Estate planning is often overlooked when it comes to financial planning. In fact, more than half of all Americans do not have a will and even fewer have an estate plan. But is it true that everyone needs an estate plan?
Estate planning is about more than distributing your assets; it’s a way to avoid chaos in unforeseen circumstances and protect your family for the future. That’s why it’s important for everyone to have an estate plan, particularly in a state like California, where your money and property is determined by the state if you die without one. Whether you are starting from scratch or want to improve your estate plan, take the next step toward securing your legacy today.
Do Only Wealthy People Need Estate Plans?
These days, everyone needs an estate plan, not just wealthy people. Regardless of the size of your estate, you need protection for what lies ahead. In fact, a complete California estate plan includes a Living Trust, a Pour-Over Will, Durable Power of Attorney for Asset Management, an Advance Healthcare Directive, a HIPAA authorization, retirement accounts, your assets and properties, and more.
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In addition, an estate plan designates your beneficiaries so that you avoid both family battles over your end-of-life decisions and during probate. In California, a Will is not a substitute for an estate plan. Actually, it does not clarify what happens if you are incapacitated, let alone how your estate should be managed after your passing. If you only have a Will, your loved ones could face steep attorney fees, court expenses, and other costs, all while navigating probate for up to 18 months or more.
An estate plan is much more than a way for your family to save money. It’s also a way of securing your legacy, ensuring that your values, wishes, and assets are preserved and passed down exactly as you intend. If you own cherished valuables and assets, a business, or want to leave something to charity, then estate plans can facilitate that. For example, while charities can be named as beneficiaries in a will, you can also leave non-Roth IRA assets to a charity or establish a charitable lead trust (CLT).
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What About You?
Status quo estate planning traditionally focuses only on financial wealth — which is both limiting and short-sighted. We have estate plans for blue-collar professionals, single parents, divorcées, veterans, blended families—whatever life stage you are in.
If it’s true that everyone needs an estate plan, then where do you turn to get started?
Estate planning in California is particularly challenging, with factors like Proposition 13 tax caps, Medi-Cal issues, rapidly changing tax law and more adding to the process.
Contact Hatley Law Group and ensure that your wishes regarding money, investments, family, and end-of-life decisions are accurately honored. Plus, the firm will collaborate with you as the years progress to update and keep your plan relevant. Don’t leave your family in the dark after your death.
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