4 Benefits of Having an Estate Plan

There is a common misconception associated with putting together an estate plan which revolves around the concept that an estate plan is only beneficial for a person that has an abundance of wealth. The reality is, regardless of your finances, there are tremendous advantages of putting together a thorough estate plan with an experienced estate planning attorney in San Diego which can make things easier for both you and your family during your lifetime and after you pass away.

 

You could even argue that it’s more important to the average family to get together an estate plan over someone without an abundance of wealth. Losing tens of thousands of dollars and two years of time to Probate may not have a big impact on someone inheriting a large estate or who is independently wealthy, but when we’re dealing with a more modest estate every dollar and delay is deeply felt.

 

The Advantages of Having an Estate Plan

Are you still on the fence about whether or not it’s a good idea for you to work with an estate planning attorney on your estate plan? Here are just a few reasons why taking this step is advantageous for you:

 

1. Peace of mind

Having comprehensive estate planning documents can provide you with the peace of mind of knowing that when you pass away, your assets will be distributed to your beneficiaries as you want them to be and not how the probate court thinks they should be. Remember, you have control over the distribution standards of your documents which means that you can name exactly who gets what and how much of it they get when you’re no longer with us.

 

 

2. Ease family stress

It’s important to keep in mind that estate planning documents aren’t just pertinent after a person dies but certain documents can be used during life. For example, if you’re in a position where you’re unable to make financial or medical decisions for yourself, certain estate planning documents such as a power of attorney or a medical healthcare directive can give your family members and doctors the guidance that they need to make decisions on your behalf.

 

3. Preserve your legacy

Many people are unaware of the expense associated with going through the probate process in California. The reality is that it could cost your estate tens of thousands of dollars in attorney fees and court costs if you either don’t have estate planning documents or they are not structured correctly. Structuring comprehensive estate planning documents can ensure that your family members don’t have a bulk of their inheritance going to legal fees or unforeseen taxes.

 

 

4. Plan for your minor children

Do you have children that are under the age of 18? If so, it’s critical that you have estate planning documents in place that will indicate who will care for your minor children as well as safeguard their inheritance. For instance, you can structure your documents in such a way where a trust is established for the benefit of your minor children which allows them to receive monetary distributions only at a set age or series of ages beyond just 18 years old. You can also set things up in a way to give them the gift of asset protection along with their inheritance. When you come for your initial consultation, we will speak with you in greater detail regarding your options for this critical aspect of your estate plan.

 

Related post: The Ultimate Estate Planning Checklist and Timeline 

 

Get in Touch with Our Experience Estate Planning Attorneys in San Diego Today

As trusted estate planning attorneys in San Diego, you can take comfort in the fact that the Jenkins & Jenkins, Estate Planning team has your best interests at heart. We take the opportunity to get to know our clients better and understand the goals that they have for their estate plan. From there, we work closely with you to draft estate planning documents that clearly state your wishes. Don’t forget, if you have older documents, our estate planning attorneys are happy to review these documents to confirm that they are still in line with your intentions. Get in touch with us today to book your initial consultation with one of the best estate planning attorneys in San Diego.

 

Testimonial from Karen, Satisfied Estate Planning Client 

We worked with Michael Jenkins on an amendment to our Trust. Michael reviewed the trust, worked with us on the items we needed to change and then created the amendment. He patiently answered our questions and explained some of the complicated legalese. If you are looking for a firm to handle your trust, we highly recommend them. We have already recommended Jenkins & Jenkins to other family members and will definitely tell our friends.

Michael Jenkins

Comments (02)

  1. August 26, 2021

    I like that you mentioned that having an estate plan is a good way to make sure that my family wouldn’t experience any stress regarding the redistribution of my possessions once I pass away. I still have decades before my retirement but I would like to consult an estate planning attorney soon. That way, I will be able to know when would be the ideal time to make an estate plan in relation to how many significant possessions I have.

    Reply
    • Michael Jenkins
      August 26, 2021

      Hi Alice, thanks for taking the time to comment! A common misconception is that estate planning should only take place as we near retirement or even later in life. That’s certainly not the case! Everyone over the age of 18 really should have their own estate plan in place, but what’s in that plan will differ from person to person depending on circumstances. Feel free to reach out to us anytime to schedule a consultation and talk through your specific needs.

      Reply

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