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What Goes Into Estate Planning?

Not many people like having to deal with estate planning, especially after the tragic loss of a loved one, which can often be difficult to bear. However, if you plan your estate ahead of time, it can make the entire process much easier on everyone involved.

What is Estate Planning?

For starters, let’s first establish what exactly estate planning is. It is usually defined as the act of preparing one’s possessions for transfer after the passing of a friend or family member.

This would include pensions, assets, life insurance, real estate, vehicles, personal effects and even debts.

How to Plan Your Estate

So how exactly do you go about it? An attorney can help you move things along with planning your estate.

Typically, people make out a will. However, if that’s not the case for you, under the current US laws, the person’s possessions are typically transferred to the next of kin.

If you are unable to locate a next of kin, the fate of these possessions are determined by the US intestate succession laws.

While these laws do typically vary by state, they usually state that the possessions of the deceased are to become state property. The state is then free to use these assets any way they want.

If you do make out a will, however, then you simply divvy up the assets according to your wishes.

To learn more about the estate planning process, you should consult your Coachella Valley estate planning law firm.

Trust, Estate, and Probate Litigation Attorneys of SBEMP

valerie_powers_smith1 What Goes Into Estate Planning? Lawyer Palm Springs | Orange County

Valerie A. Powers Smith

thomas-slovak What Goes Into Estate Planning? Lawyer Palm Springs | Orange County

Thomas S. Slovak

chelsea1 What Goes Into Estate Planning? Lawyer Palm Springs | Orange County

Chelsea M. Healey

wendy-new What Goes Into Estate Planning? Lawyer Palm Springs | Orange County

Wendy S. Dowse

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H. Neal Wells III

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Charles Gallagher

DISCLAIMER: This blog post does not constitute legal advice, and no attorney-client relationship is formed by reading it. This blog post may be considered ATTORNEY ADVERTISING in some states. Prior results do not guarantee a similar outcome. Additional facts or future developments may affect subjects contained within this blog post. Before acting or relying upon any information within this newsletter, seek the advice of an attorney.

 

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