What is an Estate Plan?

by | Mar 6, 2023 | Estate Planning | 0 comments

What does good estate planning entail? It involves more than just creating a will. An estate planning lawyer is necessary to assist you in producing various intricate legal documents for a properly written, thorough estate plan. You may locate the ideal estate planning attorney in Southern California at Barilari & Williams, which has offices in Pasadena and both Long Beach.

The idea that estate planning is only for the rich or the elderly is common. Indeed, comprehensive estate planning specifies who will receive your assets and property when you pass away, but it also lowers the risk of unforeseen costs being incurred by your estate, which might result in unforeseen costs for your beneficiaries. Most critically, though, effective estate planning creates a financial security plan to safeguard your loved ones after your passing.

Families, business owners, and anybody else who owns assets or buildings must have a suitable estate plan. No one-size-fits-all estate plans exist, so if you are at least 18, it is time to begin estate planning. Every strategy is different. Your particular financial, familial, and business circumstances will determine the ultimate draft of your estate plan.

What Goals Can a Good Estate Plan Achieve?

When done correctly, estate planning involves more than just creating legal paperwork. You make wise decisions all along the way to guarantee that, in the event of your passing or incapacity, your wishes will be carried out without the intrusion of the law.

You may already be aware that wills and trusts specify how an estate should be distributed in the event of a decedent’s passing. People of all estate sizes should create a trust or a will.

What Should Be Included in an Estate Plan?

A will, durable power of attorney, and advanced health care directive are sufficient for basic estate preparation, but most estates additionally need the establishment of a trust. A Long Beach estate planning lawyer can assess your situation and decide if a will or a trust is your best option.

A will or trust is just the beginning of a more thorough estate strategy. The estate planning lawyers at Barilari & Williams assist clients with creating estate plans that contain living wills, durable powers of attorney, and advanced healthcare directives.

A durable power of attorney permits the person you’ve chosen to manage your finances and make commercial or financial decisions on your behalf should you become incapable of doing so or handicapped.

A living will ensure that you won’t be subjected to “heroic” or extraordinary life support procedures, and an advanced health care directive allows you to choose someone to make specific health care decisions on your behalf.

In cases when you might not be able to make those decisions, such as if a kid’s parents or guardians become disabled due to a vehicle accident, a Long Beach estate planning lawyer can also draft a health care proxy for your child or children.

When Should You Meet With a Long Beach Estate Planning Attorney?

Do not attempt to perform your own estate planning. This must be emphasized more than enough. DIY “kits” and empty estate planning documents provide little legal protection. More is required for both your family and estate. Your loved ones can end up paying a high price for the money you may believe you are saving now.

A Southern California estate planning lawyer at Barilari & Williams, with offices in Pasadena and Long Beach, may create an enforceable, efficient, simple, or comprehensive estate plan that meets your circumstances and conveys your directions clearly and concisely.

Your initial consultation with a lawyer at Barilari & Williams is free of charge if you’d like to learn more or start the estate planning process. To arrange for that consultation, call us right away at 888-EST-PLAN.