Benefits of Estate Planning

Riverside Estate Planning Attorney

No matter how large or small your estate, people usually want control over what happens to their assets when they die, and most people want those things to go to the people or organizations they care about the most. However, the only way to ensure that your wishes are carried out is to leave specific instructions that state who is to get what, and when they are to receive it. Additionally, you will want to accomplish your goals with the least amount of taxes, court costs and legal fees.

Good estate planning goes far beyond naming your beneficiaries, for there are many benefits to estate planning including:

• If you have minor children, it can address guardianship should you become ill, incapacitated or if you die, thereby protecting your children from the foster system.
• Include instructions for the management of your finances should you become incapacitated.
• Allows you to appoint someone to make health care decisions in the event you become incapable of making those decisions.
• A will appoints an executor or personal representative to distribute your personal property according to your wishes.
• Provides for family members with special needs without having to disrupt their government benefits.
• Minimizes tax consequences, court costs and unnecessary litigation.
• Provides for the transfer of your business if you become disabled, retired or if you die.

Everyone Should Have an Estate Plan

Estate plans are not just for the rich and famous, the wealthy, or for retired people; they apply to almost everyone. They are especially important for people who have children, step-children, grandchildren, family-owned businesses, real estate, or a significant amount of assets.

Since no one can successfully predict illness and accidents, which can happen to people of all ages, it's important to begin the process of estate planning sooner than later. While people mistakenly believe estate planning is just for the wealthy, in actual fact good estate planning can be more important for families with modest assets because they can't afford to lose a lot to the probate process or because of the failure to plan ahead of time.

To learn more about utilizing the tools in a good estate plan such as wills, trusts, advanced medical directives and powers of attorney, contact a Riverside estate planning attorney from Dennis M. Sandoval, a PLC for a free one hour consultation!