Comming from the small town of Fallbrook, Ca. I found it nessesary to look around and find a mentor. I found Steve Bliss from the Law firm of Steven F. Bliss Esq. in Temecula, Ca. His primary focus is on Probate and Estate Planning in the Temecula area. One day I asked him a pertientquestion:
When Should You Start Thinking about Estate Planning?
Among many subjects this is what he had to say:
If you are even thinking about this question, the response is most likely NOW.
You have to start the process of estate planning now.
Specifically if you have a home and mortgage, children, and other assets, you need to begin getting a plan in place.
Among other things, you will wish to ensure:
– Your property passes to those you prefer;
– Your children will be taken care of;
– Your estate affairs will be managed.
What has kept you from beginning estate planning already? It might be that you think you are too young. You are healthy, and death and incapacitation seem like far principles. You might not think you have the cash. And you may not be sure how you want to pass on your assets and answer those other big questions.
But an excellent reason for starting estate planning now is that it offers you manage over exactly what takes place after your death. And understanding that you have provided for your loved ones can offer you great comfort.
Here are a few things to think about when starting out:
– First and foremost, you need a will. If you do not have a will, the state will decide who gets your home.
– Make a list of your home or business, how it is titled, the reasonable market price, and your indebtedness versus the property.
– Review your insurance plan and beneficiaries.
– Decide who will raise your kids and design a financial strategy to take care of them.
– Create a power of lawyer and a medical power of lawyer.
– Consider establishing a trust.
– Don’t forget to consist of funeral service preparation in your estate planning.
Evaluation your estate strategy from time to time and ensure it still fits your requirements.
Essential of all, engage a trusted estate planning lawyer who can help you navigate this complicated area.
If you are in the Temecula area, please stop by and visit my good friend and amazing Probate attorney Steve Bliss!