Previously, each person in California and the rest of the United States was entitled to a federal estate tax exemption of $675,000. This meant that parents who wished to leave a monetary gift for a child tax-free could each give the child $675,000 and not have to worry about the federal government taking a portion of it. A new tax law has increased the federal state tax exemption, which may give people reason to update a will or trust.
It seems that everything is set in place for your estate. You have signed up a competent and trusted individual to assume power of attorney in the event you are disabled and can no longer make plans for your estate. But what if the person with your assigned power of attorney goes to your California bank to handle an issue with your account only to be turned away? Unfortunately, finanical institutions rejecting people with power of attorney is a real scenario that people are experiencing to their confusion and frustration.
A lot of people think that estate planning consists solely of making a will. While creating a will is important, this should not be the extent of your estate plan. Many of your assets do not hinge on your will, and there are other aspects of your life for which you need different documents.
If you have a California living trust, you also may wish to execute a pour-over will so that your will and your trust work together in the most effective manner. As FindLaw explains, your pour-over will instructs your executor to pour over all of your assets into your living trust.
As an executor in California, it's your duty to oversee many different aspects of your loved one's estate. This includes going through probate if necessary. Though probate can be tricky, the Law Offices of Roshni T. Desai is here to help you through it.