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Horizon Elder Law & Estate Planning Blog

Tuesday, March 20, 2018

5 Advantages of Estate Planning

How can an estate plan benefit my family?

Fewer than half of all Americans have an estate plan in place.  Estate planning is a topic that all too often gets pushed to the backburner until it is too late.  There are several major advantages to having an estate plan in California. Our San Ramon estate planning attorneys at Horizon Elder Law & Estate Planning, Inc. discuss how your family can benefit from having an estate plan below.

  1. Provide more for your family: If you die without an estate plan in California, your assets will be forced to go through probate. Probate can be an expensive and time consuming process, reducing the funds that will be left for your family. By creating a comprehensive estate plan, you can potentially avoid probate and transmit your assets directly to your heirs, leaving your family with more.

  2. Ensure your minor child is cared for: If you and/or your spouse were killed in an accident, your children may be left in limbo. They could end up in child protective services while a decision is made as to guardianship. With a will, you can name a guardian for your minor child so that you make certain your child is in loving hands no matter what may happen.

  3. Minimize your court and tax expenses: When you die without an estate plan, particularly without a living trust, the courts will be forced to distribute your property to you. The probate process can be quite costly due to court fees, attorney’s fees, and taxes. A living trust allows your assets to transfer to named beneficiaries without the need for court involvement, hence minimizing your expenses.

  4. Care for your loved ones swiftly: Without an estate plan in place, your loved ones could be forced to wait months or even years to receive your hard earned assets. A living trust or another carefully crafted estate plan will put money into the hands of your heirs immediately, allowing your family to continue to maintain their lifestyle.

  5. Plan for the future of your business: It is critically important for small business owners to have an estate plan. You can use your estate plan to allow the smooth transition of your business to your heirs or business partners. Without an estate plan, your business could crumble if something happens to you.

Do not delay creating an estate plan any longer.  Contact an estate planning attorney today to get started protecting your legacy.


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