A stereotype that persists in today’s society is that only high-net-worth families need to worry about estate planning. But, in reality, estate planning, or at least certain elements of estate planning, can be essential for all people irrespective of their own perceived wealth. If you have an estate plan set up, you can take better care of your family in the event of an unfortunate situation that happens to you. With the help of an estate plan, you can prevent your beneficiaries from getting involved in a long, contentious, and expensive probate process.
Therefore, consider the need of a smooth transition of assets to your successors or the next-generation. Here at Basar Law, we’d like to share with you some of the essential local estate planning benefits.
How Does Local Estate Planning Benefit You?
People are becoming more aware of the benefits of having an estate plan, but still, there is are many people who rationalize that they do not have enough money or they are too young to enjoy the benefits of a plan. According to a recent study by Caring.com, most people don’t have an estate plan because they “haven’t gotten around to it” or don’t think they have enough assets to leave anyone. A comprehensive estate plan or, at a minimum, financial and healthcare powers of attorney can be equally beneficial for all irrespective of their age and net worth.
Let’s dive in and see that what the advantages are associated with local estate planning.
1. Financial and Healthcare Powers of Attorney
In the event you truly do not have enough assets to warrant a full estate plan, it is still critical to get two decisive documents: financial power of attorney and healthcare power of attorney.
A financial power of attorney, or a durable power of attorney for finances, allows you to appoint someone to manage your finances in the case of your incapacitation. A spouse cannot even have control of your finances without this document.
A healthcare power of attorney allows your designee to make healthcare decisions on your behalf. Like with the financial power of attorney, a spouse is required to be named to this document to carry out your healthcare wishes if you’re incapacitated or unable to do so yourself.
Together, these two documents can give you the flexibility and freedom to ensure that just because you’re down, you’re not necessarily out of the decision-making process.
2. Setting Up a Will
In general, you would never prefer to put an extra burden on your family members regarding the assets that will be transferred to your heirs after your death. So, if you die without a will, your assets will be given to the heirs according to California’s laws of intestacy, and your family members will receive these assets without any specific guidance from you.
If you die without a will, the person whom you might wish to receive the greatest benefits might not get exactly what you would have preferred them to have. Therefore, to avoid this uncertain situation for your family members, this is the best time to get started with the assistance of Basar Law.
3. Guardianship of Minor Child
Who will raise your child if you die?
There could be nothing more horrifying than this situation, and the best approach to deal with this is to prepare as best as possible. If you have a plan, your attorney will work with you to nominate a guardian who can raise your child after you pass.
But, if you haven’t set up this plan, the court will make the decision on your behalf. So, fulfil your responsibility now by working with a local attorney to help you prepare a plan that you are confident will take care of your children in the event of your early passing..
4. Blended Families
It is quite possible that your family is a result of multiple marriages, and at the time of passing of an inheritance to heirs and beneficiaries, there might be a situation that you do not want to happen. Without a plan, there may be disputes among your surviving family members.
On the other hand, if you have a plan, you can better determine what portion of your possessions should go to the children from the new spouse and your prior spouse.
5. Keep Assets in Your Family
You may choose as your priority to leave your assets to your family. If you do not have a plan in place, your assets might land in the hands of those who are not your family members, possibly even to the government.
Meanwhile, your child’s spouse may get your assets if your child passes away early. In another scenario, if your child divorces his or her spouse, due to a lack of proper planning you might be leaving half of your assets to someone who is no longer even part of your family.
If you have a plan, your money will not go in the hands of others unless you allow it in your will. Therefore, now is the best time to consult with Basar Law and prepare your estate plan.
Why Work With Us?
The above reasons are some of the most prominent ones we see when families establish or update their estate plans. Basar Law has been practicing estate planning in Huntington Beach and the greater Orange County area for over seven years and our priority is helping clients achieve peace of mind by protecting their assets and loved ones.
By working with a local attorney, you can feel confident that we understand not only your needs but the context from which they arrive. Our team can meet you in our office (following all safety guidelines as highlighted by the CDC), which is conveniently located right off the 405, ensuring you have quick access to important resources when you need them.
Additionally, we offer virtual appointments for those who prefer to speak with us remotely.
Call to Action
Having gone through the benefits of having an estate plan and complications of not setting one up, you can understand just how important it is for you to prepare your estate plan. Contact us today to set up your initial consultation so we can help you get started.