Even if you have not heard of Estate Planning, you probably have heard of a Last Will and Testament. Everyone knows a Will as a document where you state you are leaving behind everything to your spouse or children or best friend. Most people are content to just scribble their Will on a napkin if they ever get seriously sick and call it a day. Unfortunately, in California, you have to do a little bit more than that.
Estate Planning is the process of working with an attorney to create a legally-binding plan for what will happen to your belongings and property, known as your estate, and your remaining money, known as your assets, after you pass away. It can include making a Will, which is the foundation of most Estate Plans, but it can include plenty else as well. In California, creating an Estate Plan is essential to protecting your family’s future.
Of course, you might think Estate Planning is only essential for California celebrities. The truth is that Estate Planning can help out families that may not have mansions (or, indeed, any property) to pass along or a tangled web of hangers-on to navigate for a portion of your assets. Estate Planning is just as important for regular families with a little bit to their name and the desire to protect each other. Here are a few reasons why Estate Planning is essential for everyday families in California:
You Get the Final Word
If someone passes away without creating an Estate Plan, their estate and assets are divided up in California probate court. This is the process where a Judge determines what should happen to all of your estate. Creating an Estate Plan allows you to make the decision on where your belongings and money end up, which we think might be important to you.
Protect Your Children
One of the most important aspects of Estate Planning helps you protect your children. For parents with young kids, you can elect a guardian or conservator in your Estate Plan who will raise your children if anything unexpected happens to you. This allows you to have the choice that would otherwise be decided by the state of California. It is extremely important for parents.
Help Your Family
The California probate process can be long, expensive, and emotionally draining for families who just went through losing a loved one. Creating an Estate Plan allows you to ease the burden and help your family along that process. You can even leave behind final messages and explanations for your Estate Planning decisions.
Ask For Help
At Solan, Park & Robello, we bridge your present to your future. For help creating your Estate Plan, contact Solan, Park & Robello to talk to someone who can assist you. Caring for your future starts today!