When Someone Begins Planning For Their Or Their Parent’s Future Needs, What Are Some Of The Most Common Questions Or Concerns They Have?
One of the more common concerns is if the government will take a large amount from the estate, and the answer is no in most cases. Other concerns include the question of minor children and if they will inherit all their property at once. Without an estate plan in place, that is what will happen.
With an experienced estate planning lawyer, a client can explore options that will be best for their personal situation. The main component of an estate plan is the living trust. The client and lawyer together will create rules, timelines, guidance for your successor trustee, the person or entity you choose who will manage your assets after you pass away and make sure that all of your kids’ needs are met.
Do You Find a Lot Of People Avoid or Push Off Planning for Their or Their Parent’s Future Needs? If so, Why? Is COVID Changing Things?
Most people do put off planning for future needs for a variety of reasons. The most common is that people think they are too young to begin planning their estate. Many people are simply afraid of death. A surprising number of people think that once they write their will that means they are going to die. Others just find the idea of their own death and planning for it to be unpleasant to think about, so they avoid it for as long as possible.
As for planning for your own parents’ future, you can only encourage them work with an estate planning attorney to create a plan. Everyone should talk to their parents about this, to find out if there is a plan in place and if there isn’t, encourage them to go get one. If your parents don’t have a proper plan, you will be the one dealing with the probate court, paying the very high probate fees and dealing with the long court delays just to get control of the assets in your parents’ estate. That can be costly and will take a long time. People often do not speak to their parents about estate planning for a variety of reasons. Some people do not have the sort of relationship with their parents where they feel comfortable bringing something like that up. Money can be a sensitive subject, especially inheritance. A person can easily feel they will be perceived as greedy or dishonorable for asking about what they may someday inherit from their parents.
A good estate plan will definitely reduce the possibility of creating strife among the deceased’s children and other loved ones. Without an estate plan, families often argue. The smallest amount of money can cause siblings and family members to turn on one another. In order to minimize tension in the family, a good estate plan will have barriers in place to limit fighting and lawsuits.
For more information on Estate Planning in The State of California, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling 310-755-0383 today.