Have you been putting off creating an estate plan? Are you busy working all the time, spending time with your children and enjoying your spouse? Or are you busy with retirement, spending time with your adult children and grandchildren and still enjoying your spouse? As a parent, you know while your children were young you tried to provide for their needs. As adults, you know that you are always there for your children and grandchildren. So, with all that you have done, you need to create a good estate plan to positively impact their future if something should happen to you.
How do you create an estate plan that will help your family and not hurt them? How do you develop a plan that will create the legacy you want to leave behind and help provide for your children and grandchildren? We want to share some ideas we have that you can use right here in our blog.
Begin with a good California estate plan. Be aware that there is a lot to think about and decide when you are working on your estate plan. That being said, we highly recommend you work with an experienced California estate planning attorney. She will be able to guide you through the process to be sure that your legacy, your family and your lifetime and end of life wishes are addressed. She will have questions like: If you are in a car accident, who will pay the bills? Or authorize emergency surgery? Or manage your small business? Or take care of your minor children? Not only can your California estate planning attorney help you answer these questions but she will be sure that you have the legal documents in place that you will need to authorize your intentions.
Next, you need to have a plan for your minor children. Think about the following: What would happen to your minor children if you suddenly passed away? Who would be in charge of their person, as well as the monies you may leave to them? If you are married, are you and your spouse in agreement? It is important that you start answering these questions now and have a plan in place, before a crisis.
In addition, you need a plan for your adult children. As seen above, your estate plan for your minor children will deal with issues such as custody and money management, should you pass away. However, if you have adult children there are issues you and your adult children may face and they may also be complicated. For example: How do you want your legacy to continue on with your adult children after you are no longer here? Should your grandchildren be included? Do you need to build protections should your adult child suddenly become disabled or go through divorce or bankruptcy? Again, it is important that you work with your experienced California estate planning attorney so that together you can work to address these key issues.
Finally, have an estate plan that will limit the potential for conflict. The death of a loved one is always difficult for any family to face. By having a good and strong estate plan you can help avoid conflict within your family. There is no question that a well written and properly executed California estate plan can reduce a number of potential challenges and confusion that could otherwise arise.
Again, we strongly encourage you to work with an experienced California estate planning attorney. There is absolutely no substitute for experience and knowledge in this area of the law. You do not want to protect your children by just creating a form. As you work with an experienced California estate planning attorney, she will be able to guide you to reach the solutions you want for yourself and for your children.
We know this article may raise more questions than it answers. Our office is here for you and your loved ones. Please call us to schedule a meeting time.