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What are the Key Strategies for Estate Planning?

What are the Key Strategies for Estate Planning?

Estate planning no longer only applies to the rich and famous. Anyone who has children or who has assets or important personal belongings should consider having an estate plan created, so you make the decisions that are right for you while you are able.

If you die or become incapacitated, a well-developed estate plan ensures that your healthcare, your belongings, your financial assets, and your children are taken care of in a manner of your choosing, not the state’s. Everyone’s estate plan will look different depending on their own unique situation. This is why it is vital to have an Orange County estate planning attorney tailor a plan that is uniquely yours.

Is Having a Will Enough?

Most of us understand the importance of having a will. A will is foundational to a well-conceived estate plan. But wills are limited in scope and only one of the essential tools that can comprise a comprehensive estate plan, depending on your needs and your family and financial situation.

Having a well-crafted estate plan not only ensures that your estate is correctly distributed to your heirs, but it can maximize what is left by minimizing fees, costs, and taxes. This saves heirs and beneficiaries stress, time, and added expense. Furthermore, your estate plan can also provide for your own future financial and healthcare concerns should you become incapacitated, or your family or healthcare providers must make critical end-of-life decisions.

Your individual personal needs must be considered when determining what tools and documents will be needed to ensure that your estate is fully safeguarded, your family is protected, and your health and welfare are considered for the future.

What Are You Looking to Protect?

Estate planning is all about protection. There are many matters to consider when developing a comprehensive estate plan. Depending on your personal situation, the main objectives of your estate plan may be to

  • Ensure your family’s financial security when you are gone
  • Name a guardian for your minor children
  • Ensure that your assets and personal belongings are distributed to the people you choose
  • Avoid disputes amongst family members, business associates, and other third parties when your die or if you become incapacitated
  • Avoid probate
  • Minimize estate taxes or other costs
  • Ensure or maintain control over property and assets if you become incapacitated
  • Make provisions for a favorite charity
  • Transfer ownership of a business in the event of death or incapacity
  • Reduce taxes
  • Provide support for special needs family members

Depending on your personal situation and objectives, there are multiple tools and documents that can be used in developing a comprehensive estate plan. Your estate planning lawyer may employ the use of a last will and testament, different types of trusts, establishing joint ownership of property, and advance care directives to ensure that your objectives are addressed, and your family, property, and long-term future personal welfare are protected.

Getting Trustworthy Estate Planning Advice in Orange County

Estate planning is highly individualized and will look different for each individual. Having a trusted estate planning lawyer is one of the most important components to ensure that your unique needs are being met and addressed.

For over 25 years, the Orange County estate planning attorneys at the Law Offices of Roshni T. Desai have been protecting California families and their futures. Let us help protect yours. Call us at (714) 694-1200 or contact us through our website to schedule a consultation to discuss your important estate planning needs.

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