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 Sandoval Legacy Group, a Division of Holstrom,
Block & Parke APLC for a free one hour consultation!