Why Estate Planning Isn’t Just for the Top One Percent
Corona Estate Planning Attorney Joseph Hudack says that there is a common misconception that estate plans are only for the ultra-rich – the top 1%, 10%, 20%, or some other artificial threshold of “enough” wealth, according to estate planning attorney Joseph Hudack, are frequently mistaken for the ultra-rich. Nothing could be further from the truth in actuality. A thorough estate plan can help people of all income and wealth levels. Sadly, many people have not taken the time to organize their legal affairs. Additionally, it seems that less people are even considering estate planning as a trend over time.
According to a 2016, Gallup News Poll (open link in a new tab) more than half of all Americans do not have a will, let alone a comprehensive estate plan. These same results were identified by WealthCounsel in its Estate Planning Awareness Survey. Gallup noted that 44 percent of people surveyed in 2016 had a will place, compared to 51 percent in 2005 and 48 percent in 1990. Also, over the years, there appears to be a trend of fewer people even thinking about estate planning.
The earlier you begin your estate planning, the better. The following four factors demonstrate how everyone, regardless of income or wealth, can gain from a thorough estate plan:
Future-Looking Family Objectives:
Asking yourself what your goals are is the first step. Taking care of a young child, an old parent, a crippled relative, or giving real and personal property to those who will value it and take good care of it are a few examples. Any estate plan benefits from having a clear understanding of the future goals and objectives of your family. If you can take the time to sit down and plan your trip, you can do the same for your estate. Your loved ones and future self will appreciate it.
Financial Confidence Now and After You Are Gone:
One illustration is losing your ability to support your family due to a disability. Another is the potential for dying too soon. Instead of letting the court appoint a legal guardian who would cost money and cause your family problems, you can decide who will govern your personal assets through an estate plan. While thinking about risks of this nature is never enjoyable, planning ahead assures that your loved ones will be ready in the event of a tragic event.
An important aspect of a good estate plan is to mitigate future and current risks. One example is becoming disabled and unable to support your family. Another is the possibility of dying early. Through an estate plan, you can choose who will be in control of your personal assets, instead of the court appointing a legal guardian who will cost money and be a distraction for your family. While contemplating these types of risks is never fun, preparing ahead of time ensures your loved ones will be prepared if an unfortunate tragedy occurs.
How to Protect Your Privacy:
If a person dies without a properly financed, trust-based estate plan, a list of their assets is made public after their passing. When a probate court must intervene, this happens. The legal procedure known as “probate” allows a court to manage a decedent’s estate. In general, a good estate plan should prevent the necessity for the intervention of the probate court, preserving the privacy of your family.
The Bottom Line: Seek Professional Advice
Working with a qualified team when it comes to estate planning has many advantages. Lawyers that specialize in estate planning have a larger and deeper understanding of money management, financial ramifications, and the law. You may feel at ease knowing that your family will be taken care of no matter what happens in the future when you engage with a skilled team to develop an estate plan.
We’re Ready to Assist
Contact Hudack Law today at (877) 314-4309 Toll-free. Please visit areas of service (open link in a new tab) or hudacklaw.com (open link in a new tab) for toll-free inquiries. Serving Arizona and California with pride.