Estate Planning is Legacy Building

Estate Planning is Legacy Planning

You Need An Estate Plan for Three Reasons:

1. You Do NOT Know When You Will Die

If there is one take away from our own experience and the COVID-19 pandemic, it is that we really never know when tragedy will strike. The recent estate planning statistics from the Caring.com study and the Advance Capital Management Study demonstrate that in 2019 approximately 60% of Americans did not have an estate plan. Of those 60%, over half said that they “just haven’t gotten around to it.” Sadly, 55% of Americans who died in 2019, died without any kind of estate plan. These statistics a truly sobering. Your really do not have to wait. Today is the day to start.

2. Homeowners in California Will Spend an Average of $22,000 to Pass Their Property to their Loved Ones Without Proper Planning

In the recent 2020 Caring.com Study, 6.8% of Americans who do not have an estate plan say “it is too expensive” and 36% say that they do not have enough assets to leave anyone. Both statements are WRONG. A Living Trust is much cheaper than other estate planning options. And EVERYONE has a legacy to leave to the future generations.

Additionally, Regnum Legacy offers estate planning at flexible rates. We offer financing and flexible payments plans. So if you are worried about costs, check our our price guide below to find out how affordable our plans can be. Moreover, if you own a home in California, it is too expensive to NOT have an estate plan.

For example, the average home in Southern California is worth approximately $421,300. If you die without a living trust, and if the ONLY asset in your estate is your home, it will cost your family $22,000 in probate fees just to transfer the home to your loved ones after you die. Who pays the bill? Your children and family. If they do not have the $22,000 then they will be forced to sell the home.

For many people the family home is the lasting memory and legacy of a passed loved one. They shouldn’t be forced to sell your legacy. There is a better way.

A proper estate plan is not cheap, but it is merely a fraction of the cost of not having an estate plan. For more information about living trusts check out this great article by Regnum Legal: “7 Advantages of a Revocable Living Trust.”

It’s Not What You Take When You Leave This World Behind You, It’s What You Leave Behind You, When You Go – Randy Travis

Additionally, your legacy is more than just your money and tangible possessions, it is your beliefs systems, your values, your social media profiles, and your experience. At Regnum Legacy, we create plans to pass not only your physical estate, but also (most importantly) your values and the essence of who you are to your loved ones.

3. An Estate Plan Is the Surest Way to Protect Your Children

The cost of probate aside, proper estate planning protects your minor and adult children. If you have minor children, should the worst happen, someone will need to be appointed their guardian. If you have not nominated a guardian or have failed to plan for this contingency, then the State gets to choose who raises your children. What’s worse, the State can seize your children and place them into foster care while they verify guardianship plans. Regnum Legacy estate plans make sure that your children are NEVER placed into foster care and ensure that YOU get to decide who raises your children.

If you have adult children, then there are two primary concerns that only proper estate planning can solve. First, a proper estate plan let’s YOU decide how, when and under what circumstances your children inherit your property. If you are concerned about your 18-year-old college student inheriting a large sum of money, or worry that your adult children will not manage their inheritance properly, an estate plan allows you to place contingencies and controls on when and how your children receive their inheritance.

Second, a proper estate plan can protect your children and your estate from creditors and judgments.

 

Our Estate Plan Packages

(For Estates Under $5,000,000)

Gold Package

  • Legacy Strategy Session
  • Revocable Living Trust
  • Pour Over Will
  • Advance Health Directive
  • Financial Power of Attorney
  • Certification of Trust
  • Affidavit of Trust
  • Funding Instructions
  • Assignments of Personal Property
  • Title Check
  • Quitclaim Deed
  • Preliminary Change of Ownership Report
  • Unlimited Consultation and Attorney Time
  • Funeral Instructions
  • Premium Trust Binder

Legacy Package

  • Legacy Strategy Session
  • Revocable Living Trust
  • Pour Over Will
  • Advance Health Directive
  • Financial Power of Attorney
  • Certification of Trust
  • Affidavit of Trust
  • Funding Instructions
  • Assignments of Personal Property
  • Title Check
  • Quitclaim Deed
  • Preliminary Change of Ownership Report
  • Unlimited Consultation and Attorney Time
  • Funeral Instructions
  • Premium Trust Binder
  • Transfer of Personal Residence Into Trust
  • 5-Year Registration of Your Advance Directive Into a National Healthcare Database**
  • Unlimited Trust Amendments (Restatements Excluded) and Attorney Consultation for Two Years

Platinum Package

  • Legacy Strategy Session
  • Revocable Living Trust
  • Pour Over Will
  • Advance Health Directive
  • Financial Power of Attorney
  • Certification of Trust
  • Affidavit of Trust
  • Funding Instructions
  • Assignments of Personal Property
  • Title Check
  • Quitclaim Deed
  • Preliminary Change of Ownership Report
  • Unlimited Consultation and Attorney Time
  • Funeral Instructions
  • Premium Trust Binder
  • Transfer of Personal Residence Into Trust

*Your can choose to pay for your trust upfront, or choose one of our financing options.

