A person doesn’t have to be extremely rich in order to use an Estate Planning Lawyer in Irvine CA to help plan their affairs. It’s unfortunate that more people don’t plan their estates properly. Without a proper estate plan, heirs can have trouble handling an estate.
Talking About It
One of the reasons that a person might not plan their estate is that they don’t want to think about their own death. It can be hard bringing up the subject of final expenses and estate planning, but it’s something that folks just have to talk about. A consultation with an Estate Planning Lawyer in Irvine CA can make the situation a lot easier to talk about.
An Ongoing Process
Once a person does decide to start planning their estate, they have to realize it involves more than just meeting with a lawyer one time. An estate plan might have to be upgraded. What if a person has another child or an heir dies? If an estate plan isn’t upgraded to fit a new situation, there will be confusion when the plan is executed.
Avoiding Wills
When a person starts to do some research about estate planning, they will quickly find out that some people despise wills. That’s because wills have to go through probate. Probate is something that costs time and money. With proper estate planning, it’s possible to avoid wills and probate altogether.
Gifting
There are people who choose to use gifts as part of their estate planning. The advantage of giving a someone a financial gift is that it doesn’t have a tax burden if it’s below a certain value. Naturally, anyone who is interested in giving gifts as part of their estate planning should consult with a lawyer to make sure that it’s done correctly.
If an individual wants to avoid a lot of confusion with their estate, they will consult with a lawyer about planning for when their heirs take over. Estate planning is something that people can start in their 20s and update until they are well into their golden years. Finances and personal relationships definitely change as time goes by.
