As the 2020/21 school year wraps up, we take this opportunity to thank teachers for the time and attention they devote to teaching the future generation. Teachers provide the foundational knowledge necessary to ensure the success of tomorrow’s leaders. Similarly, we make sure our clients and friends possess the foundational estate planning documents for a successful future. In this blog, we refer to it as an estate lesson plan. The following basic questions and answers about estate planning may impact your life.
What is an Estate Lesson Plan?
Although you may not own millions, your estate needs a proper legal plan, or an estate lesson plan. Estate is a general term referring to everything you own. This includes bank accounts, real estate, household furniture, automobiles, etc. When you die, everything you own finds its way to a new owner.
Estate Planning & Lesson Plans
An estate plan is a personal set of lesson plans for a trusted decision-makers’ use. The legal documents which dictate what happens to your money and property at your death comprise the lesson plans. If you have a minor child, your estate plan enables you to nominate your child’s guardian. Some estate planning documents allow you to dictate what happens during any period if cannot make end-of-life decisions.
Is Retirement Planning Necessary?
Depending on your school district, several different retirement planning options may be available to you. Defined-benefit plans, also known as pension plans, calculate ahead of time. These promise a specific payment amount when you retire. Defined contribution plans allow you and your employer to contribute money to your individual account. The amount you receive from this type of account is based on the investment results. Regardless of the available options, you may need to do homework to make sure you understand the basics of your plan:
- What type of payments will you receive: a lump sum or installments?
- Do payments stop at your death?
- Does your spouse receive any money at your death?
- Should your children receive payments at your death?
- Do you need to complete any paperwork to control what happens at your death?
- What happens if you die while you are still employed?
- What happens if you die before you retire but after you are no longer employed by the district?
- Because the rules governing retirement plans can vary depending on the type of account, it is critical that you study and understand your plan’s rules and requirements.
About Skvarna Law in Glendora and Upland, California
Skvarna Law Firm operates offices in Glendora and Upland, California. We provide legal services. We cover San Bernardino, Los Angeles, Orange, and Riverside Counties. This includes several cities. Upland, Ontario, Rancho Cucamonga, Fontana, Colton, Rialto, Chino, Chino Hills, Glendora, Claremont, Pomona, La Verne, Montclair, San Dimas, Azusa, Covina, West Covina, Diamond Bar, Walnut, La Puente, Corona, Norco & Mira Loma.
