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Everyone Needs an Estate Plan

Pasadena estate planning attorneys say a number of people are misinformed as to the purpose of an estate plan. It’s a common misconception that only the very wealthy need to take the time to create a formal estate plan.

According to the Rocket Lawyer, a legal services site, 64% of Americans don’t even have a basic will. However, anyone over the age of eighteen needs to create an estate plan.

It’s not pleasant to think about your own death, but estate planning ensures that your wishes are made clear regarding everything from your end of life medical care to the distribution of your assets. This drastically reduces the burden on your loved ones, who may be too upset to handle making such decisions on their own or may not be able to come to an agreement as to the best course of action.

Without an estate plan, you’re leaving too much power in the hands of the court: Your heirs will face a higher tax burden; the court will decide who assumes guardianship of your minor children; the needs of a second spouse may not be adequately considered; your beloved pet may end up with no one to care for him or her; and you won’t be able to continue supporting the same charitable causes you advocated for throughout your life.

Meeting with an experienced estate planning attorney can help you create an estate plan that is customized to fit your personal situation, but it’s also important to remember that estate plans need to be regularly modified. For example, you must update your estate plan whenever a child is born, you divorce or remarry, or there is a substantial increase or decrease in your overall assets. In most cases, you should review your estate plan at least once every three years.

How Can We Help?

Consulting an experienced estate planning attorney is the best way to ensure that you’ll be prepared no matter what the future holds. If you are in need of legal representation relating to an estate planning issue, please call our office at (626) 683-8113 or email us at info@PasadenaLawOffice.com.

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