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Estate planning ensures that your plans and wishes are documented accurately
and legally. To memorialize your wishes, we can help you establish a living
trust or create a will, power of attorney, or health care directive, or review
your current plans and recommend the best legal framework, tax strategy, and
asset allocation approach to meet your goals. We handle estate administration
and distribution in probate and non-probate situations, and represent you in
trust, probate, guardianship or conservatorship disputes.
Kimball, Tirey & St. John offers a full range of estate planning services
to meet your unique needs. Our expertise has been recognized with our estate
planning partner's designation as a Certified Legal Specialist in Estate
Planning, Trust and Probate by the State Bar of California, Board of Legal
Specialization.
Summary of Services
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Wills |
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Trusts (recoverable and irrevocable) |
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Trust Administration |
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Advance health care directives |
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Powers of attorney |
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Guardianships and conservatorships |
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Probae and probate litigation |
A Kimball, Tirey & St. John attorney will analyze your unique situation and
explain how proper planning can protect and maximize your wealth now and for
future generations. The following questions and answers will help you determine
whether you may benefit from estate planning assistance.
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With
No Will
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With
a Will
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With
a Living Trust
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At Incapacity (unable to handle your financial affairs
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Court
Control: Court appointee oversees your care, must keep detailed records,
reports to court, and usually must post bond (even if appointee is your
spouse). Court approves all expenses, oversees financial affairs.
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Court
Control: Same as no will.
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No
Court Control: Your successor trustee manages your financial affairs according
to instructions in your trust for as long as necessary. (in some state, court
intervention may be required for health care decisions.)
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At Death
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Probate:
Court orders your debts paid and assets distributed according to sate law.
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Probate:
Same as no will, but assets distributed per your will (if valid and any
contests are unsuccessful).
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No
Probate: Debts paid and assets distributed by successor trustee according to
instructions in your trust.
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Court Costs, Legal & Executor Fees
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At
Death: Often estimated at 3-8% of estate's value. At Incapacity: Impossible to
estimate.
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Same
as no will. Costs can increase if will is contested.
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At
Death: Usually none if no estate taxes. At Incapacity: None. (Attorney can be
helpful for larger estates.)
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Time
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At
Death: Usually 9 months to 2 years before heirs can inherit. At Incapacity:
Court involved until recovery or death.
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Same
as no will.
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At
Death: Usually just weeks (larger estates may take longer for estate tax
filing). At Incapacity: No delays.
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Flexibility & Control
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None:
Court processes, not your family, have control at incapacity and death. When
you die, assets are distributed according to state law.
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Limited: Same as no will except, when you die, assets are distributed according to your
will (if valid and any contests are unsuccessful). You can change your will at
any time.
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Maximum:
You can change/discontinue your trust at any time. Assets stay under control of
your trust, even at incapacity and after your death. More difficult than a will
to contest.
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Privacy
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None:
Court proceedings are public record. Family can be exposed to disgruntled heirs
and unscrupulous solicitors
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None:
Same as no will
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Maximum:
Living trusts are not public record. Your family can take care of your
financial affairs privately.
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Do you know the difference between a trust and a will?
If you have a will at the time of your death, your estate is required to go
through the probate court unless your estate totals less than $100,000. If you
establish a trust, however, the administration of your estate is handled
privately without court involvement.
Can a simple living trust protect me from death taxes?
Although everything in a standard living trust is considered yours for estate
tax purposes, it does not allow you to avoid estate taxes. However, when other
estate planning techniques are used, a simple living trust can help you reduce
or eliminate estate taxes.
Isn't estate planning just for very wealthy people?
Estate planning is an important step for any person who owns real estate or has
assets with a total value of over $100,000. People with minor children,
children from different marriages, or disabled heirs should also consider
getting their legal affairs in order. Estate planning can protect what you
have, even if your total holdings are minimal.
Can I handle estate planning myself?
Some of the most common errors are made when individuals attempt to use
standard "do it yourself" forms. Typically, the amount saved by handling these
matters yourself could cost you very large sums in estate taxes or other
penalties. When you weigh the costs, hiring a professional to properly create
your estate plan now may cost much less than having your family try to correct
the errors after you die.
Do you know the first step in financial planning for your
children's college education?
The first step in saving for your child's college education typically involves
one of the new government-authorized programs. These programs allow you to
direct money on behalf of your student, make it grow over the years, and often
save money in taxes in the process.
Do you know the first step in planning for your retirement?
The first step in retirement planning is realizing that the earlier you start,
the better off you will be. Kimball, Tirey & St. John can explain the
details of how to increase your wealth tax-free.
What steps should you take after a divorce to protect your
children's financial future?
First, check the beneficiaries listed on your retirement accounts and insurance
policies to make sure your children - not your ex-spouse - will get these
funds. The second step is to create a new will or trust which includes
provisions to eliminate the risk of your children losing or squandering their
inheritance.
Do you know how a conservatorship could affect you and your
family?
If a family member is unable to manage his/her own affairs, because of
Alzheimer's or otherwise, you may not be able to assist your loved one unless
the court appoints a conservator for your family member. Conservatorships are
expensive, slow, and cumbersome court proceedings for people who didn't plan
ahead. The good news is that conservatorships can be entirely avoided if you
have a proper estate plan in place.
Are you familiar with the "probate" process and how you can
avoid it by having a trust?
Probate is the court process of distributing your property. It is expensive and
slow, and all of the records pertaining to the process become public record.
During probate, the court appoints a person of their choosing to handle your
affairs. If you establish a living trust, you designate a trustee to handle
your affairs and distribute your property according to your wishes more
quickly, cheaply and privately than a probate.
Do you know how having a Power of Attorney (POA) can help you
or a loved one die with dignity?
Without a Health Care Directive or POA doctors and hospitals may be reluctant
to suspend medical treatment regardless of how futile or costly it may be. By
designating someone you trust and outlining your wishes with a health care
directive, you can guarantee that you will die with dignity.
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