When you think of the word “estate,” it often conjures up visions of immense wealth; it does not have to be. Everyone has an estate; it is made up of everything they own. This includes bank deposits, their home, their valuables, car, life insurance, etc. Regardless of the size of an estate, an estate planning attorney in Fountain Valley can ensure that it passes to your beneficiaries following your wishes, and intact.
Simply stated, estate planning is the development of a “blueprint,” which names, in advance, who you want to endow your possessions upon your death. However, it is far more than that; it also will include:
- Instructions for your care in the event you can no longer care for yourself
- Name a trusted individual as the guardian of your minor children
- Provide loved ones with protection from creditors, and
- Minimize state and federal taxes and unnecessary legal costs
Many people fail to plan:
Many people fail to plan their estate because they are of the opinion that they do not own enough to worry about it, they think they are too young to be concerned about death, or they simply are confused and do not know that there is an estate planning attorney in Fountain Valley to help them.
The fact is, if you do not have a plan for your estate, the state has one that you probably won’t like. If you should become mentally incapacitated, the court will appoint someone to look after your affairs. The court, not your loved ones, will decide how you will be cared for while you are not in a position to control your destiny.
When you die, if you have not established an estate plan, everything you worked for will be distributed following state law, not your wishes. Given a choice, most people want their estate to be in their hands, not the hands of uninterested appointees. The way to ensure this is to work with a knowledgeable estate planning attorney in Fountain Valley.
The importance of having an estate plan cannot be overemphasized. A knowledgeable estate planning attorney in Fountain Valley can help to ensure that your estate is distrusted as you want, not the way the state does. You are invited to contact the Law Offices of Norman J. Homen.