An individual doesn’t need to be Scrooge McDuck in order to benefit from an estate plan. Most individuals and their families can benefit from a carefully drafted and enacted plan. In California, wills and trusts can be an important aspect of asset protection.
Experts recommend that everyone have a will. Not only does the will help a person designate to whom their assets will go, but it is an opportunity for a person to communicate his or her final wishes. In a will, a person could choose who will care for their children or pets, and it will name an executor who will help carry out one’s final wishes. A will can contain very specific instructions for how to transfer one’s property. In many locations, a will needs to be witnessed and signed by witnesses.
Other aspects of an estate plan include health care directives, beneficiary documents and trusts. These tools ensure that all your desires are communicated to the correct individuals or companies, and that everything is in unison. When an estate plan is carefully thought out, it can help an individual carry over his or her values alongside the transfer of property.
What a person has worked long and hard to build and maintain, he or she will likely want to protect. For asset protection, a will is a useful component. Since the laws on wills vary by location and sometimes change, a person may want to check to ensure that he or she is following the correct procedure for making a binding will. In California, an estate planning attorney can be a useful guide in this search.
Source: investopedia.com, “Estate Planning: Not Just for the Uber Rich“, Liz Bernhard, March 29, 2018