Estate planning is an individualized process that must be customized to meet your needs. Having an estate plan in place can help you avoid the long and costly probate process and reduce tax liabilities. A personalized estate plan can provide protection for complications that may arise such as divorce, remarriage, or credit problems. An estate plan will also adequately prepare for incapacity, ensuring your health wishes are carried out by someone you trust. Most importantly, an estate plan will give you the peace of mind knowing that your family is taken care of far into the future.
Depending on your family’s goals, an estate plan may include a will, trust, advance healthcare directive, durable financial power of attorney, and other advance planning tools. If you have children, estate planning may include assigning a guardian and even passing your family values.
Everyone needs an estate plan, regardless of wealth. In California, any estate over $150,000 will likely have to go through probate. Anyone who owns a home will benefit from having an estate plan in place, as housing costs in Southern California are likely to put your assets over $150,000.
It is important to plan ahead to protect yourself, your family, and your legacy. Your estate plan can always be updated and modified as your family and needs change. If you have questions regarding estate planning, please call us today for a free consultation at (619) 535-1405.