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Many people mistakenly think that only rich people or people with large estate need estate planning. This mindset is wrong. Everyone needs estate planning whether his or her estate is large or small.
Estate planning helps you plan for your future. Who will manage your assets and make health care and financial decisions for you if you ever become disabled? How will your assets be distributed after your death? Who will manage or administer your estate, pay your debts, and distribute your assets after your death? How do you preserve your assets for your beneficiaries and how do you minimize the amount of taxes that are payable after your death?
If you fail to plan ahead, you will lose control over the distribution of your assets after your death. Your assets will be distributed instead according to intestate rules.
If you become disabled or unable to make decisions for yourself, your family, not knowing what your healthcare preferences are, will not know what to do when your doctor asks them to make a decision about your health. In case of disagreement, the parties will have to go to court so that the judge can appoint someone to make healthcare decisions for you.
Further, your family will not be allowed by financial institutions to have access to your money and financial information. Again, your family will have to go to court to get access to your financial accounts.
You will also miss the opportunity to preserve your assets for your beneficiaries and minimize the taxes payable after your death.
Our law firm can help you plan for your future so you could have greater control over your assets, your financial accounts, and your healthcare matters. We can create a trust, a will, a durable power of attorney, and/or an advance health care directive for you and your family. Call us now at (626) 331-8188 to schedule your phone or office consultation.