WHO CAN BENEFIT FROM ESTATE PLANNING?
May 16, 2017
You may wonder if estate planning is right for you. Is it necessary, even if you don't have millions of dollars and a lot of property to leave to your loved ones? No matter how much you have to give to your beneficiaries and heirs, meeting with an estate planning attorney allows you to map out how you want your worldly possessions to be distributed after you are gone.
NOT JUST "ELDER" LAW
Although estate planning is a large part of what elder law attorneys do, every adult can benefit from having a living will. Regardless of your age or health, in the event that you become incapacitated, you want your wishes carried out, including your medical directives. Many of us get a deep sense of satisfaction from knowing that we are in control of our lives and our finances. And it has brought comfort to many knowing that what happens to them in illness and death is also largely in their control.
Whatever your financial situation, it's likely that you wouldn't gladly give control of your assets to a probate court judge bound by the state's rules of succession rather than personally choose how and to whom your estate is divided after your passing. Even if you have a will, if it's not well-executed, your estate could be held up in probate for a long time, and much of what you left to your beneficiaries could be eroded by taxes and judicial proceedings.
Estate planning can actually be a wonderful experience, knowing that you are leaving behind something of value that can make a difference in your loved ones' lives, simply because you took the time to plan it out. If you live in Redlands, Loma Linda, or anywhere in the San Bernardino or Riverside counties, our law firm can help you create a comprehensive estate plan that mitigates tax implications. We can also provide valuable advice about probate, living wills, trusts and other tools of which you may be unaware.