Creating an estate plan can be time-consuming and complicated, but all of the effort is well worth it. Still, trying to develop a plan on your own can be difficult. We suggest working with a Woodland Hills, California estate planning attorney from our firm. We can get you started on the right path.
Does Everyone Need an Estate Plan?
Some people think that only the rich need to worry about estate planning, but that is not the case. You probably have more assets than you think, and you should make sure that they go to the right people. When you create an estate plan, you are ensuring that your wishes will be followed and that you will leave something behind for your beneficiaries.
How Should I Start Planning Before I Meet With an Estate Planning Attorney?
When you start the estate planning process, you should:
- Take inventory of all of your assets, from houses to life insurance policies
- Take inventory of any liabilities, like loans or mortgages
- Think of who you would want to be beneficiaries in your will
- Establish directives and choose who gets power of attorney
- Consider hiring an estate planning attorney
A lawyer from our firm can help you stay organized and ensure that nothing is unaccounted for.
Will My Heirs Have to Worry About Any Taxes?
If your estate is not worth enough to trigger estate taxes at the federal level, then your beneficiaries should not have to worry too much about taxes when they inherit things from you. The state of California does not have its own inheritance tax or estate tax. If you have any more concerns, an estate planning attorney can tell you more.
Can I Use My Assets to Care for a Loved One?
You can also use your assets to help a loved one who is going to need care when you are gone. This is commonly done for beneficiaries who have special needs or a disability. Our lawyers can guide you through this process and help you choose the best options for ensuring that some or all of your assets are put to use in this way if that is what you wish.
Should I Hire an Estate Planning Attorney?
Estate planning is a big undertaking. You can prepare a will and some other documents on your own, but we really do recommend working with a lawyer. You want to be sure that your estate plan is legally binding. Otherwise, your family could end up in probate court watching your assets go to people you did not even choose to be beneficiaries. Also, making an estate plan involves a lot of paperwork. We’re used to that and we’re ready to help you with it.
Schedule a Consultation Today
If you are ready to make an estate plan of your own, do not delay. Contact the Law Offices of Yacoba Ann Feldman and schedule a consultation. We can tell you more about the estate planning process and what our experienced lawyers can do to help you.