Growing your estate so that you and your loved ones can enjoy a comfortable lifestyle involves years of hard work. You don’t want to worry about your effort being squandered in the future once you pass away or if you become incapacitated.
Luckily, you don’t need to. At the Law Offices of Andrew Cohen, you’ll find an Encino estate planning attorney qualified to help you and your family prepare for the future.
What is Estate Planning
An individual can accumulate a large number of possessions and assets over the course of a lifetime. They may want to ensure their assets are bequeathed to certain parties or managed in certain capacities according to their wishes should they pass away or become incapacitated.
This is one of the essential elements of estate planning. Planning an estate may involve such additional tasks as:
- Creating a will;
- Making charitable donations to minimize estate taxes;
- Making arrangements regarding the custody and/or guardianship of minor children;
- Establishing trusts with the proper provisions and structure for your unique situation, goals and assets;
- Granting someone power of attorney;
- Providing for the special needs of family members.
Those are just a few examples. The various items involved in creating a good estate plan vary on a case-by-case basis. Our lawyers will work closely with you to ensure all necessary factors are accounted for and thoroughly addressed throughout the process.
Why is Estate Planning Important
Don’t wait to coordinate with an estate planning lawyer until the plan is actually needed to be implemented. It’s critical to plan ahead, because if it is ‘needed’, then it’s probably too late to be able to create it. The time start making certain key decisions about your family’s future is now, while you are alive and have full capacity.
Estate planning is important for the following key reasons:
- Preparation: No one enjoys thinking about passing away or becoming severely incapacitated. However, it’s impossible to know for certain what the future may bring. Planning your estate in a timely manner can give you and your loved ones the peace of mind that comes from knowing certain essential matters have been properly addressed now.
- Making your own decisions: If you die or become incapacitated before completing the estate planning process, the courts may have to make various decisions regarding your estate. There are no guarantees the court’s decisions will align with your wishes. Ensure you have full control over your assets and other aspects of your estate even after your death by working with a legal professional to make your own decisions before the court can make them for you.
- Protecting your health: Estate planning sometimes involves setting aside funds or establishing your health care wishes to ensure you receive proper treatment according to your desires should illness or injury leave you incapacitated.
- Protecting your children: Hopefully, you’ll live long enough to see your children become adults and have the ability to take care of themselves. However, the unexpected is always possible. By planning your estate early, you can ensure your children are appropriately cared for should you pass away while they are still younger.
Estate planning, contrary to what some believe, isn’t exclusively for high net worth individuals. Regardless of how wealthy you may be, hiring an estate planning lawyer to help you make critical decisions about your estate, now, for a time in the future when you’re no longer able to manage it yourself, is a wise decision.
Contact an Encino Estate Planning Attorney Today
Plan your estate with professional assistance. This can be a complex process. It’s much clearer, and much less overwhelming, when you work with an experienced professional. To learn more, contact the Law Offices of Andrew Cohen by calling us at 661-481-0100 or contacting us online.