Estate Planning attorneys for Balboa Island residents

Estate Planning, Probate, and Trusts Law Firm of Mortensen & Reinheimer, PC

Why should I hire your firm?

As skilled estate planning attorneys, we can provide the legal help you need, from assisting you with preparing a will or living trust to litigating an estate in probate court. Mortensen & Reinheimer, PC is dedicated to providing each of our clients with a high level of personal attention in the preparation of their estate plan. As such, we are readily available to answer your questions. Our attorneys meet with you to discuss any changes to your estate plan, especially as tax laws change, and also any new opportunities.

At Mortensen & Reinheimer, PC, we typically build long-term relationships with our clients. We utilize a combination of tools to document your wishes, protect your estate from over-taxation and government interference, and provide for your loved ones. Our primary aim is to ensure that your estate plan accurately reflects your desires and also safeguards your wealth.

What are the essentials that I need for estate planning?

In the process of designing an effective estate plan, we strive to fully understand your goals, financial situation, and family. We then help to protect your hard-earned assets and ensure your loved ones are provided for according to your wishes.

Why do I need more than a basic will?

If your combined personal and real property exceeds $100,000 in value, you may want to consider implementing something more than a basic will. This can help to ensure effective the conservation and transfer of your finances and property in a tax-efficient manner.

Under California state law, a basic will is subject to probate, which is a court-administered process that is handled through the probate courts. The probate process determines the validity of a will, resolves any claims of debt made by creditors and distributes the decadents’ assets to beneficiaries. Probate can take considerable time, generally six months to three years, and costs can be as much as 10% or more of an estate’s gross assets. A basic will can also be contested by anyone and ultimately becomes part of the court records, which can be inspected by the public upon request, something most people do not want to occur.

How can probate court be avoided?

A revocable living trust allows you to avoid probate of your estate upon death. This is typically viewed as a preferable alternative to a simple will. Ownership of your property is transferred to an individual of your choosing, or trustee, so that all of your assets are “owned” by the trust, thereby eliminating court involvement.

As the creator and first trustee of the trust, you maintain full control of the property and assets in trust while alive and capable; you can revoke or change it at any time, as often as you wish. If set up properly, a living trust can also help your heirs avoid inheritance taxes and eliminate court involvement, in the event you become incapacitated and unable to manage your finances.