Why Create an Estate Plan?
Proper estate planning is just the right thing to do.
Estate planning is a method for ensuring that assets are directed to the right people upon death. Estate planning is not only for managing assets after death. It also works to manage assets while a person is alive.
The careful structuring of asset conservation during life can be accomplished through an estate plan that is designed to place assets in a growth position, but to also ensure that during life assets can be protected from family problems and the natural consequences of aging.
Of course, one main reason for an estate plan is to legally avoid inheritance taxes. The proper placement of assets into management programs that can continue to monitor changing laws on estate taxation is imperative in the economy we face today. An estate plan properly made could shield assets from lawsuits.
One good feature of estate planning is its function as a tool to ensure that the assets go to the people or organizations that are intended to receive them. A good estate plan can avoid the probate court and all the fees and delays associated with that process. The ability to direct the disposition of assets prior to death or even incapacitation is a good feature.
An estate plan will also protect minor children and provide for their welfare as they grow. A surviving spouse can also be protected from predators who know how to prey on grieving widows. An estate plan protects your loved ones long after you have left this world.
The best way to develop an estate plan is to begin a general discussion with estate planning lawyers in the Santa Cruz California area and include them in an outline of your thoughts about what should be included.
Many experts believe it’s best to let the family know what the estate plan does and when and who is in charge of administering the plan. This prevents problems after the death. It is often a good idea to involve the family in the estate planning process. This does not mean they get veto power, but rather they may have a good idea to offer.
An estate plan should include a durable power of attorney, end of life directives, and a discussion with the banks that the family works with. Further guidance can be provided by estate planning lawyers in Santa Cruz California.