Estate Matters
Estate planning | Probate (uncontested) | Estate administration
Your Partner in Legacy Planning
At King Law Office, we recognize the significance of preserving your legacy and ensuring a secure future for your loved ones. Led by experienced estate planning attorney Catherine King, we provide comprehensive legal services tailored to meet the unique needs of individuals and families in Redding, CA, and beyond. With a focus on legacy planning, wills, trusts, and estate administration matters, we are committed to transforming your legacy vision into a concrete reality.
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At King Law Office, we pride ourselves on our expertise in assisting individuals and families with their estate planning needs. Whether you are creating a will, establishing trusts, or navigating the complexities of estate administration, we have the knowledge and experience to ensure your legacy is protected and your wishes are fulfilled. With meticulous attention to every detail, we guide you through the process with strategic counsel on asset protection and facilitate charitable giving initiatives.
Why You?
Your legacy is more than just assets; it's the story you leave behind. Estate planning isn't just for the wealthy; it's for anyone who values their family's future and wishes to ensure their wishes are honored. Whether you're building a business, raising a family, or simply cherishing the memories you've made, a well-crafted estate plan safeguards your values and provides clarity for your loved ones. It's about protecting the hard-earned fruits of your labor, ensuring your children are cared for, and leaving a lasting imprint that reflects your unique journey. By planning now, you're not just preparing for the inevitable; you're actively shaping the narrative of your legacy, ensuring it endures for generations to come.
Why Us?
With a profound understanding of the local community in Redding, CA, Catherine King and her dedicated team not only offer legal expertise but also a compassionate touch. We believe in building enduring relationships with our clients, understanding your unique legacy vision, and working diligently to help you achieve your estate planning goals. Our commitment to excellence, coupled with a focus on your legacy building, sets us apart as your trusted legal ally.
Ready to preserve your legacy and secure your family’s future? Schedule a consultation with the King Law Office today, and let’s embark on this transformative journey together.
What Do We Do?
An estate planning attorney is a legal professional who specializes in creating legal documents and plans to help clients manage and distribute their assets after they die. Estate planning attorneys work with clients to ensure that their assets are distributed according to their wishes and to minimize the tax consequences of such distributions. Estate planning attorneys make sure legal documents for life’s contingencies are covered, including powers of attorney for finance, advance care directives, HIPAA waivers, and guardianship are in place.
Some of the key tasks that an estate planning attorney may perform include drafting wills, trusts, and other estate planning documents, helping clients establish powers of attorney and advance directives, and advising clients on the best strategies for transferring assets to heirs or other beneficiaries. Estate planning attorneys may also assist clients with charitable giving, business succession planning, and other specialized areas of estate planning.
In addition to these tasks, an estate planning attorney may also work with clients to ensure that their assets are properly managed during their lifetime. This may include providing advice on investment strategies, tax planning, and other financial matters. Overall, the goal of an estate planning attorney is to help clients ensure that their assets are distributed according to their wishes and to provide guidance and support throughout the estate planning process.
Everyone has different circumstances, so there is never a “one-size-fits-all” option, but likely we will be helping you with some of the following:
Preparing a Will and Trust and other estate planning documents
Identifying your beneficiaries
Establishing limited and/or durable power of attorney (POA)
Creating advanced healthcare directives and plans for long-term care
Helping you determine the best type of trust for your needs
Establishing trusts to protect and transfer assets before and after your death
Working with your financial advisor to reduce estate tax burdens through effective tax planning
Identifying ways to avoid the probate process
Who Needs Estate Planning?
A common misconception is that estate planning is only for the rich… When in actuality estate planning is for anyone who owns personal assets (your belongings) and who wants to ensure that such assets are distributed according to your wishes in the event of your death or incapacitation. Estate planning is an important process that can benefit a wide range of individuals, regardless of their age, wealth, or family situation. Here are some examples of people who would benefit from estate planning:
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Parents with young children
Estate planning is especially important for parents with young children, as it allows them to name guardians for their children in the event of their untimely death. This can help ensure that their children are cared for by someone they trust and that their financial needs are met.
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High net worth individuals
Individuals with significant assets may benefit from estate planning strategies designed to minimize estate taxes and protect their wealth for future generations.
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Business owners
Business owners may need estate planning to ensure that their businesses can continue to operate smoothly after they die or become incapacitated. This may involve creating a succession plan, establishing a trust to hold business assets, or taking other steps to ensure that the business can continue to generate income for their heirs.
