As icky as it can be to think about your own death, estate planning attorneys will tell you that it’s imperative to protect your family and your assets. The Street’s recent article, “Estate Planning Needs to Be on Your Retirement To-Do List,” reminds us that for the most part, everyone needs a will. In California, if your asset exceed $150,000, a trust will help you avoid probate and provide privacy.
Everyone needs to do a review of investments and be certain the beneficiaries on life insurance, IRAs and 401(k) are updated, in addition to transfer on death (TOD) accounts, powers of attorney, and a health care proxy.
Many haven't done estate planning because they’re too busy. Plus, talking about death is not a lot of fun for most of us.
Many folks start to consider their estate planning after experiencing the probate process for themselves with a loved one who has passed away. A parent’s death and going through the process of probating an estate may be a real struggle if there’s no estate plan in place. They don't want to leave the same mess for their children.
Remember, documents also need to be updated. This includes health care proxies, powers of attorney and beneficiary designations.
Estate planning is the smartest way to take care of your family and loved ones. Some will need trusts to help accommodate their children and to ensure they get through college.
Different types of estate planning are needed in different stages of life, as well as different stages of wealth building. More advanced planning should come in the later stages of life when wealth has accumulated.
People generally don't think about estate planning before they get into their 50s and 60s. It’s just how folks think. Younger people are concentrating on making money and their careers. Our office provides foundational estate plans for young adults who have no assets. The foundational plans consist of a Health Care Directive, Power of Attorney, and HIPAA Release so the proper people are in place to make financial and health care decisions.
Planning sooner is always better. And the earlier, the better. Work with an experienced estate planning attorney.
One of the main goals of our law practice is to help families like yours plan for the safe, successful transfer of wealth to the next generation. Call our office today to schedule a time for us to sit down and talk about your estate plan, where we can identify the best strategies for you and your family to ensure your legacy of love and financial security. Our office is located in Santa Ana, CA but we serve all of California including Irvine, Orange, Tustin, Newport Beach, and Anaheim.
Reference: The Street (Sept. 24, 2016) “Estate Planning Needs to Be on Your Retirement To-Do List”