Benefits of an Estate Plan: Simplicity & Efficiency
Estate Planning Lawyer in Thousand Oaks
An estate plan controls what happens to your assets while you are alive, as well as after you pass away. An estate plan does not consist of one document, but several individual documents that create an overall fully-functioning estate plan. Investment planning is an important feature of the estate planning process. When creating an investment plan, you must consider all present and future expenses, such as funding children's educations, paying for health care, and assisted living to care for elderly parents or for when you get older.
This type of financial preparation often prompts tax planning. You may wish to consider how to reduce or eliminate estate and gift taxes and understand what taxes may need to be paid after you pass. An estate plan also includes asset protection planning, which is beneficial if you are ever sued during your lifetime. When you create an estate plan, you want to protect your family in every possible way, and ensure that your wishes are carried out after you die. A Thousand Oaks estate planning attorney from our firm has the ability to assist clients in creating new estate plans, as well as amending previously constructed plans.
Everyone Benefits from an Estate Plan
People may think that estate plans only benefit the wealthy, but this is far from the truth. Estate planning benefits anyone who has assets, property, or loved ones. Failure to create or update an estate plan can cause a myriad of problems for your loved ones. Dying without a will means that the California probate court will divide your assets and properties according to state law.
If an estate plan is properly created, it can ensure that the individuals you choose to inherit your estate will actually receive it. Depending on the types of trusts you include in your estate plan, you may also leave assets to your favorite charities or religious organization.
Do not delay in creating your estate plan!
Too many people die without an estate plan. It does not matter if you are single or have a family; the benefits of estate planning are still profound. Estate plans can save you, and everyone you love, time, money, and stress. Dying without an estate plan means that your estate and family will be at the mercy of the probate court.
In order to avoid this potentially disastrous situation, please contact an attorney from our firm today.