Many people wonder if they need to plan their estate, feeling uneasy about leaving possessions to certain family members and wondering if those left out will be hurt. While estate planning may take extra time, it creates fewer hassles for loved ones after your passing.
Estate planning is more than simply creating a will, but is the careful planning of each asset you possess—everything from your home, furniture, monies, land, and all possessions. Basically, anything that belongs to you. Estate planning can also designate a caretaker of you and your estate should you become unable to do so. If no caretaker is designated for your estate, the courts will assign someone. Make sure you designate someone you can trust—a spouse, adult child, loved one, or close friend who is honest and dependable.
Your estate caretaker does not have to be qualified or trained in estate planning and care, but must be someone you trust. Too many people have been fooled by an insincere loved one and have lost much of their estate because they hastily appointed an unsuitable estate caretaker.
Regardless of whether your estate is large or small, planning for the care of it is necessary. By carefully planning for your passing, you can assure that your family members are cared for even after you're gone. Especially if your spouse or loved ones are older, careful planning becomes even more vital. You can also often provide tax-free gifts for them, depending on circumstances.
While planning your estate may take extra time out of your busy schedule, careful estate planning benefits everyone involved. It will not only set your mind at ease, but will assure that those who you want to inherit from your estate do so, while minimizing what goes to the government.
We will discuss appointing a caretaker for you individually when you cannot care for yourself in another post coming soon.
If you would like more information concerning your estate planning options, www.EstatePlanningSpecialists.com is a comprehensive online resource for personal wealth management solutions through wills and revocable trusts. Whether your estate planning goals are immediate or long-term, a California certified estate planning specialist will be able to counsel you on the best options available to you to meet your individual needs.