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CRITICAL THINGS TO KNOW ABOUT ESTATE PLANNING IN SAN DIEGO

Authored by Athena Nagel

San Diego is one of California’s most prominent cities and an incredible hub of economic development. It houses the headquarters of renowned companies such as Qualcomm, Sempra, ResMed, and the California Bank & Trust, among others. Naturally, investments in real estate here are always highly sought-after.

Hence, an estate planning attorney San Diego is the right person to approach to help plan what to do with your estate. They can walk you through the entire estate planning process, suggesting ideas and even drafting plans from scratch.

Listed below is every crucial thing you need to know about estate planning in this fabulous Californian city.

What does an estate plan involve?

There are hundreds of things you need to do to come up with a sound estate plan. You must first consider the assets you own, decide what you want to do with them, and make a list of which family members you wish to provide for after your death, among other vital things.

You will also have to consider if you wish to make contributions to any charity. Also, certain states and the federal government charge taxes on larger estates. So, you must check which window you fall in. You might also want to invest in the right kind of insurance policies that will benefit your family after you.

Can you draft the plan by yourself?

While there is no rule that one cannot make an estate plan on their own, it is also true that such a plan may not be the best one. It is always better to hire an estate attorney who can draft a plan with few or no loopholes.

That’s because they have immense experience and knowledge of this area. For instance, did you know that the local rules in San Diego require you to submit additional, detailed information when it comes to real estate? This means that you will need to provide details about how you got the property, for what amount you got it, when you got it, etc.

Also, San Diego residents need to give the court specific numbers when dealing with cash distribution. These rules aim to help the court understand if it is a simple transfer or a community property dispute.

How an estate planning attorney can help

The unemployment rate in San Diego was at an extreme low of 2.7% in 2019. And with the prevalence of several double-income families, there is bound to be an inevitable increase in property investments.

Employing an estate planning attorney in San Diego can help you manage your property and other assets exceptionally well. Here’s a list of some very critical services they provide.

  • They draft last wills, testaments, power of attorney, and healthcare directives on behalf of their clients.
  • They can also help guide guardianship nominations in cases involving minors.
  • They can show you how to avoid the tricky probate process in the state.

With a diverse population of 1.4 million and counting, the need for estate attorneys in San Diego may rise as more people invariably invest in assets.

 

 

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