I will try to get you thinking about a subject you probably don’t want to think about.
It’s a bit dark, but if you have people you care about in your life, you need to think about it.
I’m talking about your estate plan and your living trust!
What would happen if you suddenly passed away?
Would the people closest to you know what your wishes are?
What to do with everything you left behind?
Do you want a judge to decide in an excruciatingly slow process while your assets are frozen?
This is especially important for us Californians, because our probate process among the longest, and most expensive in the U.S.
Experts recommend that you review your will or trust and make necessary changes to it every 4-5 years, or when you’ve:
- welcomed a child or grandchild to the fold
- changed marital status
- experienced a financial windfall or setback
- had a decline in your health (or the existing executor of your estate has had a change in their health)
- purchased or sold a home
- moved to a new state
- changed what you want to leave your heirs
I’ve heard many people say that they haven’t bothered to create an estate plan because they don’t feel like they need to.
Their family will honor their wishes without all the formality.
You’d be surprised.
There are countless horror stories of families torn apart by fighting over what their loved ones left behind.
It doesn’t matter if it’s malicious greed or simply misplaced grief – the pain and stress are real and can hit even the most loving families.
The good news is that this sad scenario can largely be avoided by keeping an updated plan and getting everyone on board.
Your challenge, if you choose to accept it, is to review your existing estate plan and update it.
If you don’t have one – start creating one.
Start by making a list of your beneficiaries and what you’d like to leave them, as well as what your wishes are for your end-of-life care and funeral plans.
Then I’d recommend getting a professional to turn your plans into a legal will.
If you need to talk to someone about how to make this happen, you can get 15 minutes in my calendar by calling (951) 698-4455 or going online and grabbing a time that works for you here: chatwithcraig
P.S. If you email me with two simple words: “trust planner” I will send you the actual planning document I give to my clients before sitting down with a trust attorney. Since estate planning attorneys start around $300 per hour, this could be a great starting point and save you real money. No charge. Just my way of helping you get started by taking the first step.