Plans are nothing. Planning is everything. ~Dwight D. Eisenhower
I don’t like to gamble, but I will bet most people fear the process of creating an estate plan, which is why many people don’t have one. Don’t worry, the State of California has a backup for those of us who haven’t put an estate plan in place. It might not be the plan of their choice, but the Probate Court will develop a solution…over the course of a year or two.
What many don’t know is that most estate planning attorneys do not charge for the initial meeting where clients can learn about what is involved in “estate planning”. The hardest thing for most people is making the appointment. After all, this involves discussing something most of us don’t want to consider–what happens after we are no longer around.
Here are the top questions many people have about estate planning:
1. Is a Will sufficient? A Will is better than nothing as it allows one to direct who is to be in charge of managing the estate and how the assets are to be distributed. However, a Will covering real estate or financial assets that are in excess of $150,000 will still need to be handled by the Probate Court.