**After 5-years you will have the option to renew with the database directly. These national databases are used for emergencies. Typically, if you are in an accident the hospital will not have access to your Advance Directive, so they will not know your medical wishes until a family member can advise them. These national databases are accessed by hospitals so they can have immediate access to your Advance Directive, understand your healthcare wishes, and contact your health care agent/proxy.

Our Service Areas

Anaheim

Azusa

Baldwin Park

Brea

Buena Park

Chino

Chino Hills

Claremont

Corona

Costa Mesa

Diamond Bar

El Monte

Fullerton

Glendale

Glendora

Huntington Beach

Irvine

Jurupa Valley

La Habra

Laguna Hills

Loma Linda

Newport Beach

Norco

Ontario

Orange

Pasadena

Placentia

Pomona

Rancho Cucamonga

Redlands

Riverside

San Bernardino

San Dimas

Santa Ana

Tustin

Upland

West Covina

Yorba Linda

Frequently Asked Estate Planning Questions

Maybe. Generally, the only way to avoid probate is with a living trust. For more information about why you want to avoid probate, check out the article I wrote on Regnum Legal.

So, if you own more than $150,000 in assets, or if you own a home, then you need a living trust to avoid probate, which will cost an average of $22,000.

But, if you own a home and the rest of your estate is under $150,000, then you may still be able to avoid probate without a living trust if you execute a “Transfer of Death Deed.” This allows your home to transfer to your heirs on your death without probate.

Be careful! If you want to protect your children from creditors or judgments, and make their inheritance private, then the only way to do that is with a Living Trust.

At Regnum Legacy you will meet with your own legacy attorney. He or she will guide you through the process. In general, after you retain Regnum Legacy, the process begins with a questionnaire about your estate and planning goals. Your legacy attorney will use your answers to evaluate the types of trusts you can create, and will recommend which trust you should use.

After that, your attorney will start drafting your estate plan. Within one week, your legacy attorney will provide you with a draft of your entire plan, as well as a summary of what everything means.

You will have the ability to make any changes you want, or ask your attorney any question you want.

Once you approve the draft and/or give your legacy attorney any changes or revisions, you estate plan is finalized and your legacy attorney will schedule a time an date to execute the documents.

When the documents are signed a notarized, Regnum Legacy makes a digital copy of your entire estate plan and then sends you your original, signed documents in a premium estate plan binder.

If your plan comes with basic trust funding, then Regnum Legacy will ensure that your transfer deed are recorded properly and the proper transfer documents get logged with the County Recorder.

It depends. Some clients know exactly what they want, and have no trouble picking trustees, and beneficiaries. For others the legacy strategy session may be the first time they have ever confronted the hard questions about what will happen when you die. For these clients, they take more time to make the tough decision. And that’s totally normal. 

Generally, once the questionnaire is complete, your legacy attorney will provide you a draft within a week. Once you approve the draft of the estate plan, it is ready to sign, and (if available) you can execute the estate plan the next day. 

So, the general rule would be, expect the process to take about 7-9 days. 

If you already have a trust, your legacy lawyer will review the trust and go over any changes you want to make. After you retain Regnum Legacy, your legacy lawyer will also verify that the trust is properly funded. 

I depends on the type of amendment. Some amendments are really simple requiring just a page or two. Others are more complex and require a lot more planning.

Additionally, depending on the changes you want to make, you may want to do a restatement and not a standard amendment. This is recommended if you are disinheriting someone who was previously listed as a beneficiary. 

All that said, an amendment will cost between $500 and $1,000. 

An executor and a trustee are similar. They are both fiduciaries who manage your estate. But there is one major difference:

An executor is someone who is managing your estate distributed by a Will. 

A trustee is someone who is managing your estate distributed by a Trust. 

In short, Wills have executors and Trusts have trustees. 

Yes. In fact, all real property you own should be transferred into your trust. Every estate planning package offered by Regnum Legacy comes with the deeds necessary to transfer your real property. 

The Platinum and Legacy Packages also include recording of the deed to your primary residence to change title to the property. 

If you have more than one real property, and you want Regnum Legacy to handle the transfer of title, there is a fee of $250 for each additional property.