estate planning

Are you thinking about your future and those you love most? As life unfolds, pondering your legacy is only natural. But estate planning isn’t just about what happens when you’re gone. It’s about living your life with the peace of mind that comes from knowing your affairs are in order and your loved ones will be cared for. While deeply personal, the estate planning process involves complex California laws and regulations that can be difficult to decipher and even harder to follow.

The estate planning lawyers at The Law Offices of Young Wooldridge, LLP can guide you through the process with compassion and care. For over 80 years, our firm has helped clients in Bakersfield plan for the future. With deep knowledge of California’s estate planning laws, our team of experienced estate planning lawyers is prepared to take on even the most complex cases. We will consider your goals, concerns, and assets in creating an estate plan that fits your needs and those of your family.

When you hire The Law Offices of Young Wooldridge, LLP, you’re gaining an advocate committed to securing your legacy exactly how you envision it. Contact us today to speak to an estate planning lawyer in Bakersfield.

Why It’s Important to Have an Estate Plan?

Estate planning can be daunting, but having an estate plan in place is crucial to avoid unnecessary hardship for your loved ones when you die. It can relieve your family of stress and provide various benefits.

For starters, estate planning reduces the risk that your assets or property will be distributed in a way that goes against your wishes after your death. Without a legally binding estate plan, your assets could be dispersed according to state law, which might not align with your intentions.

Estate planning also minimizes estate taxes, allowing you to preserve more of your estate for your heirs. With a carefully crafted plan, you can make arrangements that reduce your estate’s tax obligations. If your estate is big enough to incur estate taxes, a solid plan could save your heirs a significant amount of money.

An estate plan also enables you to appoint a guardian for your minor children if you and their other parent pass away prematurely. This is vital in ensuring that someone you trust cares for your children as you see fit in case of your untimely death.

Additionally, an estate plan lets you select individuals to make financial and healthcare decisions on your behalf if you become incapacitated. This is typically achieved through powers of attorney documents, which can eliminate the need for your loved ones to seek a court-appointed guardian or conservator. These documents save both time and money in already difficult situations.

Lastly, a comprehensive estate plan can reassure you and your loved ones, both now and in the future. It is comforting to know you have done everything possible to ensure your wishes will be carried out, provide for your loved ones, and minimize potential disputes.

Contemplating death is uncomfortable, but creating an estate plan is a significant act of kindness toward those you will leave behind. It provides legal clarity and tax advantages, preserves your legacy, and reduces the emotional and financial burden on your loved ones.

What Does an Estate Planning Lawyer Do?

An estate planning lawyer provides advice and services for distributing and managing a person’s estate following death or incapacitation. Their duties encompass several key areas, which often include:

  • Drafting Legal Documents – Estate planning lawyers can draft necessary documents such as wills, durable powers of attorney, trusts, healthcare proxies, and living wills.
  • Providing Legal Advice – Estate law attorneys advise on complex issues surrounding estate planning, such as the implications of state and federal laws, potential estate taxes, and probate.
  • Handling the Probate Process – Estate planning lawyers often assist in probate, representing the estate in court, facilitating asset inventory and appraisal, and distributing assets to beneficiaries.
  • Business Succession Planning – For clients who own businesses, estate planning lawyers can create succession plans to ensure smooth transitions of ownership and operations after death.
  • Estate Tax Planning – Estate lawyers can also assist clients with structuring their estates to minimize estate tax liability, such as by taking advantage of the annual gift tax exclusion.
  • Reviewing and Updating Existing Estate Plans – An estate planning lawyer can check existing estate plans to verify that they still align with clients’ current situations and wishes.
  • Handling International Estate Planning Issues – For clients with international assets, estate planning lawyers can also explain the tax implications and laws associated with asset transfers.

What Are Common Estate Planning Services?

Here are just a few examples of the many valuable services an estate planning lawyer can offer:

  • Drafting Wills – A will is a legal document that outlines how an individual’s assets should be distributed after death and who should care for their minor children. An estate planning lawyer can draft a clear, legally enforceable will that accurately represents your wishes.
  • Establishing Trusts – Trusts are legal arrangements that allow third parties (trustees) to hold and manage assets on behalf of beneficiaries. An estate planning lawyer can work with you to set up various types of trusts, such as charitable, irrevocable, and asset protection trusts.
  • Facilitating the Probate Process – Probate is a legal process that involves validating a person’s will and distributing their estate to beneficiaries. Estate planning lawyers can make this process easier on families by analyzing wills, cataloging assets, paying off debts and taxes, and distributing remaining assets to rightful heirs.
  • Setting Up Guardianships – If you have minor or dependent children, an estate planning lawyer can set up legal guardianships in an estate plan on your behalf. Establishing guardianship ensures that your children will be cared for by a trusted adult if you pass away or become incapacitated.
  • Establishing Conservatorships – Conservatorships are court-appointed roles that grant a person (the conservator) authorization to make financial or healthcare decisions for someone else. Estate planning lawyers can establish conservatorships for individuals who can’t manage these matters due to physical or mental incapacity.
  • Drafting Advance Healthcare Directives – An advance healthcare directive, or living will, specifies your medical preferences if you cannot communicate them yourself. An estate law attorney can draft this type of directive to document your wishes if you become incapacitated.
  • Creating Powers of Attorney – A power of attorney is a document that authorizes someone else to act on your behalf in specific situations or regarding all legal or financial matters. With an estate planning lawyer’s help, you can establish power of attorney, choosing who should step in if you cannot manage your affairs.

Why You Need an Attorney for Estate Planning in California

If you’re starting or updating your estate plan in California, you need support and advice from an experienced estate planning attorney. Your lawyer can:

  • Anticipate and Avoid Potential Pitfalls – A seasoned estate planning attorney can foresee issues that you might not anticipate, which could prevent costly mistakes and disputes.
  • Save You Time and Effort – Estate planning is time-consuming, especially when you’re unfamiliar with the process. An attorney can streamline everything from cataloging to filing paperwork.
  • Customize Your Estate Plan – Everyone has unique needs and goals for their estate. An estate planning attorney can tailor your estate plan to these specific requirements.
  • Keep Your Plan Current – Laws and personal circumstances change. Your estate planning lawyer can help you keep your plan up-to-date and legally valid, adjusting it as necessary over time.
  • Facilitate Difficult Conversations – Discussing estate planning can be challenging and emotional. An attorney can facilitate these conversations so you can communicate your wishes.

How to Select the Right Estate Planning Attorney

Selecting the right Bakersfield estate planning lawyer is a critical step that requires careful consideration. As you evaluate prospective lawyers, pay attention to their experience and reputation. Look for a local lawyer with a proven track record who puts their clients first. Above all, you need a lawyer who understands you and your unique needs so they can give your case the attention it deserves.

The estate planning lawyers at The Law Offices of Young Wooldridge, LLP have the experience and resources to craft an estate plan customized to your goals. Founded in 1939 by Joe Wooldridge and John Young, our firm is one of Bakersfield’s oldest and largest legal institutions. We have deep roots in the community and are proud to live, work, and play right here in Bakersfield, Kern County, and the San Joaquin Valley.

We are committed to achieving meaningful results for every client, no matter how complex the case. When you choose to work with The Law Offices of Young Wooldridge, LLP, you’ll know you’re a valued client worthy of sincere attention and dedication.