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Individuals with complex family situations
Estate planning can be particularly important for individuals with complex family situations, such as blended families, unmarried couples, or individuals with estranged family members. Estate planning can help ensure that their assets are distributed according to their wishes, and that their loved ones are protected.
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Individuals with charitable goals
Estate planning can also be used to support charitable causes by establishing a charitable trust or other planned giving strategy.
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Property owners
In California, property ownership not protected by a Trust is a direct path to probate court. Accordingly, a Trust circumvents the need for probate and is thus an important step in avoiding time delays and financial loss following the death of your loved one.
Anyone who wants to ensure that their assets are distributed according to their wishes and that their loved ones are protected may benefit from estate planning.
Our Estate Planning Services
Protect Your Assets and Secure Your Legacy
You have worked hard to build your business and your wealth your entire life, but the fear of losing it all still keeps you awake at night. Even if you manage to leave a legacy to the next generation, how can you make sure it won’t all be lost to creditors or greedy ex-spouses? This is when having a skilled Redding asset protection attorney on your side can make a big difference. Learn how asset protection works, who needs it, and why hiring an attorney is a crucial step in implementing effective strategies to protect your assets from a myriad of risks. For legal advice concerning your particular situation, contact the attorneys at King Law Office directly at 530-221-2640.
What Is Asset Protection, and Who Needs It?
Asset protection is a set of tools and strategies that work to protect an individual’s assets from being lost to creditors, seizures, legal judgments resulting from lawsuits, and even unintended beneficiaries – such as former spouses. Many of these tools and strategies are also estate planning tools, which can, in turn, protect the individual’s estate from excessive tax liabilities.
Asset protection can benefit anyone, but it is especially important for individuals with a high net worth, as well as business owners and professionals who are at a greater risk of being the target of litigation, such as doctors or attorneys. Effective asset protection strategies are key to enabling individuals to be ready in the event of an estate dispute or lawsuit that can threaten the wealth they worked hard to accumulate.
How Does Asset Protection Work?
Since every person’s assets and needs are different, not one single asset protection plan will look the same. It is worth noting that asset protection should not be employed as a way of defrauding legitimate creditors, and even the best asset protection plans cannot offer 100% protection but can greatly reduce the risk of losing the majority of one’s assets. There are some common tools that can be used to protect an individual’s wealth from a variety of risks, including asset protection trusts, LLCs, FLPs, and certain types of insurance coverage.
Asset protection trusts are a category of irrevocable trusts that can be specifically set up to protect assets against creditor claims. This type of trust can be set up locally or in another jurisdiction with favorable asset protection laws, including offshore locations. Another common strategy is creating an LLC (limited liability company) or an FLP (family limited partnership) to separate your personal assets from your business assets while still retaining control over both types of assets. Certain individuals may benefit from having comprehensive professional liability coverage to shield them from being personally liable in the event of a lawsuit.
Integrating Asset Protection into Your Estate Plan
There are many different types of estate planning tools that can help you preserve your assets during your lifetime and ensure they will continue to be protected after they are in the hands of your beneficiaries. Trusts, for example, are a popular choice for those wishing to have more control over how their estate assets are distributed and handled after they pass away.
Irrevocable trusts can shield a person’s assets from legal judgments and creditors while the individual is still alive. After the individual (the grantor) passes away, their beneficiaries may receive the assets in accordance with trust terms, which may include stipulations about when and how the assets will be transferred. An attorney can advise you on the best asset protection and estate planning strategies for your needs and goals.
Why Should I Hire an Asset Protection Attorney?
When you have worked your whole life to build your wealth and leave a legacy, taking a do-it-yourself approach to protect your assets is too risky. An asset protection lawyer has the knowledge and skills to help you create a comprehensive estate plan and asset protection strategy to safeguard your assets and give you the peace of mind of knowing you will have a legacy to pass down to your loved ones. At King Law Office, clients across Northern California can find the legal guidance and services they need for all of their estate planning and asset protection matters.
Contact us today at 530-221-2640 to discuss your case.
Providing Legal Guidance for Clients Wishing to Create a POA
In certain situations, it is helpful to know you have someone who has your back and is ready to act on your behalf. The attorneys at the King Law Office explain how power of attorney documents work in California and why consulting a lawyer is important if you are planning to write your POA. Contact the King Law Office at 530-221-2640 to learn more about how we can help you write or update your powers of attorney.
What Is a Power of Attorney?
