When most people think about estate planning, they think about being at the attorney’s office after retirement to set up a will. However, estate planning requires more than just a will and is crucial for people of all ages.
Estate planning is important not only for you but also for your loved ones. With the ongoing Coronavirus pandemic, estate planning is at the forefront of everyone’s mind. With rising uncertainty, it is important more than ever before. Estate planning will help you if you get incapacitated at any stage, and it can be crucial to your family if anything happens to you all of a sudden.
Our experienced San Luis Obispo, CA estate planning attorneys at the Tardiff & Saldo Law Offices discuss in this post why it is so important to have an estate plan before you die or become incapacitated.
The Importance of Having an Estate Plan Now
Although fear and inactivity can be normal responses during a pandemic, it is also a chance to plan. Whether or not you are in a dangerous area, Coronavirus has reminded us all that estate planning is a vital part of our lives.
Estate planning should not be ignored when planning for your future. While it may be unsettling for some to prepare for what happens at the end of their lives and after they’re gone, it’s an important move that everybody needs to take. You must ensure that the assets you have worked hard to accumulate in your life are safe in a scenario where you are unable to handle them by the end of your life.
No matter where you live, there is a need to have basic estate planning documents, such as the will, the medical directive, and the effective powers of attorney to manage finances. It is important to plan to escape the probate after your death. Starting to plan in advance will give you the greatest peace of mind and will also benefit your family and loved ones.
To assess where you’re at or where you’d like to be and how ideally to get there, you and our estate planning attorney in San Luis Obispo will review your financial and family circumstances. It’s not unusual for anything that didn’t seem all that relevant at first to end up being a major part of the estate plan. So, it’s crucial to be as comprehensive as possible when gathering information. Your attorney will help you find areas to be discussed that you might not have initially considered.
What Happens If You Die Without an Estate Plan in California?
A detailed estate plan should cover disability, death, finances, health care, taxes (income, property, and estate taxes), asset security, probate, and several other issues.
Without a well-prepared estate plan, the law will dictate for you. You will not have a voice in who the guardian of your little children will be named, who will receive your properties, or when they receive them. A clear estate plan, usually consisting of the Revocable Trust, the Advance Health Care Directive, and the Durable Power of Attorney, allows you to make certain decisions making your wishes legally enforceable.
Consulting with a California Estate Planning Attorney
Most importantly, to create a successful California estate plan, you need to consult an accomplished California estate planning attorney. Every individual and estate is special, and no one-size-fits-all estate plan fits everyone.
If you’re looking for an estate planning attorney in California, the experts at Tardiff & Saldo Law Offices are a valuable resource to help you develop and execute a detailed plan that uses strategies that are personally tailored to your situation and interests.
Disclaimer: The information in this blog post (“post”) is provided for general informational purposes only, and may not reflect the current law in your jurisdiction. No information contained in this post should be construed as legal advice from Tardiff & Saldo Law Offices. or the individual author, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through, this Post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country or other appropriate licensing jurisdiction.
