By Shaun Murphy
Our Palm Springs estate planning law firm suggests you weigh the risks of not having an estate plan. In the event you pass on before having one created, your dependents and family have to take care of the transfer of all possessions into their names. However, it is not that easy. Here are a few reasons why you want to create an estate plan:
Probate Avoidance - Having an estate plan guarantees that you bypass probate altogether meaning it is a lot easier and cheaper. It also does not become a matter of public record.
Loss of Capacity - If you want to be the one to decide who will handle your affairs in the event you become incompetent then make sure that you have an estate plan.
Minor Children - With an estate plan you are the one that gets to choose who will provide for and care for your minor children. Without one, the courts decide.
Children With Special Needs - An estate plan allows you to have a Supplement Needs Trust, which ensures they can use the trust assets for non-covered expenses and still be able to use government assistance.
Blended Family - An estate plan allows you decide what your spouse will receive, what your children will receive and what the children from other marriages will receive. Otherwise, the courts decide.
Business Ownership - An estate plan will ensure that you will get to decide will take ownership of your business. Without one, the courts decide.
Inheritance - A Palm Springs estate planning attorney helping you with your estate planning needs you will be the one to decided who will receive your assets and when they should receive them.
Contact Our Palm Springs Estate Planning Attorneys
Schedule a consultation to discuss your case by calling us at 760-322-2275.