It might not be the easiest thing for people in California to think about, but estate planning is important for the future of their loved ones. It can help the individual with their own piece of mind for the inevitable. Death is a part of life. For many, illness can come before death. Because of that, having a reasonable set of goals for the future with estate planning is a sound method for asset protection. This is true whether it is a substantial estate or one more modest. Everyone has property that they want to go to the people of their choosing. Knowing how to make certain one’s wishes are adhered to requires planning.
There are numerous factors that come into focus when planning for the future and all need legal guidance. With legal, financial and medical issues all coming to the forefront, having a plan for if there is disability or death can avoid confusion, rancor and legal troubles for the individual and his or her family. Even those who do not have a great deal of assets in a portfolio and do not believe estate planning is a priority need to know the importance of it. For example, if there is more debt than marketable assets, there must be a plan in place for this situation.
Protecting loved ones from hefty costs after the person has passed on is also an important factor that must be considered. Many people who thought they were going to leave a significant nest egg to loved ones fail to account for the various costs of taxes and probate. This is a mistake. Having an attorney who is considerate and sensitive to the individual circumstances and desires as well as being fully conversant with the law is key. Estate planning can involve avoiding probate, having a properly constructed will, and perhaps creating a trust. There might be the need for a power of attorney or a living will.
The vast number of legal issues that can arise after death can be mitigated by proper preparation. Having an organized and well-crafted estate plan is a smart way to maintain control over one’s portfolio, property and how these will be distributed. It can also help if the person becomes incapacitated. Discussing the matter with a qualified lawyer is an imperative and that is the first call that should be made.