A power of attorney is a written document that gives one or more people the power to make decisions on your behalf while you can’t do so yourself due to being mentally or physically incapacitated or simply because you cannot be physically present due to being abroad, deployed in the military or traveling. There are a few different types of powers of attorney recognized in California, including durable power of attorney, springing, financial, or health care powers of attorney. A durable power of attorney continues in effect even if you (the principal) become incapacitated. In contrast, a springing POA becomes effective only after a doctor declares you are unfit.
Powers of attorney can give an agent or attorney-in-fact (the person acting on your behalf) general power, enabling them to manage all aspects of your financial, medical, or personal affairs. You can also choose to limit what your agent can and cannot do for you through a limited power of attorney.
What Can a Power of Attorney Legally Do?
A power of attorney enables your agent to make a variety of decisions on your behalf, depending on the type of power of attorney forms signed and whether the POA is limited or general. You can allow your agent to do as much or as little for you as you wish. In general, no agent is allowed to make changes to your will, act against your best interests, violate the terms of the POA document, and continue making decisions for you after you pass away.
Outside of those actions, your agent has a fiduciary duty to manage your financial affairs, real property, and assets in your best interest. A financial POA can give your agent access to your bank account, banking transactions, investments, brokerage accounts, property transactions, and any other financial decisions defined in the document. If you have a healthcare POA, your agent should make medical decisions for you in alignment with your personal wishes and preferences. You can be as broad or specific as you wish when defining what your agent can and cannot do for you and under what circumstances they are given the authority to take those actions on your behalf.
What Steps Do You Need to Take to Create a Power of Attorney in California?
In California, a valid POA document should be written in compliance with the terms of the California Probate Code; otherwise, it may not be considered valid. The first step to creating a POA is to fill out the correct forms. The required forms may vary depending on the type of POA you are wishing to create.
Next, you will need to select an agent. Be sure to choose someone you trust, as this person will be in charge of making decisions for you, and you need to ensure that they know their responsibilities and are willing to fulfill their role. Finally, your POA will need to be notarized. That means you will need to sign the document in front of a notary public. Your document will be valid once it is signed and stamped by the notary public.
Do You Need to Consult a Lawyer in Order to Create a POA in California?
While having an attorney is not mandatory for the process of creating a valid power of attorney document, it is highly recommended. Your attorney can ensure your POA is written properly and accurately and that it will work as intended when the time comes. At the King Law Office, you can get the legal services and guidance you need to create or review your power of attorney or any other estate planning documents. Call us at 530-221-2640 to learn more.
Providing Legal Guidance for Clients Wishing to Leave a Legacy
Trusts have increasingly become popular as estate planning tools due to the many advantages they can offer to those wishing to seamlessly transfer their assets to their beneficiaries after death. However, a trust may not be the right tool for everyone. The estate planning attorneys at King Law Office explain how trusts work, their pros and cons, and go over why it is important to work with an experienced attorney when setting up a trust for your estate planning needs. If you have questions about trusts or estate planning, contact the King Law Office at 530-221-2640.
How Does a Trust Work in Estate Planning?
A trust is a valuable estate planning tool that allows you to gain more control over how your estate assets are managed during your lifetime and distributed after you pass away. Unlike a will, which only becomes effective after your death and enables the transfer of assets in one single transaction, a trust works more similarly to a bank account or container for the assets you choose to place in it. The trust is funded with assets during your lifetime and managed by a person called a trustee.
Once funded, you can decide how and when your assets will be distributed after your death. For example, you can leave a certain amount of money for your family member but only allow them to access the money when he graduates from college or turns 21 rather than receiving it all in one single lump sum. Assets placed in certain types of trusts can also be shielded from creditors and allow for a quick transfer without the need for probate.
What Are the Different Types of Trusts Available?
There are a wide variety of trusts available for many different types of estate planning goals and needs. Trusts are categorized as revocable or irrevocable and are also further divided into living trusts and testamentary trusts, with dozens of different subcategories.
Revocable trusts can be changed, amended, or canceled at any time during the life of the grantor (the person who created and funded the trust). These trusts offer more flexibility but may be less advantageous in terms of estate taxes and asset protection. In contrast, irrevocable trusts cannot be easily changed or canceled after they are created, and the assets placed into them become the property of the trust.
A living trust is created and funded during the grantor’s lifetime, while a testamentary trust is created after the grantor passes away. A testamentary trust is usually established through the decedent’s will and may be funded with estate assets or life insurance proceeds.
Common examples of trusts used for estate planning include special needs trusts, charitable trusts, spendthrift trusts, AB trusts, insurance trusts, and generation-skipping trusts. It is always important to work with a professional in order to determine the right type of trust for your needs.
What Are the Advantages and Disadvantages of Adding a Trust to Your Estate Plans?
