Many people think estate planning is only for the wealthy, but that is far from the truth. Estate planning is for everyone who wants to ensure that their wishes are carried out after they die or become incapacitated and for those who want to care for their loved ones once this happens. There are a variety of different estate planning options available, so it’s important to work with an estate planning attorney who can help you choose the right strategy for you and your family. At Martin Family Law Group, our Los Angeles estate planning attorneys are ready to assist you with your planning. Call (310) 694-9533 today to schedule a free consultation.
What an Estate Plan Includes
Estate planning is more than writing a will. A solid and effective estate plan should also include forming trusts, power of attorney arrangements, advance directives, and more. The best way to create an estate plan that meets your unique needs is to work with an experienced estate planning attorney.
Why You Need an Estate Plan
If you don’t have an estate plan, now is the time to put one in place. Here are five reasons why you need an estate plan.
To minimize taxes. Without an estate plan, your estate may be subject to significant taxes. Working with a lawyer to create an estate plan can reduce the taxes your family will owe after your death.
To ensure your healthcare wishes are carried out. With an estate plan, you can designate a healthcare proxy who will make decisions about your medical care if you cannot do so yourself. You can also use a living will to spell out what you want for end-of-life care.
To avoid probate. Probate is the legal process of distributing assets after someone dies. This can be time-consuming and expensive. An estate plan can help your loved ones avoid probate. If you want to avoid probate, there are a few things you can do when creating your estate plan, such as setting up a living trust, naming beneficiaries on your retirement and bank accounts, and holding property jointly.
To protect your children. If you have minor children, it’s essential to have an estate plan to designate a guardian for them in the event of your death. Without a valid will, the court could decide who will take care of your children—and it may not be who you would choose.
To ensure that your pets are taken care of. Did you know that you can include provisions for your pets in your estate plan? If you want to make sure that your pets are well cared for after you’re gone, be sure to include them in your estate planning documents.
Putting together an estate plan does not have to be complicated or expensive. You can start by gathering all necessary documents in one place, such as birth certificates, marriage licenses, and deeds. Then, you can begin making decisions about how you would like your property and assets to be handled after your death. Once you have everything in order, you can consult with an attorney.
Contact the Martin Family Law Group Today
We are proud to offer our clients years of experience and knowledge in estate planning. We understand that this can be a sensitive and emotional time for you and your family, which is why we offer a free 45-minute consultation with one of our attorneys. During this consultation, we will get to know you and learn what you need from us so that we can tailor our services to best meet your needs.
Estate planning is something that everyone should do, regardless of age or net worth. By taking action now, you can ensure that your wishes are respected and avoid leaving your loved ones with a mess to sort out later on down the road. Contact us today to schedule your free consultation.