Southern California Estate Planning

Estate planning in California is just that, planning in advance the distribution of your wealth, real estate and assets to serve the best interests of your family and loved ones. It is the preparation of the allocation of your estate for the care and well-being of yourself, your family, and loved ones when you are no longer able to care for them or yourself. Being unprepared leaves the possibility for events to consume your assets that you have worked a lifetime to accumulate. At Mortensen & Reinheimer, PC we are an experienced legal team that fully understands the laws governing all areas of estate planning including trusts, wills, advanced healthcare directives, powers of attorney, and probate administration.

We put our knowledge and experience to use to assist our clients in fulfilling their wishes. Our philosophy is simple: We are in partnership with you in matching solutions and services that meet your goals.

We are dedicated to helping our clients establish estate plans that maintain, manage and control your estate which protect your family and loved ones, avoid probate and give you peace of mind.

Trust
A trust is a legal arrangement that allows a trustee to hold and manage property for the benefit of another person, most likely the creator of the trust, which is you. A revocable living trust is the most common type of trust used for estate planning purposes. One of the main benefits of a revocable living trust is the avoidance of probate at death.  In addition, a trust can minimize the taxes a beneficiary will pay to the government. This enables you to leave the beneficiaries a larger inheritance. Also, a trust can proved a steady income to a beneficiary over a period of time instead of distributing it in one lump sum. For example, a parent may set up a trust for their child to receive the dividends from stocks until they reach 21 years of age. When the child reaches 21 years, he or she may receive all the stock.

Will
The purpose of a will is to provide detailed instructions to the probate court regarding the distribution of a person’s property at their death. Many people mistakenly believe they fully understand wills and do not require the expertise of an attorney. California laws governing wills can change at any moment and it would be difficult for someone to be aware and understand the complexities of these laws. An incorrectly written Will could likely be thrown out by the probate court leaving the individual’s estate to be distributed by the rules of intestate succession. Intestate means to die without a Will. Another possibility is a poorly written Will may be interpreted by the probate court differently than the decedent intended, resulting in a distribution of the estate that does not match the decedent’s wishes. Both of these scenario’s can be avoided by establishing a properly, legally and clearly drafted will by an experienced lawyer at Mortensen & Reinheimer, PC.

Advance Healthcare Directives
Also known as a “Living Will” in other states, an advance healthcare directive typically covers specific directions regarding the course of treatment that is to be taken in the event of a terminal illness. It will state whether the individual wants to be kept alive by medical life-support systems. An advance healthcare directive is usually accompanied by a Power of Attorney for Health Care which appoints someone to direct their health care decisions if they are unable to do so. This may also be called a healthcare proxy. Both of these documents are legal documents and must be witnessed or notarized.

Power of Attorney
A power of attorney is a legal document that gives someone the authority to make financial and personal decisions when an individual becomes incapacitated. A power of attorney can be used to ensure normal everyday situations are taken care of such as  paying bills when a person is incapacitated. A person could become temporarily incapacitated from an accident or an illness thaat requires extended hospitalization.

Probate Administration
Depending on how a decedent’s estate is planned at the time of their death, probate may be needed to legally transfer title of their assets to the proper beneficiaries. It may also be necessary to appoint an executor or administrator of the estate, or to determine allocation of estate assets. Probate does not need to be confusing or intimidating. At Mortensen & Reinheimer, PC we are here to assist you through this process, whatever the need may be.

Contact Southern California Estate Planning Attorneys Mortensen & Reinheimer, PC today at (714) 573-7149!