There is often a failure to follow through when it comes to the estate planning process. Less than half of Americans have put together a will to protect them or name a guardian for their minor children if something were to happen to the parents. The truth is that estate plans simply are not just for the rich, as any family member who has had to navigate the difficulties of probate can tell you.
But you might be able to more easily process what to do by thinking about leaving a legacy. A legacy is your family’s way to remember your impact on the world and theirs. At our Pasadena estate planning office, we regularly work with
Taking the first step up the ladder of creating a legacy is a very important way to ensure that any specific wishes you have around beneficiary designations or planning have been contemplated and properly documented. You can accomplish a lot of your legacy planning goals by being proactive about it. You’ve taken the first step towards legacy planning if you already have beneficiary designations on your certificates of deposit, investment accounts and bank accounts.
You can use transfer on death instructions with these accounts to ensure that your loved ones are able to receive these advantages sooner rather than later and will keep them out of the probate process. This certainly does not cover the comprehensive set of things you need to consider in the estate planning process, but it is one of the most important steps you can take. In fact, you might be able to build your confidence or discover that it’s easier than you anticipated, allowing you to continue with the remainder of your estate planning goals.
You can pass on memories about what was important to you while you were still alive by thinking about legacy planning as part of your current estate. Ready to work through your own legacy planning? Contact our Pasadena estate planning law office.
If you have more questions about the prospect of estate planning and what all it entails, schedule a consultation with an attorney you can trust. An estate planning lawyer is there to help advise you on how to create a customized plan for your individual needs.