Estate planning, probate, wills, living trusts, POwer of attorney

Estate Planning

Estate planning is the process of planning for the management and distribution of a person's assets (such as property, investments, and personal belongings) after their death.

Estate Planning Attorney Oeanside, CA

Do I Really Need an Estate Plan?

I’m sure you’ve heard a lot of people talking about “Living Trusts” and estate planning, and you may be wondering about all the details. Right off the bat you may be wondering “do I really need an estate plan?” The simple answer is that you don’t have to do anything. If you do nothing, however, others will be forced to do things for you, and worse still is that the law and the courts may mandate an outcome in the absence of your action that you would find undesirable. In addition, time and money will be lost if you don’t act. As you can see – inaction will cost you!

What Is Estate Planning, And Why Is It Important In San Diego?

Estate planning is the process of planning for the management and distribution of a person's assets (such as property, investments, and personal belongings) after their death. It involves creating legal documents such as wills, trusts, and powers of attorney to ensure that one's wishes are carried out and their loved ones are provided for.

Legal Definition of Estate Planning:

In the city of San Diego, California, estate planning is governed by state laws and regulations. According to the California Probate Code, estate planning includes all actions taken during a person's lifetime to arrange for the ultimate disposition of their property. This can include specifying who will inherit their assets, how they will be distributed, and who will manage the distribution process.

Importance of Estate Planning in San Diego:

Estate planning is crucial for residents of San Diego, as it helps to protect their assets and provide for their loved ones after they pass away. Without proper estate planning, the state's laws and court systems will determine how one's assets are distributed and who will be responsible for managing them. This can result in delays, costly legal fees, and potential disputes among family members.

Moreover, estate planning also allows individuals to make important decisions regarding their healthcare and end-of-life wishes. This includes appointing someone to make medical decisions on their behalf if they become incapacitated, as well as outlining their preferences for life-sustaining treatment.

Additionally, proper estate planning can help reduce the tax burden on one's beneficiaries and ensure that their assets are transferred efficiently and effectively. This is especially important in San Diego, where the cost of living is high and property values continue to rise.

In summary, estate planning is a crucial aspect of financial and personal planning for individuals residing in San Diego, California. It allows individuals to have control over their assets, protect their loved ones, and ensure their wishes are carried out. Therefore, everyone needs to consider estate planning as part of their overall financial strategy.

It is important to plan and create a comprehensive estate plan that reflects one's wishes and protects their loved ones in the city of San Diego, California. Remember, it's never too early to start planning.

Keep in mind that estate planning is not only for the wealthy or elderly; it is essential for all individuals who want to ensure their assets are distributed according to their wishes and their loved ones are provided for. So, if you live in San Diego or own property there, consult with an estate planning attorney today to secure your future and leave a legacy.

Let's start planning now for peace of mind and the well-being of our loved ones. Remember, it's never too early to plan, but it can be too late. Take control of your assets and protect your loved ones by creating an estate plan that reflects your unique needs and desires. Your future self and family will thank you for taking the necessary steps to secure their future in San Diego, California. So don't wait any longer, start your estate planning journey today.

Consultation with an experienced estate planning attorney in San Diego can help individuals navigate the legal complexities and create a comprehensive plan tailored to their unique needs and goals. Start your estate planning journey today to secure your future and leave a legacy. So, it is important to plan and create a comprehensive estate plan that reflects one's wishes and protects their loved ones in the city of San Diego, California.
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Call and Speak With Mr. Powell Now

The first step is fast and easy. Just tell us a few things. The next step will be a call from attorney Dan Powell and you will be well on your way to learning about your options, caring for your loved ones, and having a solid, attorney designed and drafted estate plan!

Our Practice Areas

Asset Protection

Asset protection is a crucial aspect of estate planning law in San Diego. It helps individuals and families safeguard their assets and property from potential threats. In this section, we will discuss the primary threats that asset protection aims to guard against.

Estate Planning

Estate planning is the process of planning for the management and distribution of a person's assets (such as property, investments, and personal belongings) after their death.

Probate

When someone dies without a proper estate plan, Probate is the process that the court will use in distributing the property, and figuring out who the property is to be distributed to.

Special Needs Trusts

A special needs trust is a trust created for minors or adults that have some special need due to such things as learning disabilities, physical disabilities, etc.

Wills

Estate planning is the process of creating a plan for how an individual's assets will be managed and distributed after their death.

Living Trusts

Whether you are a long-time resident or a recent transplant to sunny San Diego, setting up a living trust can provide peace of mind and protection for your assets.

Irrevocable Trusts

What is an Irrevocable Trust? Just that! Irrevocable. You can’t change it after it has been created. This sounds kind of scary, but it has some wonderful uses.

Power Of Attorney

A power of attorney is the means you use to have your affairs managed should you become unable to manage your own affairs.

