The short answer? Yes; you need a will or trust! In fact, everyone needs a will, trust, or both to ensure their legacy is passed on in the way you intend. Most people feel strongly about the way they would want to provide for their children, spouse, and family members. And in the case of trusts, most people want to avoid probate. You might be surprised to learn that wills and trusts are not reserved for the wealthy. In fact, a well-drafted plan ensures that your assets won’t be drained in probate court. It also establishes your intentions for sentimental items and family heirlooms. And it can even state your wishes for the care of pets.
Digital Assets & Medi-Cal
Almost everyone maintains some sort of a digital presence these days. Estate planning ensures your online photos, records, and accounts will never disappear. This could prove important. For example, consider do you want to end up in a Medi-Cal-funded nursing home at the end of your life? A trust may also prevent or limit Medi-Cal from emptying your bank accounts or forcing the sale of the family home to repay nursing home costs. If you have a retirement account or IRA, a trust can also ensure that beneficiaries won’t face a huge tax burden with the distribution of funds.
Prevent Frivolous Spending
For families with significant wealth, estate planning and trusts keep your money where you want it to go. These wishes apply even if your spouse or children remarry, divorce, face a lawsuit, or fall victim to financial predators. Estate planning keeps your assets free from frivolous spending. Commonly cited statistics state that 70% of family wealth disappears within two generations. And 90% vanishes after three generations! More than half of high-net-worth individuals fail to discuss their wealth with their families. Don’t succumb to these statistics. Instead, use estate planning to pass along your wealth along with your wisdom.
Estate Planning For Richer or Poorer
For everyone, estate planning enables values to pass from one generation to the next. It also protects your wishes by clearly stating everything to make it clear. Informal discussions fail to earn legal standing when it comes to distribution of an estate. Guarantee your goals by executing a will or establish a trust with a qualified estate planning attorney.
About Skvarna Law
A skilled attorney can assist with your estate plan. Contact us today to learn about your options (909) 608-7671. We operate offices in Glendora and Upland, California. We provide legal services for individuals living in San Bernardino, Los Angeles, Orange and Riverside Counties. This includes the cities of Upland, Ontario, Rancho Cucamonga, Fontana, Colton, Rialto, Chino, Chino Hills, Glendora, Claremont, Montclair, Pomona, La Verne, San Dimas, Azusa, Covina, West Covina, Diamond Bar, Walnut, La Puente, Corona, Norco & Mira Loma. Visit SkvarnaLaw.com to learn more.
