There are several situations where having an estate plan in place can be beneficial. Not only will an estate plan ensure that an individual’s assets are distributed properly after their death, but there are several benefits that the creator can enjoy, including tax savings.
Deciding on the right estate planning attorney in Redlands, CA is an essential part of moving forward with an estate plan. The first thing that a person will need to do before meeting with the lawyer is get organized. This means putting together a list of all of the individual’s assets, including investment accounts, bank accounts, life insurance policies, and retirement accounts. It is also important to include things like personal property, vacation homes, and valuable objects.
Before meeting with an estate planning attorney in Redlands, CA, an individual also needs to think about who will make their financial and medical decisions in the case that they become incapacitated. This could be from a debilitating illness or a car accident. It is wise to think about who would be the one to ensure that a person’s financial needs and medical wishes are cared for properly.
A trust may be a good option for some individuals. This is a legal document that allows the individual who creates it to have more control over how their assets are distributed, in comparison to giving assets as a direct gift to a trusted individual.
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