Orange County Estate Planning Lawyer

Orange County Estate Planning Attorney

A dedicated Orange County estate planning lawyer can help you make thorough preparations for the future. Estate planning is a difficult topic for some, but it’s a vitally important step to take, especially if you have a complex estate or dependents.

From wills to trusts and more, our team of attorneys at Quinn & Dworakowski, LLP, has decades of experience helping clients across Orange County. Whether you live in Irvine, Laguna Beach, or another part of Orange County, we can create a comprehensive estate plan that suits your needs.

Choosing a Will vs. a Trust

The two most common types of estate planning tools are wills and trusts. These documents have their own advantages and disadvantages, but they can also be used together.

Both wills and trusts make plans for what happens to your estate after you pass away. These are especially valuable for providing for your children or other dependents. In Orange County, 20.3% of the population are minors, meaning there are a lot of families with kids to consider. Additionally, the median household income is $113,702, so there are many people who could benefit from protecting their estate.

Wills, the most popular type of estate planning instrument, are often simple documents that detail who should get certain assets after you’re gone. Once you pass away, your will is then filed for probate, a legal process where someone is appointed to look over your estate. This person, called an executor, will make sure things are distributed according to your wishes and the law. You can also designate an executor in your will.

Probate is a public process; once it occurs, the details of your estate and wishes become public record. Additionally, wills don’t cover certain assets like retirement accounts, which go directly to the beneficiaries.

Trusts, however, can avoid the probate process, allowing the details of your estate to be kept private. Many people choose trusts because they allow them to manage more complex estates, offer greater flexibility, and cover more assets.

Even if you have a trust, you might still want to have a basic will to cover the assets not included in the trust. An experienced Orange County estate planning attorney can help you determine the right plans to cover your entire estate.

Types of Trusts: Revocable and Irrevocable

While there are other types of trusts, such as special needs and charitable trusts, revocable and irrevocable trusts are the ones most frequently used. They share some similarities, but each functions differently.

In both cases, creating a trust involves placing assets in the name of the trust, where they are then held. You will name a trustee who manages the trust, and beneficiaries can access its assets according to its terms when you’ve passed. Trusts can allow you to set certain restrictions on how funds can be accessed and withdrawn.

Revocable trusts, or revocable living trusts, can be quite flexible and allow you to make changes throughout your lifetime. Often, the grantor names themselves as the initial trustee to manage the assets, with a successor trustee appointed when they pass away or become incapacitated.

Living trusts allow you to add or withdraw funds and assets throughout your lifetime. You can also change the terms of the trust. They provide flexibility for changes in life circumstances and who you may want to pass your estate on to.

Irrevocable trusts, however, typically cannot be changed after they are established. Changes to an irrevocable trust usually require the approval of the trustee and all beneficiaries or a judge. For this reason, irrevocable trusts create more permanent, unchanging plans for your estate.

If you want to set up a trust for your estate, hire an estate planning lawyer to help you manage your assets as you want to.

Why You Should Hire an Estate Planning Lawyer

While it’s possible to create legal estate plans without a lawyer’s aid, there are many estate planning laws to consider. Experienced estate planning attorneys are familiar with these laws. They can determine what type of trust or will is right for you, along with how to properly set it up.

Our team in Irvine has worked with many estate planning cases. We can help you:

FAQs

How Much Does It Cost to Set Up a Trust?

The cost to establish a trust varies from case to case. The more complex an estate, the higher the price might be. Factors like location, the type of trust, and the experience of the specific attorney you work with can all affect the cost. To get a good estimate, reach out to an estate planning lawyer.

Can Money Be Taken Out of a Revocable Trust?

Yes, in most cases, the grantor of a revocable trust can withdraw funds at any time. Beneficiaries can also withdraw funds when the grantor passes away. This is why revocable living trusts are more flexible than irrevocable trusts. A seasoned estate planning attorney can advise you on whether a revocable trust is ideal for your situation.

Do I Need a Lawyer to Make a Will?

It’s not necessary to have a lawyer to make a legally valid will. However, an attorney can make sure you have all the right terms and requirements in your will. That way, you know your assets are being distributed the way you want them to after you pass away. Estate planning attorneys can make the process easier for you and your beneficiaries.

Are There Estate Taxes for Irrevocable Trusts?

In most cases, no, irrevocable trusts are not subject to estate taxes. This is why they’re a popular choice for those with very valuable estates. Irrevocable trusts are also not subject to creditors in the same way that revocable trusts are. They can provide more thorough protection of your assets.

Get Aid From a Dedicated Attorney

If you pass away without an estate plan, your assets will be distributed according to state law. You won’t have any control over who gets what, and you cannot have your wishes obeyed. That’s why estate plans are valuable for anyone to have.

It’s never too soon to start estate planning with Quinn & Dworakowski, LLP. Reach out to one of our attorneys to discuss revocable and irrevocable trusts, wills, and all your other estate planning needs.