Most people believe that estate planning is for rich and wealthy people. However, this is not true. It’s important for all.
It means deciding and securing the person to inherit your assets after your demise. Well, people are always busy planning on how to expand their estate in their lifetime. But do you think about what will happen to these assets after you’re gone?
Failure to undertake estate planning could cost you dearly. And don’t think that’s only beneficial to future generations. No! a carefully thought out estate planning in South Lake Tahoe has several implications. In this article, we focus on the blessings of estate planning to you, your family, and future generations.
You have a right and duty to determine the person(s) to inherit your property. But what happens if you die intestate? In California, the intestate succession act specifies the people to inherit your estate. If there’s no traceable relative, then your property escheats back to the state.
In this scenario, you can see the possibility of passing down your wealth to unintended beneficiaries. Engage an estate planning attorney to help you solve this problem. That way, you’re sure that the right people will inherit your property.
At times, the age difference between the parents and children is huge. In such a case, parents are likely to worry about the future of their children. The only way to secure their future is through elaborate estate planning.
As a parent, you want the best for your children. So, what would happen if you die before they turn 18? Appoint the right guardian for them. Otherwise, the courts will decide for you if you die intestate or without elaborate estate planning.
Estate planning isn’t only beneficial to the children. Instead, it also protects the adult beneficiaries. But why?
Well, there are several circumstances where the adult beneficiaries make wrong decisions regarding their inheritance. Such may include credit issues, outside influences, divorce, or outside interference. Alternatively, the beneficiary may be poor at managing resources.
With estate planning, you can add clauses to the document. Use these clauses to protect the beneficiaries from themselves or other people who may intend to take advantage of them.
Probate is an expensive process. It invokes the court’s jurisdiction to verify your will, estimate the estate value, pay off unpaid debts and bills. The court at its discretion them distributes the remaining assets to the people it deems to be rightful inheritors. And yes, the process is as horrible as it sounds.
Estate planning is not a preserve for the rich and wealthy in society. Any person regardless of their social, financial, and family status will benefit from having an estate plan. Having legal guidance during this exercise ensures the plan is anchored in law. Our experienced estate planning and administration attorneys will help you meet your objectives. You can give us a call at (775) 882-8032 or book an appointment with us here.