Who needs estate planning?

(By:Swapna Manikssys)

You do—whether your estate is large or small. Either way, you should designate someone to manage your assets and make health care and personal care decisions for you if you ever become unable to do so for yourself.

If your estate is small, you may simply focus on who will receive your assets after your death, and who should manage your estate, pay your last debts and handle the distribution of your assets.

If your estate is large, your lawyer will also discuss various ways of preserving your assets for your beneficiaries and of reducing or postponing the amount of estate tax which otherwise might be payable after your death.

If you fail to plan ahead, a judge will simply appoint someone to handle your assets and personal care. And your assets will be distributed to your heirs according to a set of rules known as intestate succession.

Contrary to popular myth, everything does not automatically go to the state if you die without a will. Your relatives, no matter how remote, and, in some cases, the relatives of your spouse will have priority in inheritance ahead of the state.

Still, they may not be your choice of heirs; an estate plan gives you much greater control over who will inherit your assets after your death.

Shatford Law has proven themselves capable of working with the largest and most complex cases for clients of all sizes, and maintaining day-to-day consultation on more routine matters. Attorney's at Shatford Law are exceedingly active and help clients with estate planning and business transactions in the Southern California area and play an important role in helping families preserve their wealth through the strategic planning.

(Article Source: http://www.ArticleBlast.com)

» posted in Court of Private Land Claims

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