What Are the Top 3 Reasons for California Residents to Use Estate Planning?
If you’ve worked a lifetime to save, buy a house, and care for your family, now is the time to begin protecting those assets with an expertly drafted estate plan. Here are three reasons to create one:
1. Estate Planning is Used to Protect Your Family & Property
If a person passes away without an estate plan, they will not get to decide where (or to whom) their property goes. The courts will end up making those decisions. Estate plans are important no matter how much money a person has and are NOT reserved for the wealthy few. For those people with young children, an estate plan will ensure they are taken care of by the family or friends YOU choose. You can decide on guardians and set up financial accounts and managers to look after their inheritance.
2. Estate Planning Allows You to Control Your Health & Financial Decisions
A large part of estate planning is preparing for an emergency and drafting documents to control your financial and health care decisions in case you are incapacitated. If a person were to slip into a coma after an accident, family members cannot make healthcare decisions without the proper documents in place and long court battles can ensue. The key to deciding how you would like those matters to be handled is by drafting a healthcare and financial power of attorney document and choose who will make those decisions for you.
3. Estate Planning Saves Money for Your Estate
Creating a full-blown estate plan with a trust, power of attorney, pour-over will, and a few other documents will save your estate money in the long run. Your family will avoid probate (which can be costly and time-consuming) while also saving on taxes and other legal fees.
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