One common reason for overlooking estate planning is because it feels overwhelming. You might even assume that you don’t have enough assets or substantial enough assets to warrant estate planning.
The truth is that no matter the volume of your assets or wealth, you and your family can benefit from the estate planning process and that usually begins with creating an inventory of your assets. Once you start a document keeping track of all of the different assets that you own, you might be surprised by how many you have when you incorporate digital assets and collections.
Assessing your family’s needs can help you to determine whether or not the assets you already have and are capable of passing on are enough to support your family’s needs after you pass away. One of the biggest reasons to engage in estate planning is to ensure that your loved ones are cared for in the event of your incapacitation or your death. The loss of your income could put your family at risk if you are the primary provider. A life insurance policy can assist by providing a financial cushion that can be used to cover college tuition costs, mortgage payments, and living expenses.
Naming a guardian will also make it easier for this chosen person to step in on your behalf and take care of your minor children if you and the other parent are no longer around to do so. If your estate plan could use an update, now is a perfect time to set up a call with your estate planning lawyer.
How will you think ahead about making things clear for your family members and still in line with your estate planning intentions? Do you know where to start or could you benefit from our guidance?
Ready to walk through your options and chart out an estate plan that takes your needs and your family’s dynamics into account? Our office in Pasadena is currently accepting new estate planning clients. Contact us now to set up your first meeting.