If you want to establish an estate plan, you should promptly speak to our estate planning lawyer in Mission Viejo, CA. An estate plan can be pretty complex, so it’s essential to have someone knowledgeable and experienced on your side. Here are several benefits of hiring an estate planning lawyer.
Make Sure Your Estate Plan Follows Current Laws
Estate laws in California are constantly changing. That’s why it’s critical to work with a knowledgeable estate planning lawyer. They will stay up-to-date on all the laws and ensure that your plan reflects the current laws. The last thing you want is for the court to consider your estate plan invalid because it doesn’t abide by the existing laws.
Guarantee Your Estate Plan Says What You Want It To Say
Some people choose to create their estate plans online to save money. However, this can backfire. Estate planning language can be pretty confusing for the average person. If you don’t understand something and make a mistake, your estate plan might not say what you intended it to. That’s another reason to work with a skilled estate planning lawyer. They will ensure that your plan clearly states your wishes.
Provide Valuable Legal Advice
Estate planning can be very confusing, so that you might have a lot of questions on your mind. That’s what an estate planning lawyer in Mission Viejo, CA is there for. They can answer your questions and provide valuable advice. For example, if you have a child with special needs, your lawyer may suggest setting up a special needs trust.
Save Time and Stress
As mentioned before, estate planning documents contain complicated legal jargon. If you don’t have a legal background, it can take you a long time to establish these documents independently. You may also get frustrated and want to quit. If you allow an estate planning lawyer to draft these documents, you can save a lot of time and stress.
Update Estate Planning Documents When Necessary
You will likely have to update your estate planning documents several times in your life. For instance, if you get divorced or have a child, you will want to update the documents promptly. An experienced estate planning lawyer can help you do that.
Common Myths About Estate Planning
Although thinking about your own mortality might not be pleasant, estate planning is a necessary step to take. It ensures that your final wishes will be carried out and that your loved ones will be taken care of after you’re gone. Here are some common myths about estate planning that you shouldn’t believe.
- Estate planning is only for the wealthy. This is one of the most common misconceptions people have about estate planning. The truth is that people of all income brackets can benefit from proper estate planning. Even if you don’t have a high-net-worth, you may still own property that you want to be passed to the right people, like a house and retirement account. You may also have personal items, like jewelry and photos, that you want to go to certain family members.
- A will is the only document I need. A will is an important estate planning document, but it isn’t the only document you should have. Several other documents, like a durable power of attorney and healthcare power of attorney, may be necessary for you to have. A skilled estate planning lawyer in Mission Viejo, CA, may assess your individual needs and recommend the appropriate estate planning documents.
- Young people don’t need estate planning. Unfortunately, many younger people don’t think enough about estate planning. They assume that they will live a long time and worry about it when they’re older. However, life can be very unpredictable. You never know if you will get into a severe accident or come down with an illness. That’s why it’s crucial for people of all ages to take estate planning seriously.
- If you have a will, your heirs will receive their inheritances immediately. While this might be ideal, it isn’t reality. Your assets will have to go through the probate process, which can take a year or more to finalize if you have a will. If you want your heirs to receive their inheritances, you may wish to speak to your estate planning lawyer about establishing a living trust.
- You don’t need a lawyer. Although there are many online DIY estate planning kits, you may want to think twice about using them. Estate planning documents are pretty complex. If you attempt to create your estate plan, you could make costly mistakes. If you use a skilled estate planning lawyer from the beginning, you know that your will and other documents will be valid.
Schedule a consultation with our estate planning lawyer in Mission Viejo, CA. Call Heritage Law, LLP today!
Ensure That The Estate Plan is Revisited
If you have already engaged in the process of estate planning with a lawyer in Mission Viejo, CA- congratulations! You have finally taken the significant step of ensuring that your wishes are outlined for the future, allowing you and your loved ones to access the advantages of estate planning. Whether you put it off for some time or have been diligent in developing these critical documents, you can finally have confidence in knowing that there is a plan in place for your estate should the unexpected occur. However, it’s essential to know that regularly updating the estate plan with Heritage Law, LLP is critical. Additionally, your estate plan may need another look for many reasons in some cases. After putting forth the time and effort into planning for the future, the last thing any person wants is to risk having an estate plan that is inaccurate or outdated.
Accessing the Benefits of an Estate Plan
Estate planning is the process of determining how assets will be distributed, identifying an executor to oversee matters when you are gone, choosing a guardian to care for children, and making plans for incapacitation. Essentially, an estate plan outlines your wishes if you cannot make decisions on your own. Estate planning can be a heavy process, one that you will likely want to get over with as quickly as possible. While a lawyer will undoubtedly help draft these documents in a timely fashion, it’s important not to rush when making these decisions. An estate plan offers you and your beneficiaries many benefits when done correctly. Advantages of developing an estate plan with an estate planning lawyer in Mission Viejo, California, include:
- Ensuring that your children are financially and emotionally cared for
- The opportunity to identify a responsible party to act as executor of your estate
- Reduce the number of assets that must pass through probate
- Reduce the taxes that may be placed on your estate
- Reduce the risk of familial conflict
- Outlines medical wishes should the family need to make decisions involving your care
- Identifies how assets will be dispersed to beneficiaries
Developing a will is not a difficult task when you have the assistance of a lawyer; however, you won’t want to see all of your time and effort go down the drain. Keep in mind that you won’t want to let it sit once you develop an estate plan.
Signs to Take a Second Look
An estate plan can be a vital tool for the future as it clearly outlines your wishes. However, it’s essential to remember that you will need to review and even update the estate plan regularly. Most people don’t remain stagnant throughout their lives; circumstances change, and life events happen, so regularly updating an estate plan is imperative. Here are some signs that it’s in your best interest to update your estate plan at least every 3-5 years:
- Changing Jobs
- Moving to Another State
- Change in Wealth
- Birth/Adoption of Children
- Marriage
- Divorce
- Changes in the Law
While these life changes should immediately trigger an update to the estate plan, there are other reasons to review these documents regularly. Revisiting beneficiaries, the appointed executor, and the chosen guardians is critical to ensuring that your decisions are kept up to date.
An estate plan that is clear and in accordance with state and federal laws is core to ensuring that your legacy carries on. Heritage Law, LLP has the resources and experience necessary to develop an estate plan that you can have confidence in. Learn more about services offered by reaching out to our Mission Viejo, CA estate planning lawyer.
