YES answers indicate potential issues in the areas of tax, cost, and delay of probate, or simply lack of a plan to carry out your wishes. Estate planning allows you to apply the law to achieve your goals, to preserve assets for your chosen beneficiaries, and to minimize bureaucracy and administrative expenses.
- Would you like to avoid probate of your estate?
- If you or your spouse passed away today, are you uncertain about what would happen to your assets?
- Does your will leave property to someone other than your spouse?
- Do you have minor children or other people who are dependent on you? If you were not here to provide for them, would they be in financial trouble?
- Has it been more than one year since you reviewed your estate plan, including your will, life insurance policies, and any other documents?
- If you became incapacitated, would your family have to go through court proceedings to carry on your affairs?
- Do you have any children by a previous marriage?
- Do you own assets in your sole name?
- Is anyone other than your present spouse listed as beneficiary on any life insurance policy or account?
- If a death occurred and court approval was required to release accounts for working capital, could it disrupt a farm, business, or overall family financial well-being?
- May the total value of you and your spouse’s assets be large enough to create estate tax?
- If your current plan of distribution was followed, would assets have to be sold to pay expenses?
- Do you own any property which has substantially increased in value since you originally acquired it, or which has been depreciated for income tax purposes?
Call my office at 714-639-1990 or email us today to set up your free initial consultation to discuss your estate planning needs.