Advance Healthcare Directive

You have both the right and the ability to make decisions about your own health care. Because of that, you may also allow another person to make these decisions for you.

Frequently Asked Questions

A Plan Built Especially For You

When it comes to wills, trusts, and other types of estate planning, no two situations are the same. This is why my most important job is to listen to what you want to achieve in order to advise you on the best plan possible. Each and every document of your estate plan will be prepared by a licensed attorney to ensure your wishes are properly achieved.

Once Again, Proof Positive! - A robust, superbly drafted Revocable Living Trust centered estate plan is a superior method to prevent loss of time and money, and achieve your desires.

Affordable Plans, Competitive Rates, and Peace of Mind

You do not have to trade sound professional legal advice for a reasonably priced will, trust, or complete estate plan. My law office offers packages that are affordable and competitively priced.

With so much riding on your decisions, you and your family cannot afford mistakes. An attorney, like myself, who practices estate planning is the only person who can properly guide you to ensure your wishes are carried out and give you the peace of mind that comes with a properly executed and implemented estate plan.

What Do I Get With an Estate Plan Prepared by William Daniel Powell?

You will get an affordable plan, at a competitive rate, and the peace of mind that comes with a plan built especially for you.

Your exact situation and desired distribution will dictate the means to be used, as well as the ultimate cost of the plan. However, every estate plan I create contains the Revocable Living Trust, Certificate of Trust, Trust Summary, Pour-Over Will, Durable Power of Attorney, California Advanced Healthcare Directive, funding instructions for various assets, and the funding of your residence with a new deed and Preliminary Change of Ownership Report prepared by my office to put the residence into your trust. All documents are attorney prepared, and all advice is given by an attorney.

Legal Zoom won’t help you with funding or provide legal advice on such a personal level! Further, I will review the estate plan I create for you every three years, upon your request, with you for no additional charge*. Moreover, I am more than happy to discuss future changes to your situation, or family situation, as they arise and how it may impact the plan I drafted for you, at no additional charge*.

*Modifications will be at an additional charge.

But If I Create A Revocable Living Trust, Will I Lose Control of my Property?

Absolutely not. Think of a Revocable Living Trust as a bucket. It is a bucket that you constructed, and one which you hold. You are free to put things into the bucket, and take them out whenever you like. In the event you become incapacitated, you can determine whom you would like to hold the bucket on your behalf. In the event of your passing, you determine how the bucket is to be poured out to your family and friends. Moreover, the bucket and its content are not public record.

What Does Probate Cost?

California Probate Code sets the rate currently as:

  • 4% of the first $100,000 of the gross value of the probate estate
  • 3% of the next $100,000
  • 2% of the next $800,000
  • 1% of the next $9 million
  • .5% of the next $15 million

Keep in mind that the value of the estate is based on the value of the asset, and not its equity. Therefore, if you own a home valued by the appraiser at $500,000 and you have a mortgage balance of $400,000 – the value is not $100,000 but the full $500,000. Also, for example, let’s say you also have other property such as accounts and a car or two (worth an additional $150,000) that raise the total value of the estate to $650,000.

So the attorney probate fees for the estate break down like this:

  • 4% of the first $100,000 = $4,000
  • 3% of the next $100,000 = $3,000
  • 2% of the remaining $450,000 = $9,000

For a total fee of $16,000

So given everything we know now, let’s see what the potential costs will be for a simple $650,000 estate. This can be any combination of probate property, but let’s say the home is $500,000 (not difficult in California) and an additional $150,000 in probate property. Please keep in mind that fees given are approximate and may vary by location, changes in laws, or other factors.

  • $400 Court filing fee
  • $650 appraisal fee
  • $150 publication fee
  • $16,000 attorney fees
  • $16,000 executor fees (potential)
  • $400 fee to file Petition for Final Distribution Total of $17,600 to $33,600

So you see that an average cost of $1,000 to $2,500 for a Revocable Living Trust Centered Estate Plan is far more affordable than the cost of a $10,000 to $30,000 probate.

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Estate planning to meet your goals

With information contained within this website about wills, trusts, and other estate planning instruments, clients will have a better understanding of the process and different methods of estate planning and will be better prepared to describe the goals they wish to carry out with their particular estate plan. This will help refine and streamline the process so that the client gets outstanding legal service without unnecessary costs. This will help Mr. Powell in his goal of forwarding the legal profession by providing excellent legal service and creating happy clients.

Customer Testimonials

Very personable, knowledgeable and thorough with reasonable fees and great review of the documents and suggested direction for different family member needs. Local and can visit you at your residence if that is more convenient.

Larry Becht

Amazing service, great guy and very knowledgeable. I highly recommend him for all your trust needs.

Ken Calkin

My wife and I hired Dan to help us put together a trust. With our busy life, Dan was willing to accommodate our busy schedule and come to the house on several occasions. We felt his knowledge and service were top notch and glad we hired him.

Marc

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(619) 980-2297
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