With an estate plan, you can:
1.
Provide support and financial stability for your
surviving spouse or partner, children, and grandchildren.
2.
Preserve your assets for later generations.
3.
Make sure your wishes are carried out when you
can no longer manage your affairs. It's important to have both a power of
attorney and an advance health care directive.
4.
Support a favorite charity or cause with a gift
of money, securities, or other property.
5.
Distribute assets in a timely fashion, with a
minimum of legal hassles.
6.
Minimize taxes and expenses that can go along
with transferring assets.
7.
Meet expenses and prevent the forced sale of
assets to do so.
8.
Avoid problems for your loved ones by ensuring
that the beneficiaries named on your life insurance and retirement plans are the
people you want as your beneficiaries.
9.
Protect your family's privacy with an estate
plan designed to prevent your will from becoming public record.
10.
Set and meet expectations of your survivors so
there is no confusion or misunderstanding.
So how do you begin? A good first step is to take an
inventory of your assets and estimate their value. Give careful consideration
to your potential beneficiaries and how you want them to benefit from real property or the other assets of your estate.
You may be a do-it-yourselfer when it comes to other aspects
of your financial life, but estate planning is one area where it is smart to get
professional help. Among other things, the process can entail preparing a will,
creating trusts, naming beneficiaries for insurance policies and retirement
accounts, and selecting guardians for minor children. In addition, you may need
to plan to minimize estate taxes.
Given the complexities, you'll want to work with a qualified
estate planning attorney. Depending on your situation, you may also find it
helpful to work with other professionals, including a financial planner or
investment manager, a trust officer, an insurance agent, or an accountant. Keep
in mind, the attorney must be the one who drafts your estate planning
documents.
To find qualified estate planning professionals, ask
friends, financial and legal advisors, and colleagues for recommendations.
Before hiring anyone, it's a good idea to interview candidates and check their
credentials. They should provide you with an explanation of their fees and
an estimate of how much their services will cost.
Estate planning involves some of your most personal
information, so it's important that you and your family are comfortable with
the estate planning professionals assisting you.
For more information contact us at (760) 702-4046 or go to www.RudolphLegal.com
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