Estate Planning Lawyer Folsom CA
Our Folsom, CA estate planning lawyer knows that planning your estate is not always simple. Have you made excuses for not developing an estate plan on numerous occasions? While most people are aware of the need for an estate plan, it can be easy to make excuses for putting off the process of contacting an attorney. However, it is important to schedule a consultation with an experienced Folsom, California estate planning lawyer as soon as you possibly can if you do not have an estate plan in place or your existing plan is in dire need of an update. In order to ensure that your wishes are enforceable and respected, don’t let one of these common excuses get in the way of developing an enforceable plan for the future:
Reason #1 Paying a Professional
One common reason people delay their estate plans involves the cost associated with legal guidance. However, it is important to remember that the cost of creating your estate plan is far less than what your loved ones stand to lose should you not create an estate plan to guide them. Not only may they face expensive legal fees during the probate process, but you also stand to create conflict within your family, which could result in a delay in the resolution of your estate. An experienced Folsom, CA estate planning lawyer can help guide you through the process of creating a plan in ways that are effective and won’t break the bank.
Reason #2 You Aren’t Wealthy
Many people do not believe that the estate planning process is relevant to them if they do not possess a certain amount of wealth. It’s a common misconception that estate plans are reserved for the wealthy. However, estate planning is truly a process that is relevant for all adults. In addition to making decisions regarding your assets, you will also need to make decisions related to guardianship of minor children, medical preferences for end-of-life care, burial preferences, etc.
Reason #3 You’re Not Sure Where to Begin
When it comes to creating an estate plan, most people don’t know the best way to initiate the process. The idea of making so many important decisions can be downright overwhelming. Although developing an estate plan is a lot to consider, it doesn’t have to feel this way. With the help of a Folsom, CA estate planning lawyer, the process can be clear, efficient, and well managed.
Reason #4 Death is a Long Ways Off
No one wants to consider the prospect of their own demise. Although you may be in good health, the unexpected can occur. An estate plan can make sure that your final wishes are outlined should your family be confronted with a tragic loss.
The Risk of Not Having an Estate Plan
The lack of an estate plan can pose a variety of risks. Should you delay in taking action, you risk dying intestate. Should this occur, important decisions will be turned over to a probate court and a judge will make decisions on your behalf.
Contacting a Folsom, CA estate planning lawyer to create your estate plan can provide your family with a clear road map for how you would like your final wishes carried out. A lawyer will help to draft a will, set up a trust, designate a power of attorney, create a plan for your children and/or protect your rights in a number of other ways. Please consider contacting the Yee Law Group, PC today in order to begin the estate planning process.
Options For Your Estate Planning Needs
Our estate planning lawyer Folsom, California relies on knows that estate planning is not always simple. You may believe that it will be easy to think of your property and know exactly how you want it distributed. However, it is often more complicated than that and you may need to choose a few different estate planning tools. Below, we have outlined the different options you have and would like to help you choose which ones are best for your needs. If you have any questions about estate planning or would like to speak with our Folsom estate planning lawyer if you are already in the process of creating a will or a trust, please give us a call. It is not too late to get legal help when planning an estate.
Step 1. Choosing a will or a trust. Our Folsom, CA estate planning lawyer knows that one of the first steps to make when estate planning is to consider whether you want to create a trust or a will. Especially if you have young children, it may be in your best interest to create a will since you can name a guardian for your children. However, if you create a trust, your loved ones will not need to go through probate court.
Step 2. Making a financial power of attorney. In the event that you are unable to handle your own finances, our estate planning attorney in Folsom, CA knows you can place someone you trust in the position of handling your finances on your behalf.
Step 3. Making health care directives. If the time comes that you are unable to make your own healthcare decisions, similar to a financial power of attorney, you should name someone you trust as in charge of your health care decisions.
Step 4. Consider funeral expenses. When you pass away, it can be a burden for your loved ones to worry about planning your funeral and paying the costs. Instead, it is possible to create a “payable-on-death” account where you can open an account at the bank that will take that money and pay for the funeral.
Step 5. End-of-life wishes. Our Folsom, California estate planning attorney knows that it may seem morbid, but stating what you want clearly can not only ensure you get your wishes respected but that your family is not left guessing what you want. You may wish to have your body cremated and your ashes spread or you may wish to have a burial ceremony.
To see how our estate planning attorney in Folsom, California can help you, please contact our office.
Talking with Your Spouse About Estate Planning
Estate planning can be a sensitive subject to talk about. Perhaps you are strongly considering it, but have concerns about bringing the issue up with your spouse. After all, discussing your future and eventual death might be uncomfortable to think about. Realistically, an estate plan can safeguard your wealth and assets. Without one in place, a number of challenges can arise.
Why Discussions About Estate Planning May Go Ignored
There are many reasons why a person chooses to ignore estate planning. This is true even when, or if, they know it is important. Apart from the emotions involved, one of the most common reasons to avoid it is because there are concerns about a dispute occurring. No one wants to engage in conflict; especially with loved ones. By ignoring the matter in the first place, there can be no conflict!
Another reason why someone might opt to avoid talking about their estate is due to the face that they don’t know how to distribute their assets. Ideally, an estate will be divided equally; however, this might not be suited to your particular wishes. On the other hand, you might not know how to tell your children or spouse what your wishes are. This is a common issue our Folsom, CA estate planning lawyers deal with.
Finally, for some people, they are concerned that by telling their loved ones about their assets, they will elect not to pursue any career or financial goals of their own. Their ambitions are essentially reduced because they are relying on their future inheritance.
Talking to Loved Ones About Your Estate
As a leading estate planning lawyer in Folsom, CA, we often recommend starting off by talking about a will. Although it can bring out some undesirable emotions, it is generally easier to discuss as a will benefits everyone. If you find you are on the same page, you might then bring up the details of the will, what you plan on leaving behind, and to whom. Be open to ideas and thoughts voiced by your loved ones. If assets are not distributed evenly, or in a way your loved ones are expecting, you should explain your reasons.
Topics to Discuss with Your Loved Ones
The following are some points of interest you should think about discussing with loved ones. If you are uncomfortable doing so, you can schedule an open meeting between you, your loved ones, and your estate planning lawyer in Folsom, CA.
- Your choice of executor
- Your choice of a named trustee
- The tasks of an executor or trustee
- Named beneficiaries and backup beneficiaries
- Who will serve as a witness during probate
- Whether you have a power of attorney or health care directive
- Where your estate plan is located
- Whether legal fees are to be covered in your estate plan
- Whether any assets are to be gifted prior to your death
Talking with your loved ones about your estate is very important. If this is something that is too difficult to do on your own, consider speaking with an estate planning lawyer in Folsom, California. A lawyer from our firm can translate your wishes and walk each of you through the process in an open, communicative, and trustworthy manner.