Many of our readers in California may be thinking that it is finally time to start drafting an estate plan. If you have reached that point, you have already taken a big step. After all, a recent news article noted that it is estimated that about 60% of Americans do not have an estate plan. Many of those without an estate plan probably think that they don’t even need to have one in place. In the vast majority of situations, that is incorrect.
How can an estate plan help you? Well, there is the obvious benefit of being able to direct how your assets will be distributed upon death. However, for those who think they don’t need an estate plan, probably the most common reason for thinking that way is that they don’t think they have enough assets for it to matter. But, most people have more assets than they realize: real estate, bank accounts, retirement accounts, personal property – most of these assets are valuable and will need to be accounted for.
The recent news article also mentioned that there are other situations where an estate plan can help too. For example, most comprehensive estate plans include power of attorney documents, in which the planner can designate someone else to make important health or financial decisions on their behalf if they are unable to do so.
Think twice before saying no
Some people may consider whether or not they need an estate plan, and then arrive at the answer “no.” However, most people should think twice about that. At our law firm, we help California residents who are trying to wade through the estate planning process. For more information, please visit the estate planning overview section of our law firm’s website.