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.
What might be the financial cost of NOT implementing an estate plan?
Dying without an estate plan will probably force your family to become involved in a “probate” in order to administer your estate and distribute your assets to your heirs. Even if you become incapacitated without doing advance planning, a certain type of “living probate” may be necessary. Probate, being a court proceeding, can be a long, drawn-out, costly undertaking. For example, in California, a simple probate will often take from nine months to two years and will cost from 4-10% of the value of the decedent’s estate. Though states’ probate courts vary in their efficiency, probate proceedings are of public record and privacy goes by the wayside. Implementing a properly executed estate plan will help your family avoid the probate court if you become incapacitated or when you die.
Comprehensive Revocable Living Trust Estate Plan
A Comprehensive Living Trust Estate Plan prepared by Day & Associates is an excellent way to achieve the many benefits of a thorough estate-planning package. Benefits of the Comprehensive Revocable Living Trust Estate Plan
Other Types of Estate Planning Documents
Many other types of trusts and entities may be used when developing a complete estate plan for a client including but not limited to the following: