Estate planning is about what you want to achieve for your family. That is where the benefits of working with an attorney come in, versus doing it yourself. It is thinking about the things you might not realize could happen. It is more than just a will; you want to have your healthcare directives taken care of and have powers of attorney in place.
The Goal Of Estate Planning
The goal of estate planning should be to help keep your family out of conflict and out of court. It should be making your family's life easier, now that you're no longer there. The worst thing is to lose a family member and spend the next 18 months in probate court, in a public setting, and relive all of this before you can move on.
Key Life Events That Are Considered During Estate Planning
One of the biggest events is when people come in and out of your life. When you're doing your estate planning, you're going to be naming the people who are going to run your finances for you, after you're gone. You’ll also be naming the people who are going to be receiving your assets. You want to make sure that the people you named continue to be the ones you would choose for these positions. If you get divorced, you want to make sure that your ex is not still making your medical and financial decisions just because you didn't take them off of your estate plan.
Best Ways To Protect My Legacy For My Children Or Other Heirs
The key is having a well-thought and written succession plan. You need to figure out if you're a business owner and something happens to you, who is going to come in and keep that business going. Another thing you need to think about is how that is going to be funded. These matters can be handled by different types of buy-sell agreements or life insurance policies so that the business can continue and your beneficiaries still receive the benefits.
How Often Do We Need To Review Or Update Our Estate Planning Documents?
Any time something in your life changes, you should update your documents. Any time the applicable laws change, you should update your documents. We bring everyone back in at least every three years. Some people need more than that but we try to catch changes and update the plans before something happens.
For more information on the Estate Planning Process In California, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (951) 332-7079 today.