National statistics show that almost 50 percent of all Americans do not have a will or estate plan. Should they pass away before they have managed to create one, their loved ones could face numerous challenges.
How is your estate plan? Will your family be provided for or will they be left stressed trying to address all the financial issues while they are grieving your passing? Make estate planning one of your New Year’s resolutions. The following tips can help. For more detailed information and to address your particular circumstances, contact a Sacramento, CA estate planning lawyer from Yee Law Group.
Why Do I Need an Estate Plan?
There are all kinds of reasons people have for putting off estate planning. Some are young and think they don’t need to have an estate plan at this point in their life. Another reason people have is they don’t think they have enough assets to need one. And there are also people who just don’t want to even think about the day they will no longer be here to provide for their loved ones.
The truth is that every adult should have an estate plan, no matter what their age or their financial circumstances, if for no other reason than to ensure that their wishes are carried out should they ever experience a tragic accident, sudden incapacitation, or unexpected death.
Preparing for Your Estate Plan
When it comes time to create your estate plan, you will likely find it a very unique experience. It really does require you to look at your situation, your family’s situation, and consider everyone’s needs and wishes carefully.
It also provides an opportunity for couples to have necessary discussions that they may be putting off because the subject of death is not one that people tend to focus on. If the couple has children, this is a good opportunity to discuss who they each feel would be appropriate guardians to raise their child should something happen to both of them.
It also gives the couple the opportunity to share with each other what their individual quality of life decisions would be in order to understand each other’s wishes in order to have healthcare proxies put in place as part of their estate plan.
Do I Need a Lawyer for This Process?
Although there are plenty of DIY online legal companies, the truth is that these plug-and-print forms for wills and other estate planning forms are often limited in scope and may not adhere to California estate law. Just like other areas of law, there are specific rules and regulations that must be followed, otherwise, your will or other documents could be ruled invalid, leaving your family in a potentially perilous financial position.
There is no one-size-fits-all estate planning process. This is why having a skilled Sacramento estate planning attorney create an estate plan that addresses your individual issues is critical for your family’s future.
To start the New Year off right and have the peace of mind of knowing your family will be secure when you are no longer here, contact Yee Law Group to meet today.
