The best time to start planning is now
by Admin
Posted on 07-06-2024 03:21 PM
When you think you are done planning, it’s time to communicate.
It’s important to begin preparing your beneficiaries by helping them understand what will happen after you pass away, and what they should expect when they inherit your assets. By starting to prepare your beneficiaries now, you can help ensure that your family’s transition will be more seamless, while also minimizing the emotional impact of your death on your family. It’s important to have an estate plan. You want to make sure the assets you’ve worked so hard to accumulate during your lifetime go to the people or organizations you care about.
1. Inventory and document the assets that you have accumulated over the years. We all have busy lives these days and all too often underestimate the value of assets that have been accumulated. You may initially think that you do not have enough assets that would justify planning your estate. Often times people are surprised when they start writing down all the assets that you own. There are tangible assets, real property and intangible assets. Once you start looking around, you might be surprised by all the assets you own. The tangible assets in an estate may include: homes, land or other real estate.
How to talk about estate planning with your loved ones
It's never too early to prepare essential
estate planning
documents, but it can be too late. If the unexpected occurred, is your estate in order? if you or your spouse passed away, have you picked a legal guardian for your children? have you clearly explained to your loved ones how you would like to be cared for in a medical emergency?
the right estate planning documents can help you prepare for these issues and more. At a minimum, every adult should have a last will and testament and a living will.
If you leave your estate to your loved ones using a will, everything you own will pass through probate. Here in southern california the process is not only expensive, time consuming and open to the public, but is also frustratingly slow and lengthy. After a death leaving behind only a will without other estate planning structures the probate court is in control of the process until the estate has been settled and distributed. If you are married and have children, you want to make certain that your surviving family has immediate access to cash to pay for living expenses while your estate is being settled.
Without an established estate plan, the courts get to decide who receives ownership of your things. This process can take years, cost a lot of money, and create bad relationships between loved ones. Estate planning allows you to manage your assets and decide who gets what after you pass.
Denis clifford, a graduate of columbia law school, where he was an editor of the law review, is a lawyer who specializes in estate planning. He is the author of many nolo titles including quick and legal will book, make your own living trust and plan your estate and co-author of a legal guide for lesbian and gay couples. He has been interviewed by such major media as the new york times, los angeles times, and money magazine.