Estate planning is the process of considering and setting up a legal arrangement that may be followed in handling and distributing your estate upon your death as you have directed. Many people think that estate planning is most beneficial for the elderly or the wealthy. However, estate planning is beneficial for everyone, regardless of age, marital status or net worth.
Although an experienced estate planning lawyer can provide you with the specific reasons as to why estate planning may be right for you, below are the top 4 reasons why estate planning is for everyone.
Loss of Mental Capacity – If you become mentally incapable of making decisions as to how your estate should be handled or distributed, a properly devised living trust and durable powers of attorney for financial matters will carry out your wishes and directives.
Guardianship of Minor Children – Without a plan, the decision of who is best suited to raise your minor children will be made by the court upon your death or in the event that you become incapacitated. However, with a plan, you are able to designate the guardians who you decide are best fit to raise your children.
Avoiding Probate – If you do not have a plan, your estate may be subject to probate upon your death. Although you will not have to deal with the slow process of probate, your loved ones will. So, in order to avoid it and ensure that your estate will be distributed as smoothly as possible upon your death and according to your wishes and desires, you should seek the advice of an estate planning attorney while you are still alive.
Comfort – If you have devised a good estate plan, you will be comfortable and confident knowing that you have protected your loved ones and the distribution of your assets upon your death. A good estate plan will avoid the confusion and chaos of an unplanned distribution of your assets upon your death.
The bottom line is that planning ahead, while you are still capable of doing so, can reduce the uncertainty and confusion that may occur over the distribution of your estate and guardianship of your children upon your death.
Call An Experienced Estate Planning Lawyer Today!
For more information about estate planning or to schedule a complimentary consultation with an estate planning lawyer, please call Lifetime Legal at (805) 419-5290.
About The Author
Lifetime Legal is a California based estate planning attorney representing clients in a diverse range of matters pertaining to estate planning law, business law, Probate, wills and trusts and real estate law.