Have you ever heard the saying that you can never be too careful? Well it’s true, especially when it comes to estate planning. Orange County estate planning should be as seamless and easy as possible as you put together your will and final wishes. However, it is not a process that you should attempt alone, but with a professional attorney at law. You want to make sure that all of your estate is allocated exactly as you want it to be – nothing more, nothing less.
So, how do you know if you will need an estate plan? If you fit into the following criteria, then you will need more than a will or a living will to divide your estate. It is a good idea especially if you are looking to lessen the amount paid in taxes when the property transfer occurs or if you want to minimize the amount of time and money spent on probate court. This makes an estate plan in orange county an absolute must.
Here are some of the other reasons you will need an estate plan:
- You own more than $100,000 in property
- You own at least one business
- You have a significant amount of money in a life insurance policy
- You have a significant amount of money in a 401k and/or IRAs
This is not to say that you do not need a will and other legal documents to give direction to friends, family and lawyers of your wishes. Wills can cover things that an estate plan cannot, such as guardianship. Your will can give directives as to how wealth and property will be distributed, but the estate plan will do much more than that. The last thing you want is the state to decide how everything should be distributed. Make sure your wishes are known and carried out according to plan by putting together an estate plan in orange county.
It is also a good idea to share all of this information with your loved ones, especially those who are going to be receiving property. This minimizes confusion and lets them know that you have it all under control.
All and all, an estate plan is just that a plan. Just like a will, power of attorney or a trust, an estate plan will ensure that your final wishes are carried out according to your plans and not someone else’s. Take extra care of your loved ones by setting up an estate plan. Minimize the confusion, hassle and worry that you may leave behind by setting up an estate plan.
