Most people think that estate planning only consists of a detailed account of how one's assets will be distributed upon his or her death. While this does make up a substantial portion of estate planning, it is not the only thing that needs to be considered. Another important element of estate planning is how one's medical and financial affairs will be handled in the event that he or she suddenly becomes unable to make decisions pertaining to those matters on his or her own.
Last week on the blog we talked about how to handle hard assets like family heirlooms during estate planning. This can be a difficult task considering the fact that these assets often carry significant sentimental value. This means that many individuals may want to acquire those assets upon your passing, and deciding whom to leave such assets can be challenging. Therefore, you need to take care when determining how you want to distribute those assets upon your passing so that they are handled exactly as you'd like them to be.This, after all, is the challenge of estate planning. To start, you need to envision the future of your estate and your loved ones. Then, you need to develop strategies that seek to bring that vision into reality. This often means utilizing a number of legal vehicles, including wills and trusts.An attorney who is experienced and skilled in estate planning can help guide you through the process. He or she can advise you as to the advantages and disadvantages of each estate planning tool and create a legal strategy that supports your best interests. Therefore, before signing off on a finalized plan, you should have a full understanding of what each trust entails, as well as each will provision, including the conditions placed upon distribution of assets.By working with a legal professional you trust, you can rest assured that you're estate will be handled in accordance with your wishes. This is no small thing, as far too many people fail to adequately plan for the distribution of their estate on their passing. This is why the legal team at our law firm is dedicated to helping individuals and their families create customized legal strategies that work for them.
Most people who first consider estate planning think that the process involves nothing more than figuring out how to divide one's assets upon their death. While this is true to a certain extent at a very basic level, the truth of the matter is that estate planning is much more involved. In fact, even the process of creating an asset distribution strategy can be much more challenging than anticipated.
There are many Torrance area families who have children with special needs. These children require a lot of care in their daily lives and will need that expert care for the rest of their lives. Families need to take the time to create an estate plan that covers the care of their special needs children to ensure they will always be taken care of.
Estate planning is a topic that Torrance residents may not find important. Planning for the end of a life or the event where a person is incapacitated are not pleasant ideas. But, without a power of attorney plan in place, a person and their assets can be vulnerable if they become incapacitated.
Although many Torrance residents understand the value of estate planning, there are still many of us who keep putting the task off. Estate planning can feel like a morbid task, but it is such an important way for a person to ensure their assets are successfully transferred to the right people and organizations. When there isn't a will or trust in place, there can be many complications, as is the case with Aretha Franklin's estate.
Estate plans are not "set it and forget it" affairs. Considering that only 40 percent of adults in America actually have an estate plan (as we wrote about earlier this month), you can imagine how difficult it might be to get people to understand that they need to update their estate plans periodically.