There is no way of telling what will happen in the future, it is best to go through life being prepared. If you would like to be proactive and take steps that can help protect you and your loved ones down the road, it is in your best interests to consult an estate planning attorney as soon as possible.
What is Estate Planning?
Estate planning is the process of getting your affairs in order to ensure the protection of your legacy. Estate Planning includes wealth preservation, incapacity planning, children/beneficiary protection as well as tax, medical and business planning.
Who needs Estate Planning?
Everyone – regardless of the size of their estate needs an estate plan. Start your estate planning if you want to determine who receives your assets should you become unable to do so. Estate planning is especially important if you have children and grandchildren. If you fail to plan ahead, you risk the state handling your assets.
What is involved in estate planning?
To start, ask yourself the following questions:
- What are your assets (property) and what are their approximate values?
- Who should receive said assets and when do they receive them?
- Who should manage those assets if you cannot
- Who should be responsible for taking care of your children should you become unable to do so yourself?
- Who should make decisions on your behalf concerning your care and welfare should you become unable to do so on your own?
You may find that these questions hard to answer, but it is crucial that you begin the process of estate planning sooner rather than later. SoCal-Attorneys, APC will help guide you through planning your estate.