at the heart of your estate plan. Living trusts store assets that will one day go to specific beneficiaries, such as stepchildren. They’re also available for the trustor (you) to use while still alive.

Their primary benefit is that they don’t go through probate. Your beneficiaries don’t have to wait years before they receive their share of your state. It’s there immediately to use according to the terms you established.

For example, all assets are to be held in the trust and only the interest shared equally between your children for 15 years, after which they will receive an equal share of the principal.

There are two types of trusts; revocable living trusts and irrevocable trusts. Your specialized estate planning lawyer in Orange County will help you determine which suits you.

3. Power of Attorney (POA)

Above, we looked at the thought that goes into choosing your powers of attorney. In the meantime, you will have spoken to them to see if they agree to fill the role. If not, you will have to go with your second-best option. At this point, you officially appoint your POAs.

4. Create a Living Will

A living will is the official advance health care directive, in other words, the answer to your worst-case scenarios. It’s important to be crystal clear so there’s no confusion about what you want regarding end-of-life care.

5. Include Digital Assets

These are not assets in the typical sense. Instead, they’re your usernames, passwords, and other login details for all your social media accounts and online stores, anywhere you’ve got accounts, subscriptions, monthly donations, and ongoing services. 

For example, Google login, Facebook, ePet.com, Red Cross Children’s Hospital, PayPal, web hosts, etc. It’s probably going to be a long list.

How to Get Started

Some people look at the enormity of the task and keep putting estate planning on the back burner. This is how people die intestate or with a wishy-washy will that is easily contested. It is a big job, but that’s why you need an expert estate planning attorney in Orange County, CA in your corner.

McKenzie Legal & Financial has a department dedicated to estate planning practice, so you know you’re getting the best possible service.

We’ll start the process and ensure you’re never overwhelmed by what’s ahead. We know it’s not easy planning for your death, so our attorneys provide compassion and support to all their clients.

Contact McKenzie Legal & Financial now to find out how you can start implementing estate planning strategies. Call 562-594-4200 or complete the onsite contact form and we’ll get back to you.

  • Facebook
  • Twitter
  • Google+
  • Pinterest
  • LinkedIn
  • Tumblr
  • StumbleUpon
  • Reddit
Creating a Living Trust in Los Angeles, California
Why You Need an Estate Plan, Even with No Assets
Bliss Drive

Related Posts

  • Los Angeles estate planning attorney
    Estate Planning for Business Owners in Los Angeles, California
    Estate planning is a crucial aspect for business owners to ensure the smooth transfer of their business assets and wealth to their chosen beneficiaries upon their death. Proper estate planning in Los Angeles, California, can minimize taxes, protect the business, and provide for the future of both the business and the owner’s family. Here are some key considerations for estate planning for business owners.
    July 24, 2023
  • Los Angeles estate planning attorney
    Why You Need an Estate Plan, Even with No Assets
    Why do you need an estate plan even if you don’t have assets? Not just the wealthy engage in estate planning. Even if you don’t have an expensive property, a sizable IRA, or priceless artwork to leave behind, the handling of your assets after your passing could have a lasting—and expensive—effect on your loved ones without a plan in place. Contact our Los Angeles estate planning attorney to learn more!
    July 17, 2023
Archives
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • April 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • Download Your Complementary

    Asset Planning Guide

  • This field is for validation purposes and should be left unchanged.

Get essential asset and financial planning tips delivered straight to your inbox when you sign up for this incredible Asset Planning Guide!

Your information will be kept confidential.

Platinum Club

Click here to learn how you can get the absolute best financial AND legal advice and services for your asset protection needs, at significant savings!

    Request a Free Consultation




    Your information will be kept confidential.

    A Proud Member of:

    Lawyers of Distinction
    National Academy of Elder Law Attorneys
    International Association of Registered Financial Consultants
    Financial Planning Association of Orange County
    Elder Counsel
    Elder Law Answers
    Avvo Rating Superb

    Copyright © 2023, McKenzie Legal & Financial. All rights reserved.

    McKenzie Legal & Financial - Thomas L. McKenzie, Esq. | 2631 Copa De Oro Dr | Los Alamitos, CA 90720 | (562) 526-6941

    Finra Broker Check | Privacy Policy | Site Map | Contact
    DMCA.com Protection Status

    Mckenzie Legal & Financial
    Applying changes...

    ThemeMonstroid

    Layout type
    • Wide
      Wide
    • Boxed
      Boxed
    Skins
    • Material
      Material
    • Dark
      Dark
    • Minimal
      Minimal
    • Flat
      Flat