Why Do I Need an Estate Plan?

 Posted on May 21,2024 in Estate Planning

Anyone considering setting up an estate plan would likely be advised that it is a good idea. An estate plan removes a lot of the doubt and questions that might otherwise be asked after you have passed away. It is a way for you to clearly explain your wishes and how you want your assets to be handled once you are no longer able to express those wishes. While people often think the only reason to draft an estate plan is to protect your assets, this article will describe some other reasons that might help you in your decision. If this is relevant for you, speak with a compassionate L.A. County, CA estate planning lawyer who can guide you through this process.

Provisions for Minors

When a parent of minor children passes away, questions arise about guardianship. Your estate plan can include clear instructions about who should be responsible for your children if you or your spouse should die. You can even have a prioritized list of people based on who is available to care for your children at the time of your death. Your estate plan can also include which assets should be directed to the guardians to help them with the added costs of taking in your children, as well as assets that can be otherwise used for their benefit while they are still minors.

Privacy

Probate court proceedings are public records in many states, and so anyone who wants can access private information concerning your family’s assets and other matters that can come out in a will. Under certain circumstances, a detailed estate plan might mean your family can avoid probate court completely, and so nothing needs to end up on the public record.

Keeping the Peace

One popular reason why people consider estate planning, even though it will not benefit them in their own lifetime, is they want to help the family they leave behind avoid fighting. Instead of leaving your relatives to figure out what to do with everything you have left, you leave them with clear instructions about how everything should be handled. Leaving behind a will, trust, or guidelines detailing your wishes might be one of the best gifts you can ever give your loved ones.

Schedule a Free Consultation with an L.A. County, CA Estate Planning Lawyer

If you are considering creating an estate plan, speak with an experienced Los Angeles, CA wills and trusts attorney who can offer invaluable guidance as you make difficult decisions. Call Law Office of David Schechet at 800-282-4731 to schedule a free consultation.