When Should You Start Estate Planning?
Estate planning is an important aspect of financial management that should be considered sooner rather than later. According to many financial advisors, starting an estate plan as soon as you become a legal adult is advisable. This is because estate planning isn't just about distributing your assets after your death, it also involves decisions about who will make financial and medical decisions on your behalf if you become incapacitated.
However, it's not enough to just create an estate plan; it should be updated regularly as well. Many experts recommend reviewing and updating your estate plan every three to five years. Besides this, you should also review it after any significant life event or change in your financial situation. Such events could include getting married or divorced, having or adopting a child, purchasing a home, starting a business, or receiving an inheritance.
Remember, estate planning can seem complex and overwhelming due to the legal jargon and the uncomfortable topics it deals with. However, with the aid of a qualified attorney you can ensure that your wishes are carried out and your loved ones are cared for even after you're gone.
Why You Should Hire an Estate Planning Attorney
Clients throughout Santa Clarita come to us asking why they need to hire a lawyer to handle their estate planning affairs if they can find “do-it-yourself” wills and other document templates online. Our seasoned lawyers have years of experience fixing poorly prepared self-made wills and trust that only end up costing estates extra time and money. Without a clear understanding of the legal process, people often aren’t equipped with the right tools to draft a proper estate plan that will hold up in court and allow assets to be distributed in accordance with the decedent’s wishes.
Don’t be fooled by what you may have heard from others or read online, drafting a will and establishing trusts for your estate plan is no simple task. It is actually far more complicated than most people realize, which is why you should consult with an experienced and efficient estate planning attorney to discuss all of your options under the law. In addition to helping you gain a clear understanding of your situation, an estate planning lawyer can:
- Update documents to account for major life changes such as divorce, the birth of a child, or the death of a loved one.
- Draft and review all of the legal documents in your estate plan to ensure they accurately reflect your wishes and comply with the current laws in California.
- Provide valuable advice regarding asset titling and beneficiary designations.
- Answer future estate planning questions for you and your loved ones.
