Your estate consists of everything that you own; your house, your vehicles, your bank accounts, your investments, business interests, insurance policies, and personal belongings. It is important that, while you are still able to, you plan for the day when you will no longer be here.
What is an estate plan?
An estate plan is a set of instructions that specify who will get your assets when they will get them and how. The basis of a meaningful estate plan is your will, along with a power of attorney, a directive of how your affairs will be dealt with if you are no longer capable of doing such, and perhaps a trust. To achieve the peace of mind that these details have been attended to, you will need the help of a knowledgeable estate planning attorney in Fountain Valley.
Why is having an estate plan important?
The objective of an estate plan is to ensure that as much money and other assets as possible are passed on to your beneficiaries. Without a viable estate plan, you run the risk of having a significant portion of your estate going to the government. A well thought out and executed estate plan will minimize taxes and probate fees.
Your assets will be distributed in accordance with your desires. Your estate plan can take into account the possibility of your becoming incapacitated in the future, the plan can specify what your health care preferences are, and funds can be set-aside to cover your funeral expenses. You can ensure that your business continues to function and you can specify one or more parties that you wish to care for any minor children you may have.
There is a great deal to think about when planning your estate, with the complexities involved, you are far better off to hire a qualified estate planning attorney in Fountain Valley to ensure your wishes are carried out.
A knowledgeable estate planning attorney in Fountain Valley can help you prepare documentation that minimizes tax and probate costs upon your death. To begin planning for your family’s future, contact The Law Offices of Norman J. Homen.
