It’s 2021, and people still think that estate planning is only for the wealthy. This mindset makes them skip an essential step that can make things easier and better for their beloved heirs and family members. Not reaching out to a California or Hawaii lawyer for some simple estate planning documents, like a Power of Attorney, or Advance Health Care Directives, or a simple revokable Trust can be a grave mistake putting your family members in financial and legal trouble.
Make survival easy for your spouse
Making survival easy for the living spouse is most people’s priority. You may not be sure about whether your immediate family will be able to live independently for the rest of their life after your death. Estate planning can help eliminate these fears and ensure that their life stays happy even if you pass away.
Plan for incapacity in advance
You never know when you become physically or mentally incapable, stealing your ability to work and earn for your medical bills. Estate planning can help insure your affairs are kept in order when you become incapacitated, and your medical wishes are followed when you are unable to communicate them yourself.
Ensure assets get transferred to the right people
Another significant concern among elders is whether their property and assets will get transferred to the right beneficiaries. Sometimes, you may not want to distribute the property among all your family members equally. In that case, a clear estate plan that outlines the exact share of the property for each member, leaves no room for doubts or conflicts after you pass.
Ease the financial burden on your family
In addition to your spouse, you may want to make things stress-free for your children and other family members. What’s more, you can plan funds for funeral arrangements in advance, reducing the burden on your family.
Create a succession plan for your business
Business owners may find it challenging to establish a plan to keep their business going after their death. A failure to plan invites unnecessary conflicts later. Estate planning enables you to choose a successor and outline how your business will function.
Support a cause close to your heart
You may be passionate about a cause that you can instantly relate to. It is time to make it a part of your estate planning.
Takeaway
Estate planning is essential for everyone, whether you’re a millionaire or someone with a small business and limited assets. It is never a good idea to leave your younger generation fighting over a piece of property or asset after your death. So, consider estate planning to ensure that the right person takes care of your property, finances, and other belongings. The first step is to find an estate planning attorney in Hawaii or San Mateo to provide you with a power of attorney and advance health care directive.
Thank you for taking the time to read my blog. If you would like to receive notice as each new blog article is posted, fill out the “Contact Us” form and indicate in the comments section that you would like to receive an email. Your information will not be shared, and you will not be contacted for any other purpose, unless you specifically request it.
The contents of this blog are intended to convey general information only and not to provide legal advice or opinions. The posting and viewing of the information on this blog should not be construed as, and should not be relied upon for, legal or tax advice in any particular circumstance or fact situation. While effort is taken to update the information presented, it may not reflect the most current legal developments. Please contact CASHMAN LAW LLLC (Hawai’i)/ CASHMAN LAW LC (California) to consult with an attorney for advice on specific legal issues.