Estate
planning ensures that your wealth is distributed in a manner that is
fair and in accordance with your wishes. In preparing an estate plan,
you need to be as comprehensive as possible so it can be executed
smoothly. You can turn to a Sacramento
probate attorney for invaluable legal advice on constructing a
thorough estate plan.
Apart
from taking into account all the pertinent guidelines and laws, the
estate plan should serve two main purposes: avoid conflict and assume
preparedness.
Avoiding
conflict
Estate
planning involves naming your beneficiaries, allotting trusts, and
distributing gifts and assets. Wills drafted down to the last asset
help prevent conflicts among heirs, claimants, and even creditors.
Meanwhile, revocable trusts minimize the publicity and heated trials
that may arise in court probate cases. Gifts and strategic asset
distribution, on the other hand, reduce taxes that could greatly
depreciate asset values otherwise fully awarded to beneficiaries.
Assuming
preparedness
Preparedness
to transfer or distribute resources and other assets in case of death
or major disability is the greatest benefit of properly drafted and
executed estate plans. Estate plans can and should be updated
regularly, especially after major life events like marriages,
childbirth, business acquisitions, etc. Finally, incapacitation and
disability planning, which entails assigning a legal representative
or health proxy, ensures that you’ll have somebody you can trust to
look after your welfare and interests in case you are physically
unable to make decisions independently.
