This may seem like an unusual time to consider your estate plan. However, if you do not have a Will and/or Trust or if the estate plan you have has not been updated within the last 5 years, it may be the perfect time since you may be at home and following the Governor’s recommendations for remaining safe and healthy during the COVID-19 crisis. Too often, decisions about our estates are put off until there is an actual health emergency. In most cases, that means you may be too late to effectively address the issue. We can help you set up an effective estate plan, even during the crisis which is currently gripping California, the United States, and the rest of the world.
The most important reasons to consider an estate plan are to save time and money. Should you pass away without a will or a trust in place, your family could be tied up for months while the court determines the status of your assets and decides the proper way to distribute those assets. This process is known as “probate” and can cost thousands of dollars. This is not necessary and could put your family in serious financial jeopardy, particularly if you are the primary breadwinner.
Gathering Your Documentation and Thoughts
This is a perfect time to look at your investment portfolio, review your retirement accounts, and consider what assets need to be distributed in the event of your death. This can help avoid problems among family members and loved ones, at a time when they are already mourning your loss.
This is also a good time to consider as the right plan for your specific estate planning needs. Whether you have an extensive investment portfolio, multiple pieces of real estate or a very simple estate involving only your home, a few personal treasures and your retirement accounts, your plan must be customized to meet your specific circumstances.
What Estate Planning Tools Are Suitable to Meet Your Goals?
Before your estate plan is put into place, it is important to understand the tools available to meet your needs. The most common estate planning options include:
Anyone considering an estate plan, regardless of the timing should also be aware there are significant differences in your estate plan whether you choose a will or a trust. While a Will becomes part of the public record after your death because it must be filed with the Probate Court, a Trust keeps all your financial information private.
It is also important to note having a trust is almost always a much faster way to settle your estate since it does not need to go through the courts. We have had clients who have opted to use a trust because it is more effective, timelier, and in some cases, much more cost-effective.
Another part of an effective estate plan is tax planning. We can work with you to help minimize the amount of taxes which may be part of the distribution of assets from your estate, leaving more to your loved ones.
Estate Planning During Lockdown
We know this is an unprecedented time. While we normally schedule estate planning sessions in our office, we also understand the importance of remaining safe and healthy during the COVID-19 pandemic. We can help you feel safe by discussing your estate plan using modern technology. We can schedule all appointments via teleconference using secure technology.
Once we have your full plan in place, we will provide the relevant documents for review and make sure they meet your expectations. We will discuss any changes you wish to make and, if necessary, forward revised drafts, at no additional cost to you.
For those documents which require notarization, we will be prepared to have our local notary visit your home (taking proper precautions) and have all documents properly notarized. We are taking all the necessary steps to keep our clients safe
Please contact me, Steven M. Bishop, Attorney at Law and Certified Family Law Specialist, if you would like to get the ball rolling on your estate plan. In addition, you may contact me if you have any questions pertaining to an estate plan and why now is the right time to design a plan which works best for you and your family. Thank you for your consideration.
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