Contrary to popular belief, you don’t need to have a multi-acre oceanfront estate to need an estate plan. The fact is, if you are over the age of 18, you should at least execute a will to leave whatever possessions you may have to your heirs.
Anyone who owns property – a car, jewelry, furniture, a home – has an estate. If the value of your property is under $150,000, then a simple will should suffice to pass along your assets. However, other estate planning devices are necessary if you:
· Have a minor child
· Have children from a prior marriage or relationship
· Have a special needs child
· Have no heirs but wish to distribute property to others
· Have an heir that you wish to disinherit
· Want your health care providers to know your wishes for treatment in case of your incapacity
· Want your financial affairs to be handled properly in case of your incapacity
Estate planning is necessary no matter the size of your “estate,” and an Irvine estate planning attorney can help you create an estate plan that reflects your wishes after you’re gone.
The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, they are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0042.