A Sacramento estate lawyer may be able to assist you in creating plans for your assets and future needs if you should die or become incapacitated. At Yee Law Group, our attorneys work closely with you to understand your desires and goals, regarding the maintenance of your estate and other property. Choosing an estate lawyer in Sacramento whom you trust may help you meet your financial goals and provide for the future of your loved ones. A qualified estate planning attorney may describe various options for your particular situation and ultimately be able to see that your wishes are carried out.
Steps to Create an Estate Plan
Estate planning, in its simplest form, involves creating a plan in advance and naming which individuals should receive your assets after you’re gone. Your estate is comprised of everything you own. An estate plan allows you to control how your assets are distributed to the people or organizations you care about. A Sacramento estate lawyer from Yee Law Group may help you pay the least amount in taxes, legal fees, and court costs. The following steps are key components when developing an estate plan:
1. Creating an Inventory. Begin by creating a list of everything you own. This would include:
- Physical Assets: Your home, real estate, cars, jewelry, artwork, etc.
- Gather statements from your bank, brokerage, and retirement accounts.
- Create a list of all insurance policies you have.
- List all of your liabilities, such as mortgages, line of credit, and other forms of debt.
2. Develop a Contingency Plan. A Sacramento estate lawyer would be able to help you create a contingency plan that would settle your affairs if you or your spouse pass away suddenly or become incapacitated. The plan can determine what happens to your property and assets, and if incapacitated, who will manage the financial affairs.
3. Providing for Your Children. A primary goal for establishing an estate plan is to protect and provide for loved ones and their future. If you have children under the age of 18, be sure to include the name of a guardian who would be fit to care for your children in an emergency.
4. Protecting Your Assets. This step involves minimizing expenses and covering estate taxes while meeting your estate planning goals. Specific plans may take place in situations where you wish to transfer or dispose of family-owned businesses, real estate or investment property, or stock in a closely held business. A Sacramento estate lawyer from Yee Law Group may help to develop a plan that is specific to your situation.
5. Documentation. When creating an estate plan, writing a will and having legal documentation can help ensure that your wishes are met. If you want to give certain people certain assets then it should be named specifically in your will. Having the proper legal documentation completed will provide a peace of mind and reduce the emotional and financial stress on your loved ones once you’ve passed.
Peace of Mind
Knowing that you have set in place a proper plan to protect your assets and provide for your loved ones can provide peace of mind for yourself and your family. Choose a Sacramento estate lawyer that has your best interest at heart and contact Yee Law Group at (916) 927-9001.