How many people do you know already know how to write a will?
If you can’t come up with a single name, we don’t blame you. Estate planning in Los Angeles can be an intimidating, expensive process to go through, and you might want to prioritize other things over getting it done. But how to go about writing a will is an essential skill that should be learned by everyone, so your assets go to the people whom you trust the most.
Make sure all your estate planning goes through an attorney, too! Here are some FAQs that could help you along:
What does estate planning mean?
In the instance of your death or incapacitation, your assets need to be transferred properly to those whom you trust them to, hence the need for estate planning. This needs to be done so beneficiaries receive what they need to get while minimizing taxes like gift tax, estate tax, income tax, and other taxes that could be incurred.
This is a great way to fine tune how you want your assets to be distributed, in the cleanest, quickest, and easiest way possible through legal means. An experienced attorney can help you plan your estate without you needing to jump through hoops to get all the work done.
Is estate planning for everyone?
Estate planning goes beyond learning how to write a will. There are many steps involved, and you might think that you need to wait for retirement in order to get it done.
No one can predict how much time they have left to live, with illnesses and unexpected deaths factored in. It isn’t just for the retired and/or wealthy, so you can start as early as now! It’s better to plan your asset turnover as soon as you can rather than have your loved ones deal with poor estate planning after you pass on.
How does estate planning progress when you’re divorced?
When you’re divorced and you happen to pass on, turnover may be complicated if your children are minors. The assets may go to their active guardian, who could be your ex-spouse.
Through estate planning, your children can be listed as beneficiaries even if they’re still minors. Someone will be appointed as a trustee and can manage their assets before they are of legal age. You can avoid the awkwardness of immediately having your divorced spouse manage their assets thanks to the presence of a trustee. We recommend this especially if you and your ex-spouse are estranged.
Why should I create a complete estate plan?
Although a will can suffice if you’re okay with having your assets distributed by the state, it won’t be enough for people with very specific requests like having a part of your assets distributed directly to a charity, for example.
Estate planning is a more secure way of assuring that your professional assets will be managed according to how you want them to be after death, and it can accommodate very specific requests you can make as well. The state wouldn’t have to interfere and you can rest well knowing everything you have to turnover is in good hands.
Hire an estate planning lawyer!
Need an estate planning attorney familiar with Los Angeles law? Consult with us at The Law Office of R. Grace Rodriguez!
Our areas of expertise include bankruptcy, real estate, and probate and estate planning. You won’t have to risk your assets being automatically distributed by the state with our competent legal counsel to guide you through the estate planning process. We are also fluent in Spanish, so we can adjust to the needs of our Spanish-speaking clientele appropriately.
Save your spouse, children, and loved ones a lot of future stress by planning your estate with us today. Click the button on the upper right to set an appointment with any of our established lawyers today. Start planning your estate with us today!