Why Prepare an Estate Plan
When, or if, something happens to us, most of us have specific ideas about how we would want affairs managed-who would make medical decisions for us, what our wishes are in that regard; who our assets pass to; who would be responsible for making those distributions, and so on. Additionally, if our wishes aren’t clearly documented, those left behind and responsible for implementing those decisions can be left wondering what our wishes would be-an added stress at an already difficult time. We also do our best thinking when we are not in a crisis or emergency situation; there is time and energy to consider options, what works best for you and your loved ones.
Who writes your estate plan if you don’t?
California has a default plan for those persons who do not plan in advance. The California Probate Code spells out, among other things, what happens to someone’s property if he or she dies without a will. Property is transferred under the supervision of the Probate court, and for the fees specified in the probate code. I’ve found that very few people want the distribution provided by the probate code. Or want the probate fees to go to an attorney instead of their chosen beneficiaries.
With a personalized estate plan in place you have peace of mind knowing that you have planned for life’s contingencies and not left the outcome to chance.