Many Americans have the mistaken belief that estate planning is just for the wealthy, but that is not the origin of the term “estate” planning.
Everyone who dies owning property or other assets leaves an “estate.” If you do not have property that would normally go through probate, then having a will is probably good enough. And drawing up a will is an important part of estate planning.
Another important part of estate planning is developing advance directives, which spell out your wishes in terms of healthcare and/or property management.
Some other reasons for having an estate plan include:
· You have children from one or more marriages or relationships
· You have minor children
· You have a disabled child
· You have no heirs but want your property dispersed to someone other than the state
· You have heirs you want to disinherit
Whatever the size of your “estate”, it is a good idea to formulate 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 949-450-0041.