Believe it or not, nearly everyone has an estate. It is comprised of different kinds of property such as real property(including your home and income producing real estate), personal property, (including your car, savings and checking accounts, investments, furniture, life insurance, proceeds) and other personal possessions. No matter how modest or how large your estate, the fact is: when you die, you cannot take it with you.
When that happens you should be able to control how your estate is transferred to the people and/or organizations you most care about. In order to ensure that your wishes are followed, you need to provide instructions on the disposition of the property from your estate. Of course you want to ensure that your beneficiaries can gain possession of the items from your estate with the least amount of fees, taxes, and stress.
This is what estate planning is all about: writing down your wishes about the disposition of your property when you die. However, a good estate plan will include more than just that, it would be a legacy plan. For example, it would include:
– Instructions on passing down your values (religion, education, etc.)
– Instructions on who will care for you should you ever become disabled
– A guardian and inheritance manager for minor children
– Benefits for loved ones with special needs (without disrupting government aid)
– Provisions for loved ones who might be irresponsible with money or may need future protection
– Provide for the transfer of your business at retirement, disability or death
– An ongoing process that is reviewed and updated as your family, finances and acquisitions change over your lifetime
Too many people don’t plan because they think they don’t own enough; they’re not old enough; they’re too busy; they have plenty of time; or they just don’t want to think about it. Then, their loved ones have to pick up the pieces.
Now, if you don’t have a written plan, guess what? The government has one for you. It’s called “The Government Plan! This plan gives the government the right to divide up your estate based on the Probate Code. This plan is not based on your wishes and, not what is best for your loved ones, but upon rules and regulations imposed involuntarily on your estate.
Given the choice, and you do have a choice, wouldn’t you want your estate to be distributed the way you want? And if you have minor children, wouldn’t you want to designate the guardians who will help raise them if you cannot?
We have designed a step by step process in the creation of your estate plan, and if applicable, a children’s protection plan that will protect your loved ones and your estate. Our philosophy is rooted in this key phrase “We help guide you over your lifetime on protecting, preserving and finally, passing on your estate with minimal hassle and costs.”