Planning for the future is important for every individual, regardless of income level or the value of his or her California estate. If you do not have an estate plan in place, it is important to take the essential steps to protect your interests and shield your loved ones from unnecessary legal battles. A strong estate plan considers your unique needs and specific objectives.
Without a will or and other documents, your loved ones may not know your wishes for medical care and treatment if you are ever incapacitated. Heirs may dispute over the distribution of your estate, and family may have to navigate a lengthy and stressful probate process. You can prevent these complications and provide peace of mind by having a thoughtful, up-to-date estate plan in place.
The elements of a strong estate plan
Estate planning is not reserved only for the wealthy. It is also a smart choice for any people who wish to maintain control over what happens to their assets after their death and the type of care they wish to receive in case they are ever mentally or physically incapacitated. When drafting your estate plan, you may benefit from the following:
- Will or trusts
- Durable power of attorney
- Living will
- Transfer plans for a small business
If you have a will, but it is outdated, it will be of little use to your family in the event that you suddenly pass or become unable to make decisions for yourself. You should update your estate plans after major life events, such as divorce, remarriage, birth of children, purchase or sale of a business or receipt of a large amount of money.
Protect your loved ones and your assets
You have worked hard for your assets and savings, and you deserve to have a say in what happens to these things in the future. It is important not to leave to chance what happens to your estate by making sure you have practical, beneficial and up-to-date plans in place.
Your estate plan should reflect your needs and your wishes for the future, but you should not make these important decisions without the guidance of an experienced and knowledgeable legal ally. The efforts you make today can provide peace of mind for your and your loved ones for years to come.