Real Estate Law

The “WHY” in Estate Planning

 

When someone talks about Estate Planning, we sometimes close our minds to it. Thinking that there are more important things to think of besides that topic. But have you ever realized how important an Estate Plan is? No one can predict the future. We don’t ask for it, but what if something happens and you were not able to protect your assets when you still can? It’s not too late to do set it up.

Estate plans are tasks that secure your assets as well as the inheritance of your heirs.This is to make sure that you and your family are getting the best legal care in handling your estate planning. You can find a lot of attorneys to help you, but the best and the well experienced are the estate planning attorney near walnut creek. So if you are from California, no need to look further.

“Why” Do We Need an Estate Plan?

Estate Planning

You might think that an Estate Plan is just the last will and testament. It’s more than that. Before you get excited and have a chat with estate planning attorneys from walnut creek, let us first understand “why” everyone should have an Estate Plan. Here are the most important reasons to consider.

  • Peace of Mind. When you have a well thought of estate plan to deal with your assets, you are assured that your loved ones are secure after your death. This is by far one of the most important things that you have to accomplish. You will feel secure with a sense of accomplishment when you have protected your assets by setting up an estate plan.

 

  • Who will be the Beneficiaries? You are going to be the one to decide who receives your assets in case of your death. The state usually has a statute or a Will for you. To override this, you can execute your own will, you can create revocable trusts and transfer these assets to your trust, you can also have joint assets, and you can also appoint beneficiaries of your assets upon your death.

 

  • Avoid Probate. Probates are time and money consuming. If you have an estate plan, your beneficiaries can avoid the long process.

 

  • Nominate A Guardian for your Minor Children. If you are a single parent, or a widow, upon your death no one will be able to care for your children. If you don’t have an estate plan, a guardian will be appointed by the Probate court.

 

  • You can Appoint your Personal Representative. If you are incapacitated or if you pass away, you need a personal representative to liquidate your assets and distribute them to your beneficiaries. They will also be responsible to pay your debts and expenses.

 

  • Have a Power of Attorney for Financial Decisions. If you become incapacitated because of a physical accident or mental illness, you can give legal authority to a person you trust to make financial decisions for you and execute documents on your behalf.

 

The listed pointers above are just a few of the reasons why you need an Estate Plan. No one else can care for you if you’re incapacitated, or your family in case of your death. You have to make sure that while you still can, protect their future. No one else can, only YOU can do it for them.

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Barry

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