Addressing Common Concerns About Estate Planning
If you have not created an estate plan yet, it may be because you have many unanswered questions. You have already taken the first step by conducting research on creating an estate plan in California, yet may be unsure on how to draft a plan that pursues your unique goals.
Our attorney at The Law Offices Of Richard Wingerden will guide you through the estate planning process with ease. He works with his clients one-on-one and makes the process as simple as possible. Our law office has provided a few answers below to some frequently asked estate planning questions:
Does my will dictate how all of my assets will be distributed?
Your will dictates how assets in your name are delegated, however you may have shared property or assets that cannot be distributed to your beneficiaries.
I don’t have any assets, why would I need a will?
Other than a general will, you may want to incorporate a living will into your estate plan. A living will consists of directives that dictate how you should be cared for in the event of incapacity.
Isn’t an estate plan unchangeable after I create it? I need more time.
You have the ability to make changes to your will, your living will and any trust as often as needed. Estate plans are often updated in the event of divorce, the death of a beneficiary or when relationships become estranged. If neither of those things occurs, it is recommended that you update your plan every three years.
Why do I need to set aside funds for the reading of my will?
The reading of the will that is depicted on television is not the reality of the reading. When the time comes to read your will, your executor and/or trustee will consult an attorney to identify how to delegate what you have outlined.
Can I create an estate plan on my own?
It is possible to create an estate plan on your own. The risk in creating an estate plan on your own is the additional costs associated and legitimization of the plan. You will want to consult an attorney with experience to create your estate plan.