Like any estate planning tool, trusts have many advantages and some disadvantages that you should be aware of if you are considering adding a trust to your estate plans. First, a trust requires a significant amount of work and planning, which may come at a cost. If you choose a professional trustee to manage your trust, such as an attorney or financial advisor, you may also need to account for their fees.
In contrast, all the upfront work and preparation done during the trustor’s lifetime makes for an easier transfer of assets to beneficiaries when the time comes. Trust assets do not need to be probated, keeping estate matters confidential and allowing for assets to be passed to beneficiaries more quickly and in accordance with trust terms.
How Can I Determine if a Trust Is Right for Me?
If you are considering adding a trust to your estate plans, contact a skilled trusts attorney such as the ones at the King Law Office. Our firm can help you define your estate planning goals and determine if a trust is the right choice for you. Contact our law firm at 530-221-2640 to get started.
Providing Legal Guidance for Clients Looking to Protect Their Estate and Record Their Wishes
A will (or last will and testament) is a fundamental estate planning document that allows you to record your wishes for how your property should be divided after your death. The attorneys at the King Law Office explain how wills work in California, the type of assets and terms that should be included in your will, and why hiring a lawyer may be the right thing to do in order to create or update your will. For any estate planning and wills matters, contact the King Law Office directly at 530-221-2640.
What Is a Will, and Who Should Have One?
A will is a written document that allows a testator (the person writing the will) to record their preferences concerning the distribution of their property after they pass away. A will also contains the name of the testator’s beneficiaries and details about who should inherit what portions of the estate.
A will can also include the testator’s preferences for who should become the guardian of their minor children in the event the testator passes away unexpectedly. The testator can also use the will to designate a personal representative or executor who will be in charge of the estate administration process after the testator’s death.
What Should Be Included in Your Will?
You can include a variety of assets in your will, as well as the names of your beneficiaries and details about which assets should be inherited by which beneficiaries. You can include anything that is solely owned by you, such as bank accounts, investments, real estate, vehicles, personal items such as jewelry and family heirlooms, and even pets. Be sure to exclude items with a beneficiary designation, such as retirement accounts and assets owned jointly by yourself and a spouse or another family member, as well as assets in a trust.
It is important to remember that a will (and any assets included in it) needs to go through probate before being distributed to its beneficiaries. Therefore, you should also include your personal representative designation. You may also want to consider adding a second person to be your personal representative in case your primary representative cannot fulfill their role.
What Is the Difference Between a Will and a Trust?
Wills and trusts are two different types of estate planning tools that can both be beneficial and act together to allow an individual to have a comprehensive estate plan and ensure their wishes for asset distribution are followed. However, there are key differences between a will and a trust.
First, a will is a written document that addresses important aspects, such as what property should be divided and in what manner, as well as the name of the people or entities who should receive the assets. However, the transfer of assets only happens after the testator dies and is usually carried out in a single transaction after the estate administration process is completed.
In contrast, a trust is funded with assets that are transferred by the trustor (the person creating the trust) during the trustor’s lifetime. Certain types of trusts, such as irrevocable trusts, effectively remove the assets added to them from the trustor’s taxable estate. After the trustor dies, the assets are distributed to the trust beneficiaries in accordance with trust terms and without the need for probate. Both wills and trusts have their advantages and disadvantages, so be sure to contact a wills attorney to discuss which option is right for you.
What Happens if You Die Without a Will in California?
If you die without a will in California, you will have died intestate. That means any assets you may have left as a part of your estate will be divided by a judge in accordance with California’s intestate laws, passing your assets to your closest surviving spouse or relative rather than to your intended beneficiaries.
Protecting Your Wishes and Legacy with King Law Office
When it comes to protecting your estate and ensuring that your wishes are respected, having a properly drafted will is one of the most effective tools available. The attorneys at King Law Office are here to help you navigate the estate planning process, whether you’re creating a will for the first time or updating an existing one. Through careful consideration of your personal assets, family dynamics, and unique desires, our team can help craft a will that ensures your property is distributed according to your wishes, sparing your loved ones from the complexities of intestate proceedings.
Furthermore, working with a Redding wills lawyer ensures that your will is legally valid, reduces the risk of disputes or challenges from heirs, and provides you with peace of mind knowing that you have taken steps to protect your legacy. The attorneys at the King Law Office can assist you in the process of drafting your last will to ensure your wishes are respected and to help your loved ones avoid the headaches and family disputes that may come with an intestate probate process. Contact us at 530-221-2640 to get started.