Estate planning is the legal name given to the process of determining what is going to happen to your property, money, and other personal possessions in the event that you die or become mentally debilitated, and taking the required legal measures that will make sure that your decisions will be honored and executed in a manner that you deem appropriate. Estate planning goes hand-in-hand with putting together a will or a trust.
Creating a formal estate plan is an essential component of practical financial planning for people who you wish to gift possessions, property, or money to their family and loved ones. A licensed last will and testament attorney will be able to assist you in building an estate plan that offers the desired outcome for your specific situation. A few of the fundamental steps that are vital to productive estate planning are:
Keep a Record of What You Owe and What You Own
There are numerous portions of the estate planning process where it will benefit you to compile a comprehensive list of your debts and your assets. This document should include bank account information, account passwords both in person and online, and the names and phone numbers for any stockbrokers or investment advisors with whom you hold accounts.
Once your records are complete, neatly file them in a safe but accessible spot, as well as any original copies of pertinent records or other vital paperwork. Finally, you can put together a summary or index of exactly what information and documentation are contained in your file. Make certain that the executor of your will has a copy of this summary as does your will and probate attorney.
Design an Emergency Plan
Having a formal estate plan in place will allow you to dictate what is going to happen to your property, possessions, and money if you should die unexpectedly. Your estate planning documents will also make your wishes known to your family and friends in the event that you become severely impaired. This will allow your family to be able to conduct any necessary business on your behalf and feel secure in the knowledge that they are doing what you wanted.
A good contingency plan should also include a strategy for providing an income in case you are badly injured, as well as a strategy for funding potential caregiving expenses that might become needed. The primary purpose of your estate plan is to provide for and to protect yourself, your family and your loved ones by anticipating what everyone may eventually need.
California Will and Probate Lawyer
If you feel a bit lacking in your knowledge of estate planning and what it entails, or how it will be helpful to you when you are putting together your last will and testament then it is strongly recommended that you get in touch with an experienced will and probate lawyer in California. If you are interested in meeting with a will and probate attorney for a free, no-obligation consultation concerning your last will and testament, then please reach out to the team here at Levia Law Firm by calling (818) 703-1777 today.