Who Needs an Estate Plan?
There is a surprisingly common misconception that only extremely wealthy individuals need to have an estate plan. In reality, there are several reasons why virtually all people regardless of their wealth or family status can benefit from having an estate plan in place. As an estate planning lawyer Sacramento CA from a firm like Yee Law Group can explain, estate planning can help to address potential issues that may arise during a person’s lifetime well before his or her passing. Here are a few reasons why people should evaluate the importance of getting help to execute an estate plan.
Having children changes everything about how people think about the future. Of course, people do not really think about the possibility of their death before their children grow up. In fact, it is important for parents of young children to establish a will or trust to assure that their children will have the resources that they want them to. Parents can make stipulations about money that will be set aside for specific needs such as educational expenses, who will have guardianship of their children, and what personal property shall pass down to their children.
People who own or operate a business need to be extra conscientious about estate planning. This is especially true when a business has several principals. Planning ahead can address ambiguities about what will happen to an individual’s interest in a business and how they shall remain with business partners or pass on to family members. A will or trust pertaining to a business must be consistent with the legal terms outlined in a business’ governing documents.
People who own real property or any personal property that has significant financial or sentimental value want to have the ability to decide what happens with it. Transferring title to real estate may be difficult in the absence of clear directives about who shall possess title, so it is important that people outline their wishes for their property with a will or trust.
Individuals Who Have a Health Condition or Wish to Resolve Healthcare Matters
One key element of estate planning is establishing advanced care directives or medical proxies. Figuring out how to manage care spares family members from having to make tough choices and assures that you receive the treatment that you want.
Getting help with estate planning can make the probate process simpler, give you peace of mind, and help your family. A proactive approach to this type of planning offers important clarity and reassurance.