5 Things to Consider When Choosing an Heir in Los Angeles
Having a plan for what will happen to your assets when you pass away is an important part of life3 min read
Having a plan for what will happen to your assets when you pass away is an important part of life. In Los Angeles, estate planning is particularly crucial, as the state of California has some specific regulations regarding the transmission of your property and assets at your death. When it comes to designating an heir for your estate, there are many important considerations, both legal and practical. Here are five things to ponder when determining how to set up your plan.
1. Qualify as an Inheritor under California Law
The California Probate Code outlines which kinds of relatives or other parties can legally inherit from a will. If a person you would like to name as an inheritor isn't included in California's list of who can legally receive an inheritance, then they are not eligible to receive it. This is why it's a good idea to consult with an attorney familiar with the laws of California and local regulations in Los Angeles so that you can ensure your heir is legally qualified.
2. Understand the Different Types of Inheritance Rights
In California, heirs and beneficiaries are assigned different types of inheritance rights. If you leave an estate to a single heir, they will receive full ownership of the asset or assets. If you're leaving an estate to more than one heir, then the estate must be managed through a trust. This allows the assets to be divided among the heirs with certain conditions. Consult with an experienced California attorney to understand the different types of inheritance rights and decide what is best for your circumstances.
3. Control How your Assets are Distributed
If you die without a will, then your assets will be distributed according to the state's rules of intestacy. This may not be how you would like them to be distributed, and so planning your estate with a will is a great way to control how your assets are handled once you're gone. An experienced attorney can guide you in drafting a will that will ensure your wishes are carried out after you're no longer here.
4. Choose an Executor
In addition to selecting your heirs, you also need to designate an executor. This is the person who is responsible for ensuring your wishes are carried out by administering your estate. The executor should be someone you trust and who has knowledge of your assets (and possibly the experience to manage them if necessary). It's best to choose someone who lives near you, but if that's not an option, then UpCounsel can offer you access to qualified attorneys who have experience in managing estates.
5. Select an Attorney
While preparing your estate plan, it's important to have the guidance of an experienced attorney. Lawyers can help you understand the legalities of estate planning and can guide you in selecting an executor and heirs who will be able to manage your estate according to your wishes. Make sure to choose a lawyer who is familiar with the regulations in Los Angeles and California, since the rules could differ from other parts of the country.
When it comes to estate planning and selecting an heir, the right legal counsel can be invaluable. Make sure to consult with an experienced attorney who understands the laws governing inheritance in Los Angeles and California so you can be sure you're making the best possible choices for your heirs and your estate.