Many think of estate planning as something that only pertains to the rich. That’s not the case though. It’s actually a process that all adults, regardless of whether they’re young or old, of means or not, could benefit from undertaking.
If you’re waiting for the right moment to plan your estate, then there are certain life milestones that should get you thinking about doing it.
Soon after the arrival of your first child, you’ll want to schedule an appointment with your estate planning attorney to appoint a guardian to care for your child if you or their other parent were unable to do so yourselves. In addition to selecting to care for your child if something were to happen to you, you may also want to think about setting up a trust to care for his or her financial needs as well.
If you live in a home with a high appraisal value, then you may leave your loved ones on the hook for paying estate taxes unless you plan for ways to qualify for an exemption when handling end of life planning.
By planning your estate, you can also earmark certain assets or financial resources for a specific charity or more clearly specify what you want to happen with investments or a family business when you die.
Estate planning is something that should be undertaken early on by parents of disabled kids or when an individual plans to remarry. Existing plans should be revisited on a regular basis to ensure that they continue to reflect your wishes and preferences as well.
We currently live in an era in which families are much more dynamic than they used to be. If you have a blended family, then a Torrance estate planning attorney may give you some things to think about that could affect how well your assets are preserved and your loved ones are taken care of in the future.