Anyone who has children, savings, and a home should have a legal estate plan. Most people think estate planning is only for rich people, but the truth is estate planning is important for everyone. The Law Office Of Raoul J LeClerc Paradise CA, warns that estate planning protects families at the end of a loved one’s life. It prevents all of their hard earned assets and money from being taken, leaving their family in a desperate situation. As important as estate planning is, the majority of Americans do have a plan in place for their family’s future. This leaves every unprotected family at risk for expensive legal battles and endless court fees, just trying to save what was left of them.
So why do so many Americans avoid making a plan? Because the concept surrounds the idea of death, which our society has deemed morbid, so we do not talk about it. Even though it is associated with death, the topic should not be avoided.
What If There is No Estate Plan?
If a person does not have an estate plan in place, their family will suffer through months, or years, of the probate court. During this time, anyone who would have inherited property, money, or assets through their legal will, and if they owe any debts, property and assets are sold off until the debts are paid in full. After the debts are paid in full, the court will then distribute what is left of their assets, according to the wishes they outlined in their will.
Helping Loved One’s to Avoid Probate
The first thing persons need to do is to assign certain assets to the beneficiary they want to pass the asset on to. This estate plan is handled just like a life insurance policy is. The asset, property, or another item that is assigned will go directly to the designated beneficiary.
Certain assets cannot be assigned through an estate plan. Items like houses, bank accounts, or rental homes, cannot assign directly to a designated person. These items will have to be listed in a will. However, if any debts are owed, the family will be dragged through probate court before the person inheriting them to is able to take ownership.
For those interested in creating an estate plan and need to know where to start, Click Here to contact Law Office Of Raoul J LeClerc Paradise CA to find out more.