With proper estate planning, your wishes regarding your assets and medical care will be followed. Protect your loved ones and avoid leaving a financial mess for them by having an estate plan.
No one wants to think about dying or sustaining debilitating injuries, but you need to take precautions to protect your loved ones in the event of a tragedy. Estate planning is handled by an estate planning attorney. Rowling & Associates can explain the importance of an estate plan and generally what needs to be done to get your plan in place. For instance, we can review your accounts and assets to let you know what should be funded in your living trust to avoid probate court. It takes about 3 to 4 years for assets like a home to pass through probate to the proper heirs. And probate can easily cost more than $20,000 for one home. All this can be avoided with a proper estate plan.
Rowling & Associates can recommend what estate planning documents you should have, including:
- A will
- Living trust
- Advanced healthcare directive
- Power of attorney for finances
Beyond the document recommendations, Rowling & Associates does not offer estate planning services, but we can provide names of highly qualified San Diego estate planning attorneys that can create your estate documents. And by working with us first, you can come to your attorney with a plan for what you need.
The Importance of Estate Documents: A Real-Life Example
Many people know that Aretha Franklin passed away on August 16, 2018. Many people may know some of her most popular songs, such as “Respect” or “A Natural Woman,” and that she was often referred to as the Queen of Soul. However, something many people may not know about Aretha Franklin is that at the time of her death, she had $80 million and no estate documents in place.
The “F” word no one wants to talk about
Funerals: The topic no one wants to discuss. We plan for other important life events like weddings, vacations, and college, why not this? It could be something your family will really thank you for, even though you may not get to hear it.
The State of Your Estate
This is a tough subject that most people don’t want to think about until it’s too late. Yet these few basic actions can save lots of time and frustration when a need arises.