Starting planning early can ensure heirs have an easier time upon one’s passing. Estate administration comes with work and responsibility, and the more time and planning that one invests in the process now, the less confusion and suffering will result for the ones left behind. In California, there are benefits to early estate planning.
Early planning allows the individual to thoroughly review the assets. It gives time to collect account information, deeds, titles and other important documents all in one safe place, and allows the individual to make a comprehensive plan for administration. When the time comes, the executor, or the successor trustee, will have an established plan in place to follow to ensure that loved ones are protected and final debts are paid off.
Along with getting everything gathered, other benefits exist to starting early. When a person buys health insurance at a younger age, the premiums are less costly. The estate planning process should also include an evaluation of investments, not only for long-term goals, but also for shorter-term liquidity in case one’s partner will need to rely on them.
Planning for one’s demise isn’t only for the elderly. Life can take us by surprise at any time, and individuals with families and dependents will do them a service by having a solid plan in place. Estate administration will be simplified and take less energy from those who need time and space to grieve. Some people in California choose to use the services of an estate planning attorney to ensure all the bases are covered.
Source: auburnjournal.com, “Legacy planning isn’t just for your parents or grandparents“, Glenn Kenes, Dec. 6, 2017
