Estate planning for those with more than $100,000 in assets
Whether you've been working for decades or only recently began your journey into adulthood, it is never too soon to think about the future. You work hard to save money and to acquire things such as a home, a vehicle and perhaps even a vacation property, so it's understandable you want to protect those assets. It's also logical to assume that you want to do whatever you can to provide for your loved ones down the line and help them avoid a lengthy probate process when the time comes to administer your California estate. Estate planning is a valuable tool that can help you accomplish all of these goals and more.
If your assets are worth $100,000 or more, it would be a good idea to learn as much as you can about establishing a trust. A trust allows you to arrange for the transfer of money or other assets without all the time and expenses typically involved in the probate process. In addition to establishing a trust, you may want to designate powers of attorney to make financial or medical decisions on your behalf should you become incapacitated.
Most thorough estate plans also include a last will and testament. When you execute this type of document, you may include specific details that fit the needs of your particular situation. For instance, you may wish to leave an inheritance for future generations or explicitly omit a specific person from your will.
The estate planning process isn't really a one-time project, as it is always best to periodically review a plan so that changes and updates can be made as needed. Many California estate owners stay closely connected to experienced estate planning and administration attorneys. Such attorneys can provide guidance and support at all times, especially if there is a divorce and remarriage, births, deaths, or other life-changing events that may have a significant impact on an estate plan.