Sometimes life can get rather complicated. Most California residents, especially those raising families, would agree. In many situations, however, such as where estate planning is concerned, there are several tangible steps that can be taken to keep things organized and well-structured, which often helps alleviate stress. To begin with, it's important to realize that thorough estate planning is a valuable tool for young, single people, as well as newly married couples or older spouses whose children are grown.
There are no set rules regarding how old a person must be before executing a solid estate plan. The idea is to be as prepared as possible for the most unexpected scenario, such as the sudden, untimely death of a primary income earner. The easiest way to develop a plan is to create a list of all your assets.
One might think of such a list as a personal asset inventory. After a thorough list is written, decisions can be made regarding who gets what in the event of the estate owner's death. It often helps to bring in an experienced estate planning attorney to answer questions and clarify any laws that may pertain to a particular plan.
McCoy Fatula, APC helps clients throughout California with all their estate planning needs. Whether the main focus is assets, legal guardians, powers of attorney or advanced medical directives, we are fully prepared to address all aspects of the estate planning process to help our clients draft a solid plan and provide for their loved ones' futures. Those who wish to discuss their plans may request a meeting by accessing the contact form conveniently located on our website.
Source: Chicago Tribune, "5 essential steps of estate planning", Terry Savage, May 8, 2017