If you do not yet have an estate plan in place, it is probably not for lack of people urging you to create one. Family members, friends, and even well-meaning co-workers have probably encouraged you to get started on your estate plan. They may not, however, have provided you with sufficient reasons to have an estate plan. If that is the case, let the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors offer five reasons to create an estate plan to help give you the incentive to get started on your plan.
Reasons to Create an Estate Plan
The following are just a few of the many reasons to create an estate plan. Hopefully, one (or more) of them will encourage you to focus on creating your own estate plan.
- Preventing the State of California from creating your estate plan. If you fail to create even a basic estate plan, and you die tomorrow, the State of California intestate succession laws will govern who gets your estate assets and what percentage of your estate each legal heir receives. In short, you are allowing the State of California to create your estate plan for you. If you have a spouse and/or children, they will likely inherit your assets; however, they may not inherit the share you wanted each to receive. Furthermore, close friends, a favorite niece, or a charity that is close to your heart will receive nothing from your estate. You have even given up the right to decide who oversees the administration of your estate if you die intestate (without a Will).
- Protecting your loved ones. You undoubtedly make a concerted effort to protect the people you care about in your daily life. Your estate plan provides an excellent opportunity to extend that protection after you are gone or even if you become incapacitated. Creating a trust to guard the inheritance intended for your minor children, for instance, ensures that the assets are safe and that someone of your choosing manages those assets until your children are old enough to inherit them directly. If you have a blended family, a child with special needs, or you are part of the LGBTQ community, your estate plan can provide legal protection for loved ones not available anywhere else.
- Protecting your right to make decisions. If you have strong feelings about end-of-life medical treatment or who should make healthcare decisions for you if you cannot make them because of incapacity, your estate plan can help. In fact, estate planning tools such as an advance directive may be the only way to ensure that someone of your choosing makes decisions for you if the need arises.
- Protecting your hard-earned assets. Estate planning isn’t just about distributing your assets after you are gone. It can also help protect those assets while you are alive. For example, if you are concerned about creditors or the need to qualify for Medicaid as a retiree, an irrevocable living trust can help protect your assets.
- Ensuring that your wishes will be honored. The thought of your wishes being ignored regarding funeral and burial details likely does not sit well with you. Unfortunately, you will no longer be here to protect if your wishes are ignored; however, including a funeral and burial planning component in your estate plan can make your wishes legally binding.
Contact Los Angeles Estate Planning Attorneys
For more information, please join us for an upcoming FREE event. If you have additional questions or concerns about the reasons you should create an estate plan, contact the experienced Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors by calling (310) 337-7696 to schedule an appointment.
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