Estate Planning Attorney in Newport Beach, CA
A Newport Beach estate plan often has more to account for than most: a home near the water, perhaps a boat in the harbor, investment accounts, a family business, and children or grandchildren who have settled in other parts of the country. The Soto Law Group prepares plans for residents from Newport Heights to Newport Coast that cover each of those pieces, so your property passes the way you intend and the people you choose are ready to step in.
If you leave no plan, California’s intestacy rules settle who inherits, and a judge of the Orange County Superior Court chooses a guardian for any minor children. A trust, a will and a few supporting documents keep those decisions with you.
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Keeping a Coastal Home Out of Probate
If you own a home here, it is probably your largest asset, whether it sits on the bay at Lido Isle, on Balboa Island or on a Corona del Mar hillside. Real estate that passes under a will, or without any plan, generally has to go through probate, and California’s statutory probate fees are measured against the full gross value, so a large mortgage does not lower them. A revocable living trust lets your successor trustee sell, rent or transfer the home privately. The detail that is easiest to miss is the deed: a trust controls only property that has actually been transferred into it, so we confirm that each property is titled to the trust when your plan is signed. For a married couple holding the home as community property, the whole tax basis can be stepped up at the first spouse’s death, a real benefit when a house bought long ago has risen in value.
Boats and Other Property on the Water
Because a boat is registered separately from your house, it does not become trust property just because the home does. If you keep a boat in Newport Harbor, your plan should say how it is titled, who will be responsible for it and whether it should be sold or kept in the family. Listing the vessel by name, and giving your trustee authority to insure, maintain or sell it, keeps it from sitting at the dock while the rest of the estate is settled.
When Your Heirs and Trustee Live Far Away
If your children have moved to other states, that affects who should serve as trustee, how a house in Newport Beach will be managed from a distance, and whether a co-trustee or professional fiduciary closer to home makes sense. We talk through those practical questions and write the answers into your trust: how long the home can be held, who may stay in it, and how costs are shared before it is sold or divided.
Incapacity, Second Marriages and Business Interests
A complete plan also covers the chance that you can’t act for yourself, with a financial power of attorney, a health care directive and a HIPAA release naming who may speak with your doctors. If you are in a second marriage, your trust can provide for your spouse while protecting what you want your children to receive; our page on blended families explains the issues. Business owners can add business succession planning, clients concerned about future creditors can ask about asset protection, and parents can name guardians through a child protection plan.
Frequently Asked Questions About Estate Planning in Newport Beach
Can my trust hold a home I own in another state?
Yes. A revocable trust can hold real estate outside California. Deeding that property to the trust can help your family avoid an ancillary probate in the state where it is located.
What should I do with my plan when I buy or sell a home?
Each time you buy, title the new property in the name of your trust. A trust doesn’t automatically pick up a replacement home, and a house left in your own name may need probate even though you have a trust.
Can I leave a beach house to some of my children and not others?
Yes. You can divide your property however you choose, and your trust can include an equalizing gift or a buyout option so that the children who don’t receive the house are treated fairly.
Why Work With The Soto Law Group
Our office is here in Newport Beach, and attorney Romelia “DeDe” Soto, who has more than 20 years of legal experience, works directly with planning clients. Because we also settle trusts and estates after a death, we write each plan with the future trustee’s job in mind.
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Call (949) 945-0059 or contact us online to set up an estate planning consultation in Newport Beach.