Estate Planning Overview for residents of Santa Clarita
In this estate planning overview, it should be noted that there is a widespread misconception of what “estate planning” consists of, as well as a misunderstanding that it is solely for the wealthy. This misunderstanding is due, to a large degree, to the financial service industry’s emphasis on lowering estate taxes for financially successful people – however that emphasis only covers a small percentage of people. The truth is, every person potentially needs an estate plan. While it doesn’t matter if you are 21 or 91, it does matters if you have a family or own property. Having a family or owning property is one of the main determining factors.
What is Estate Planning?
The core of any estate planning process consists of you (and your estate planner, if you don’t feel comfortable on your own) actively organizing or planning how you want to manage and dispose of your property upon your death. Of course, since each person’s estate plan should be consistent with their individual goals and objectives, it goes without saying that each person’s estate plan must be customized to his or her individual’s needs, desires and circumstances.
Why Should You Develop an Estate Plan?
Even if you do not consciously make an estate plan, there is no option not to have a plan at all. If you choose not to make your own estate plan, each of the 50 states in our great country has a plan in place for you. They are called intestate statutes. These statutes determine how your assets will be distributed if you don’t have a will, trust or other estate plan in effect at the time of your death. The intestate laws in the state where you live could result in your assets being distributed in ways you might not have wanted. Lastly, your estate could be hit with unnecessary legal fees and taxes as a result of your lack of planning.
The only way to avoid having the state’s plan applied when you or a loved one dies is to have a valid estate plan in place. Otherwise, you will have no say in the distribution of your property.
Law Freq Legal Services is here to help Santa Clarita residents with their estate planning needs.
The professionals at Law Freq Legal Services understands that you have questions concerning your estate planning needs. If you are a Santa Clarita resident and are interested in information about estate planning, please give us a call, or send us an email. We will be happy to answer your question for free. If you need more information, give us a call and set up an appointment to sit down to discuss your estate planning concerns in greater detail for free! That’s right, for free!
Contact Santa Clarita’s caring legal professionals at Law Freq Legal Services. Now, that’s good advice!
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