Posted On: May 27, 2016, Posted By: Velasco Law Group
Most of us don’t think about it, but the passing away of loved ones is something that we will all face in our lives. We build wealth, assets and savings to leave behind for family but ask yourself this, who gets to be the executor of your estate if you don’t have an estate plan? Probate court charges can diminish your wealth very quickly both in litigation costs as well as payments required by the state of California.
Here is what can possibly happen to your estate if you left it in the hands of probate court. The courts will review an estate and set a judgment for distribution of wealth in order of priority. First in line are spouses, then children. Issues concerning blended families, sibling rivalry and step children can create serious inheritance disputes which can be avoided by simply having a properly constructed estate plan. Minimize risks and complications by choosing your executor in an estate plan and avoid probate court.
What are the qualities you look for in an executor of your estate plan?
Executors need to be honest & trustworthy. It has to be someone who follows through and is able to analyze, process the information in a fair manner and decide independently with confidence. If they are poor communicators they should not be considered, pick someone who can articulate well. The successor trustee you choose should not present traits of a narcissist, self righteous and selfish nature where they are now ruling and deciding based on “its my way or the highway”. The executor should not make decisions based on emotions, this person has to be a quarterback a truly strong advocate for your estate for your families best interest and choosing this person wisely is critical.
At the end of the day an executor is also important when you are alive. Why? One thing we try to avoid is a conservatorship, sometimes referred to as a “Living Probate”. In the event that you should become incapacitated or in an accident and cannot handle your affairs, someone must take care of your affairs. You must then petition the court for a Conservatorship. Conservatorship can be a humiliating experience, inconvenient, time consuming, and costly. Court cost, attorney’s fees can be up to a minimum of $10,000.
Having someone you trust is important at this time because you are unable to make decisions and you will want this person to navigate decisions on your behalf for your family. It can get very stressful and with the wrong person in the driver’s seat, relations may erupt into unnecessary conflict. A living trust avoids probate, conservatorship and gives you the privacy you deserve. Most importantly, YOU CHOOSE your executor Trustee not the State of California. Policy changes may be on the horizon with the changing of the guards at the White House. Take control for the benefit of your family today.
Velasco Law Group, APC is a boutique estate planning, litigation and trust firm empowering people to make their final choices in a dignified and legal manner. Paul Velasco founded this company with a philanthropic vision, he loves helping people especially when it comes to protecting wealth and a family’s best interest. He has a team of attorneys and litigators at three office locations in Southern California, Long Beach, Downey and Irvine. Velasco Law Group, APC has Spanish speaking attorneys and staff and have a passion to aide the Latino community in Southern California. The firm has recently become a member of Latino Business Chamber of Commerce in Los Angeles. For more information refer to our websites: www.velascolawgroup.com and www.192.168.2.150 or call us at 562.432.5541 and ask to speak with Teresa Granados, Business Development Coordinator.
“En Velasco Law Group APC, estamos comprometidos en ayudar a nuestros clientes a planear su futuro, tener tranquilidad y proteger a sus familias. Tenemos el compromiso de proveer a nuestros clientes la experiencia que requieren en representación legal, mientras ofrecemos servicios legales personalizados en un ambiente pacifico y amistoso”, Paul Velasco.
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