When people sit down to examine their financial situation, estate planning is very often one of the last things that they think about. Many people will, at some point in their lives, eventually wind up creating an estate plan for themselves, most other people will, tragically, pass away before they ever even begin making their estate plan. Your estate plan is the set of legally binding documents that protect your family from being neglected after you pass on.
Estate planning is also a very necessary part of leaving your legacy and should be a priority item in terms of things that need to be taken care of sooner rather than later. Once you start building your estate plan in California, you need to be cognizant of frequently made mistakes that can potentially cost your loved ones a great deal in the long term scheme of things.
Thinking That Estate Plans are Only for the Elderly
It’s very few people’s idea of a good time to sit and ponder the circumstances of their own demise, especially an untimely one. The harsh reality is, however, that mysterious illnesses and tragic accidents can befall any person of any age group. No one is immune. This is why it is crucial that adults of any age have a final estate plan in place should the worst happen. This is one of those times where it is definitely better to have it and not need it than it is to need it and not have it. Without an estate plan in place, your assets will be allocated in accordance with the state of California’s intestacy laws. This means that people who are not immediate family by blood could be completely left out altogether. This includes people such as your unmarried partner, your stepchildren, and many other valued loved ones and family members might possibly be omitted from the distribution of your inheritance unless you actively take the necessary steps that are required to protect your family from this sort of disaster as soon as you can.
Thinking That Because You are not Rich You Do Not Need an Estate Plan
There is a common misconception that planning your estate is something that only wealthy people really need to do. The fact of the matter is, however, that absolutely anyone is able to benefit from the creation of a personal estate plan. Creating an estate plan requires so much more than simply protecting your valuable assets from additional taxes. When you make your estate plan, you are able to decree who will be able to make decisions on your behalf should you become mentally disabled, who will provide and care for your young children if you die unexpectedly, along with many more choices. Anyone who is over the age of 18 should have an estate plan in place, no matter what their total net worth is or what they think it will be when they finally do pass away.
If you find that you are still confused or have any worries that you are not handling your estate planning correctly, it is strongly advised that you contact an experienced and knowledgeable will and probate lawyer in California. If you would like to meet with a will and probate attorney for a free consultation regarding your case, please reach out to the team here at Levia Law Firm by calling (818) 703-1777 today.