The Essential Guide for Estate Planning

Often, people will put off creating an estate plan. It never seems like something that needs to be taken care of immediately.

"I'll do it soon."

"I'll take care of that when I'm not so busy."

"It'll be fine."

The excuses are endless, but when the time comes, and you do need an estate plan, it can be too late. That's why it's always better to plan ahead of time. Without a proper estate plan in place, your final wishes might not be upheld. However, with the help of a Pasadena estate planning attorney, you can guarantee that your estate is handled precisely how you want.

The Importance of Estate Planning

Estate planning allows you to make plans for your future. The purpose of an estate plan is to establish guidelines for your loved ones about how you want your finances, medical care, and other matters to be handled when you pass. An estate plan can include:

● Will - A will designates how you want your property to be dispersed after your death.

● Living Trust - In a living trust, you choose a trustee and a trust administrator, typically the same person, who will handle the property you've listed in your trust. They will administer and distribute your property. A trust allows you to bypass the probate process.

● Statutory Power of Attorney - This is who you designate to act on your behalf when you are unable to do so. They can make financial transactions and distribute your property.

Medical Power of Attorney - This allows someone to make healthcare decisions for you if you cannot make them for yourself. Additionally, this person can make plans for after your death, if you did not include that information in your will.

Additionally, it takes the burden off your loved ones to make decisions about your estate when you are no longer here. Without an estate plan, your family may have to make difficult choices on how to separate your assets, which can result in anger and pain.

Failure to Plan Can be Risky

When you don't make decisions regarding your estate ahead of time, you risk having a judge make these decisions through probate, which is the process of handling a decedent's estate when they pass away. Not only are there several fees from the probate process, but it can also be very complex and time-consuming.

Because of this, your family members may end up fighting each other in serious legal disputes over who should receive what property. They may also disagree on other challenging decisions such as how to deal with end-of-life care. These types of disputes can end up being litigated where fee and expenses can add up quickly.

This process can be emotionally draining and painful in some extreme situations, and many family relationships can end up ruined in the aftermath. Your family shouldn't have to take on that kind of burden. Therefore, it's best to avoid this ahead of time and ensure you have a proper estate plan in place.

How to Create an Estate Plan in Pasadena

Don't put off creating your estate plan. The future is never guaranteed, and it is always better to be prepared in the event of an emergency. An estate plan allows you to ensure your final wishes are taken care of. If you would like to create an estate plan, a Pasadena estate planning lawyer can make sure that all of your requests are covered. At the Law Offices of Donald P. Schweitzer, will discuss your goals to develop the best estate plan for your needs.

Call our estate planning lawyer in Pasadena at 626-683-8113 for help in drafting your estate plan.

 

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