The number of adults in the United States who have a will varies significantly according to age group. While less than a quarter of all those in the 18-34 age group have a will, 45% of those over the age of 55 have a will, and 81% of those over the age of 72 have a will. For reasons not clearly understood, while the number of those with wills and estate plans increased during the pandemic, they have since dropped below pre-pandemic levels.
Many people believe they don’t need an estate plan because they don’t have a high level of assets, while others either don’t want to consider their mortality or simply don’t have time to deal with an estate plan. While these are valid reasons for failing to have an estate plan, there are many more good reasons to make the time and ensure your loved ones aren’t left with chaos after your death.
An estate plan also addresses potential incapacitation and how you would want decisions made on your behalf—and by whom. Having an experienced estate planning attorney serving Rohnert Park from Gullotta Law Group can ensure your estate plan accurately reflects your goals for the future.
Why Choose Gullotta Law Group for Your Rohnert Park Estate Planning Needs?
Once you’ve decided to have an estate plan prepared by a legal professional, you may find yourself overwhelmed with the number of choices. You must choose a law firm that specializes in estate planning rather than one that simply adds estate planning to their roster. The Gullotta Law Group has been working with Californians for 15 years to create unique estate plans that ensure loved ones receive assets promptly. There are many components to an estate plan that will depend on your specific circumstances and place in life.
Your age, whether you are married or have children, and whether you need to plan for long-term care will all determine what documents your estate plan will contain. At Gullotta Law Group we make the process as simple and comfortable as possible. Our friendly, informative staff immediately put you at ease, and once you have spoken to attorney Eric Gullotta, we believe your choice for an estate planning attorney serving Rohnert Park will be crystal clear. We offer flat fee rates which means you don’t have to watch the clock, rather can ask all the questions you have and receive comprehensive, easy-to-understand answers.
Overview of Estate Planning Areas Handled by Gullotta Law Group
The documents you will need in your estate plan will vary according to your wishes, and your circumstances. If you have minor children, you will need a will so you can name a guardian. It is important to discuss your goals for your estate plan with attorney Gullotta so that your plan can closely meet your needs. The following are some of the documents that can be a part of an estate plan:
Last Will and Testament
Many people prefer a trust over a will so that probate can be avoided. Probate is necessary whether there is a will or no will unless a trust is used in place of the will. Probate can be a lengthy, expensive process, and, unlike a trust, the contents of a will are available to the public. Despite the necessity of probate, a will is a useful document in many cases, and for those who have children, a will is necessary to designate a guardian.
Power of Attorney Documents
A power of attorney (POA) document names a trusted person to handle your financial affairs or your medical affairs in the event you are unable to do so. You could use a financial power of attorney to allow another person to make financial decisions on your behalf if you are going to be out of the country, or in the event of incapacitation. A financial power of attorney document can be as limited or as broad as you choose and can have an end date or will end upon your death. A medical power of attorney allows a trusted person to make your medical decisions in the event you are unable to make those decisions yourself.
Advance Health Care Directive
An Advance Health Care Directive allows you to clearly state your wishes for end-of-life care as well as to state your willingness to be an organ donor. You can specifically state that you would want CPR, a feeding or breathing tube, or other medical interventions so your family members don’t have to make these decisions during an already difficult time.
Trusts
A revocable living trust is the most commonly used type of trust. A revocable living trust can allow you to name your beneficiaries and heirs as well as plan for incapacitation or long-term care. An irrevocable living trust is less common because, as the name implies, this type of trust cannot be changed or altered. Irrevocable living trusts are very useful in minimizing tax burdens, both now and in the future. If you have an adult child with special needs, you may consider a Special Needs Trust that allows that individual to continue to receive government benefits while still receiving an inheritance for “extras.”
How Much Will an Estate Plan Cost and What Is Involved?
The exact cost of your estate plan will depend on many factors, including your level of assets and how extensive your estate plan is. The national “average” ranges from $1,000 to more than $6,000, but until you have spoken with an experienced estate planning attorney, there is no way to know how much your estate plan will cost. Unlike many other estate planning firms, Gullotta Law Group offers a flat fee rather than an hourly rate which encourages clients to ask questions, while ensuring you receive the best possible estate plan for you.
The estate planning process involves first determining what your assets are, and then deciding how those assets will be preserved, managed, or distributed after your death. The process also considers the management of your properties, financial obligations, and medical decisions should you suffer an incapacitation. Once attorney Eric Gullotta knows your wishes regarding your estate plan, he will guide you through the entire process in the simplest way possible.
What Questions Should I Ask an Estate Planning Attorney During My Initial Consult?
The most important question you can ask a potential estate planning attorney is whether estate planning is the firm’s primary area of practice. Many firms dabble in estate planning only as an “add-on” for the areas of practice they typically engage in. When you choose Gullotta Law Firm, you are choosing a firm whose primary area is estate planning. Estate planning for Californians is what we have done for 15 years. Our current and former clients offer glowing recommendations that reflect our commitment to ensuring every single estate plan is perfect for the individual client. Experience and knowledge of estate planning law is a crucial element of a successful estate planning firm and Gullotta Law Group has these qualities in abundance.
Why Should You Avoid the DIY Approach for Your Estate Plan?
While DIY is all the rage now, there are still certain areas where you need an experienced professional. Estate planning is one such area. You can go online and download generic forms, then spend hours laboring over your estate plan only to find out that a single mistake has voided the entire plan. Or, you can consult an experienced estate planning professional who is up-to-date on all estate planning laws and rules, and who will listen carefully to your wishes. There is simply no substitute for a professional legal advocate in the estate planning process. You would not replace your transmission if you had no mechanical experience, and neither should you prepare your estate plan with no training or experience.
Hiring an Estate Planning Attorney Serving Rohnert Park to Help You
Estate planning is an area where a little bit of planning now can make a huge difference later on. The Gullotta Law Group goes to great lengths to make your estate planning experience easy and comfortable so you will not feel overwhelmed and overly burdened. We encourage your questions and work hard to create a highly individualized estate plan that will meet your needs both now and in the future. Don’t wait—contact Gullotta Law Group and speak to attorney Eric Gullotta today.