You do not have to be retired to think about your estate plan. You also do not have to be wealthy — getting your estate plans together early protects you, your assets and your loved ones.
In the event of an unforeseen accident or illness, you know that everything is already planned for, especially if your injuries or illness could eventually incapacitate you.
What estate planning does
Simply put, estate planning is making decisions for the future. It also allows you to navigate those transitions you might be facing if you or your spouse are ill.
Estate planning covers several processes. These include:
- The creation of a will and trust
- Advance health care directives and powers of attorney
- Modifications of existing documents
- Probate issues in California
Your goals should be to ensure that your belongings go to those whom you want to receive them; you want to prevent the probate court from distributing your belongings.
Good estate planning can also protect your property and estate from probate. If you don’t have a will, the probate court will decide how to divide your assets according to state law. If you do have a will, probate will authenticate the document and make sure that your wishes are lawful. However, effective estate planning can make it possible to avoid probate entirely.
If you haven’t started your estate plans, it’s time
An effective estate plan helps secure your future — and it can ease your mind and comfort your family in the event of an emergency. Start thinking about your assets, your heirs and your wishes for end-of-life care. Then, get some experienced guidance to help you meet your estate planning goals.