William Daniel Powell
William Daniel Powell is a San Diego attorney that focuses his practice in the Estate Planning area helping families and individuals with Estate Planning needs. This is his regular blog where he writes on various subjects relating to estate planning and estate law.
Why Does Someone Need a Will or Revocable Living Trust?
What Motivates Someone to Create an Estate Plan?
Most of us just learned of Estate Planning from life. Perhaps it was a movie – we’re all familiar with the scene – where everyone gathers at the attorney’s office for a reading of the Will. As time goes on some people do some homework or talk to friends, and others think it is just something that has to get done. No matter how you arrive at the decision to create an Estate Plan, I think it is a good decision and I will show you how it advantages you to create one. I discuss advantages and benefits to various planning methods throughout my website, blog, and if you like, in person.
What are the Benefits to Creating an Estate Plan?
Most have heard that it is important to avoid Probate. I don’t know about you, but I don’t want California deciding how my estate is distributed. They’ve just never shown me that they were capable of handing the money they take from us in taxes in a responsible manner! While avoiding Probate is a great reason to create an Estate Plan, it is by no means the only reason. Read more about the costs of Probate in my blog.
I believe the reason people are motivated to create an Estate Plan is because of the benefits it provides them. It is really that simple. So the benefits are:
An Estate Plan helps us control our property effectively and efficiently while we are alive.
Proper Estate Planning also helps us provide for ourselves and our loved ones who are dependent on us should we become mentally incapacitated.
The benefit that most of us understand is the desire to give what we want, to whom we want, when and how we want. Also, in this giving we can help enhance the lives of those we select as beneficiaries, provide harmony, as well as help protect the inheritance of the beneficiaries from predators, creditors, taxes, divorce, and perhaps even from the beneficiary him or herself.
Another great benefit is that Estate Planning can minimize fees, taxes, court costs, etc.
As mentioned above, avoiding Probate and the associated cost and time consumption is achieved with a proper Estate Plan.
Finally, privacy is important to most of us and a Trust is private (whereas a Will is public record.)
Exactly what kind of Estate Plan that needs to be created is determined entirely by the client’s desires and wishes. Our most important job is to listen to you, ascertain your wishes, and suggest solutions.
Call today and let’s start talking.
Just like my website, nothing in this blog is intended as legal advice. If you need legal advice, contact an attorney licensed to practice in your jurisdiction. I am licensed to practice law in California. Further, please remember that I speak in generalities in my blog (and on my website). There are so many different factors that can contribute and completely change the outcome that it would not be practical to discuss all of them here. This is why I speak in generalities. Thanks again for reading.