Unless you have a sizable estate to leave behind when you pass away, it may be tempting to take a DIY approach to estate planning. The reality is that without proper knowledge and experience helping others preserve and protect their assets, doing your own estate planning can be a shortsighted mistake. When it comes to estate planning, the devil is in the details, and there are plenty of details in setting up and handling an estate. The professional help that a Santa Clarita estate planning attorney can offer makes it likely that your money and assets will be handled exactly how you wish if you become incapacitated or after you are gone.
In the eyes of the courts, your estate includes everything that you own and owe to others. It is the totality of your net worth. It includes your bank accounts, real estate, real property, investments, business interests, life insurance, and other assets. Estate planning can help protect your assets so that your loved ones have more of them to enjoy. Estate planning also helps reduce taxes and legal fees associated with settling your estate. It is vital that a seasoned estate planner helps you plan and manage your estate.
Once established, an estate plan may need to be updated (or it may not) over the years. No matter how well-formed your estate plan is, it must be updated as your life unfolds and your life changes. Milestones like the birth of a child or grandchild, divorce, acquiring business assets or real estate, and shifting relationships with people you are close to, are some examples of changes that may need to be reflected in your revocable trust and other related documents. Moreover, your estate plan may also change due to your own goals or due to changes in public policies and law.
Going it alone when it comes to estate planning offers you no legal help with the decisions you make for your estate. Because there is no cookie-cutter solution for everyone, some of the most important estate issues that you may need to implement might not even get included. A seasoned estate planning attorney can help you understand contingencies that need to be addressed concerning life’s major moments regarding beneficiaries, marital status, and more.
Mistakes in the planning process may be costly to fix if they’re even possible to correct when you are incapacitated or have passed away. But perhaps worse is failing to realize a mistake you have made and not addressing it, which can invalidate your estate documents.
There’s no room for error when it comes to estate planning, so it’s important that you trust the knowledge and experience of the Santa Clarita estate planning attorney you choose. At the Law Offices of Andrew Cohen, estate planning is what we do every day. We know the nuances of setting up California estates in a manner that accomplishes all of the goals you have in mind. You can contact us for a free consultation of your case by clicking here or calling 661-481-0100.