What Are The Basics of Estate Planning?

Estrada Legal PC works with individuals to create appropriate estate plans to ensure that they and their family are protected from unplanned events. Simply stated, we believe your family is your most important asset. You may be wondering what exactly is included in an estate plan or if you need planning for your current assets. Many people believe that estate planning is only for the wealthy, while planning may vary, estate planning should be established for everyone young and old from all walks of life.

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What Makes Up An Estate?

An individual’s estate consists of their family and all the assets that they possess at the time of their death.

You should treat your family as a critical asset as they may need specific planning for their wellbeing. As one example, consider young children, they may need guardians identified as part of your planning.

Assets can include securities, real estate, interest in businesses, personal property, cash, retirement plans, IRAs and life insurance policies.

Who Should Consider Creating An Estate Plan?

Everyone who works hard to establish retirement funds, owns property or wants to help create future gifts for their children or families should create an estate plan.

Many people tend to put estate planning on the back burner, but the truth is, it is never too early to establish the legal documents necessary to plan for the future. Having survived a serious car accident, Giancarlo Estrada is well aware of how quickly unplanned events can happen.

As assets and families change, your goals and planning should change accordingly.

If you want your estate distributed after death the proper individuals creating a will or living trust will help to ensure that assets are distributed appropriately.  Some assets may be penalized by high taxes and estate planning can help alleviate some of the money the government tries to take from you. Creating an estate plan is also great for individuals who have heirs that may need assistance with the financial gift left to them.

What Is A Well-Designed Estate Plan?

A well-designed plan should address three key areas, your incapacity, transfers and your legacy.  When properly put together, it will make sure that decision makers are put in place to take over in case you are unable to, your decisions on how your assets should transfer are in place and you have identified your preferences on how any inheritances should be used.

Estrada Legal PC believes your family is your most important assets. Planning for the future and protecting assets is something everyone needs to take the time to do. Please contact us today for more information on the basics of estate planning.

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