Asking the Right Questions When Creating a California Estate Plan

When creating an estate plan in California, it is important not to overlook the need for planning with regard to vacation or rental properties. Owning a vacation home is becoming increasingly popular, as the population ages and more people enter retirement. Fortunately, by creating a proper estate plan in Orange County, you can reduce the risk of any issues arising down the line pertaining to the vacation property. An experienced Orange County trust lawyer can help create a plan that meets all of your unique needs, including the handling of your vacation properties.

To get you started on the process of creating an estate plan when you own a vacation home, consider asking yourself the following questions:

  1. Do the beneficiaries all get along reasonably well?
  2. Who is currently involved with the use and upkeep of the home?
  3. Can your beneficiaries afford to continue living in the house?
  4. Is it convenient for your beneficiaries to access the house?
  5. Do all of your beneficiaries have an interest in owning the vacation property?
  6. Do you need the value of the home in order to support your financial future?
  7. Who will be in charge of managing the day-to-day affairs of running the property?
  8. Is the estate otherwise subject to a federal estate liability?

The answers to these questions are important because they will help to ensure that you are creating an estate plan that best suits your unique needs. Often, this begins with asking yourself whether the property should be sold or held and distributed to beneficiaries. Fortunately, none of these questions needs to be addressed before your meeting with a legal professional. The knowledgeable Orange County trust attorneys at the Law Office of James F. Roberts & Associates, APC, can help. Call our office today at (714) 459-5481 for a consultation.

James F. Roberts
Founder and owner of the Law Office of James F. Roberts and Associates, a premiere estate planning law firm