5 Reasons Why Everybody Needs An Estate Plan
We said it before and we’ll say it again: Every adult should have an estate plan in place. Estate planning isn’t only for the wealthy — at Pedder, Hesseltine, Walker & Toth, LLP, we guide everyday Californians through the estate planning process. Unlike other areas of the law, estate planning is proactive, and is a necessary step to protecting you and your family from future legal troubles.
Why do you need an estate plan? Don’t just take our word for it. Below are just five reasons why you should get started with an experienced estate planning lawyer.
1. Keep your hard-earned assets in the family
Whether you simply own a house and car, or you have a broad array of business and retirement assets, it is always important to protect your assets and distribute them appropriately after you pass. Keep important assets in the family, and ensure everyone receives a piece of the legacy you’ve taken so long to build. When you die without an estate, California laws dictate who gets what assets — and this process can cause turmoil within your family.
2. Reduce family conflicts when you pass away
The more comprehensive and detailed your estate plan, the smaller the chance for family conflicts after you pass. When you pass without an estate plan, or with an incomplete estate plan, it can tear a family apart. Even if you just have a spouse and child, you want to have a clear plan for your estate to avoid costly conflicts in the future.
3. Protect members of your family
In addition to preventing disputes, many estate planning tools directly benefit members of your family who may need it most. Do you have a young child or a loved one with special needs? You will want to be sure you provide for them in the event that something happens to you.
4. Ensure your end-of-life decisions go as planned
Estate planning is more than after-death planning. Tools such as powers of attorney and living wills allow you to plan for your own end-of-life experience. Should you become incapacitated and unable to make your own medical or financial decisions, you want to have someone you trust by your side to make these decisions on your behalf.
5. Save on estate taxes and probate costs for your family
Proper planning can help you pass important assets to family members without passing estate taxes along with them. In some cases, you can also avoid the probate process entirely, saving your family even more costs when administering your estate.
Learn More During A Consultation
Our attorneys are passionate about planning for our clients’ futures. With extensive experience in both probate and estate litigation, we have unique insight into the problems that may develop in the future, and can help you take key steps to avoiding those problems when planning your estate.