Frequently Asked Questions

1.  What is Estate Planning?

Estate planning is a lifelong process by which a person makes legal arrangements to most efficiently and effectively manage and transfer property both during life and after death according to your goals.  Estate planning also involves the minimization of taxes, providing for personal care and property management during periods of incapacity and providing for the custodial care of any minor or adult dependent children

2.   What happens if I don't do any estate planning?

Everybody has an estate plan -- you either create it or it is created for you by the State of California. Dying without a Will is known as dying "intestate” If you die without a will your property will pass to your “legal heirs” as that term is defined in California.  You need to create your own estate plan if you care about how your property is handled and disposed of after your death, or during periods of incapacity. 

3.  Do I have to leave my property equally among all of my children?

No.  Sometimes there are important reasons to treat children, or other beneficiaries differently within your estate plan.  Equal shares are not always "equal".  Children may have different financial or special needs that call for different treatment.  Your property is yours to dispose, and with very few exceptions, may be disposed of exactly how you wish.

4.  Do I still need an estate plan if my property is owned jointly?

Yes.  While joint tenancy can be part of a good estate plan in some situations, it does not provide for all situations and contingencies, including what happens after the death of the surviving joint tenant.  

5.  What information does an estate planning attorney need to help me plan my estate?

To begin with, an estate planning attorney is going to need basic information and data on you, your family, your beneficiaries, your assets and your desired fiduciaries.  We collect this basic information on our confidential estate planning information form. 

6.  What are the primary decisions that I need to make?

  • Your beneficiaries.  This is not just "who and how much", but also when, how, in what form and subject to what terms and conditions.  These are decisions that attorney James D. Perry can help you to arrive at.  Consideration should always be given to contingent beneficiaries should any primary beneficiary predecease you.
  • Your fiduciaries.  The person(s) or entity that you designate to serve as executor(s), trustee(s), agent(s) and guardian(s).  Alternates and successors should be specified whenever possible.

7.  What aspects does every good estate plan include?

 

8.    How do I get started with an Estate Plan?

Call us at (714) 633-9234 to set up a free initial estate planning consultation with James D. Perry at our office to discuss and evaluate your estate planning needs. There is no charge for the initial consultation.  If you choose to proceed with an estate plan you will be charged only a flat-fee for the actual preparation and execution of your estate planning documents, assistance with re-titling of assets and preparation of beneficiary designations.  Please call for an estimated fee range quote based on a brief assessment of your situation.

9.   When should I have my estate plan reviewed?

One of the most common questions we receive is when, and how often, an estate plan should be reviewed and updated.  There is no single answer.  Documents that were validly executed many years ago will still be valid today from a technical standpoint.  However, the documents may no longer achieve the goals that you originally had and/or your goals may have changed over the years.  As a general rule, we believe it's a good idea to review your estate plan at least every 6-8 years.

10.  What are the most common reasons to make changes to an estate plan? 

Your plan should be reviewed based on any number of events in your life and/or changes in the law.  Some of the events that may trigger the need for a review and update of your plan include, but are not limited to:

  • A birth, adoption or death in your family or among your beneficiaries;
  • You get married, separated or divorced;
  • You have recently moved from one state to another;
  • Your minor children have become adults;
  • Your asset mix or net worth has changed, including receiving an inheritance;
  • Significant tax or other changes in the law;
  • You want to change fiduciaries, (trustee, executor, guardian, agent);
  • Major health changes for you or your beneficiaries; and
  • The needs of your beneficiaries have changed (beneficiary has become disabled, spousal problems/divorce, creditor problems, substance abuse, etc.).

Keep in mind that changes to a will (called a "codicil") or a trust (called an "amendment") must be drafted and executed with the same formality required for the original documents.  Failure to properly draft or execute changes may cause significant problems if not corrected before you die.

11.  I have an estate plan that was drawn up by another attorney that I would like to change, can you help me with the changes?

An excellent reason for a review is if you just are not sure what your estate plan really provides and are not comfortable with it.   Perhaps it was prepared long ago by an attorney who has retired, or who was not able to explain it properly to you, or who you just don’t want to return to. 

One of the most important aspects of an estate plan is peace of mind.  A review and explanation of your plan to determine whether it meets your goals may be an excellent investment. We also are able to review your existing estate planning documents.  Document review and recommendations are done at James D. Perry’s standard hourly rate or on a flat fee basis, depending on the client’s requirements.

12.  Do I need an attorney to plan my estate?

A qualified estate-planning attorney can help ensure that your estate plan is structured and implemented according to your unique wishes and needs in the most efficient and effective manner possible.  Do-it-yourself estate planning all too often results in costly and embittered litigation for families, unnecessary delay and ambiguity and tax inefficient property transfer.   

  Estate Planning Questionnaire Form.pdf
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