Estate Planning

Generally speaking, estate planning is the process by which a person arranges for their own desired distribution of their property at their death. The majority of people die without ever doing any estate planning because they think the law will automatically provide appropriately for the distribution of their assets to their heirs. Unfortunately, it is impossible to know whether or not their testamentary wishes are actually fulfilled. Others are reluctant to do their estate planning because of the discomfort inherent in thinking about their own mortality. However, the benefits of doing one's own estate planning far outweigh the benefits of leaving it up to chance.

Who needs an estate plan?

Most everyone understands the importance of implementing an estate plan when one is married with children. Planning for the care of children if disaster strikes is foremost on the minds of most parents when they are contemplating their estate plan. This is often the impetus for doing their estate planning in the first place.

Regrettably, many single individuals are unaware of the consequences of not having an estate plan should something happen to them when they are really the ones who need it most. Since there is no one with "automatic" legal authority to step in and take over should they become incapacitated or should they die, the court is forced to get involved. This process, called "probate" is expensive and time-consuming for all concerned. Preparing even a simple estate plan will allow a single person's estate to be administered without going through the probate court process.

If you want to know more, call for a Free ½ Hour Consultation with Kevin L. Day, Esq. (858) 755-6672