Do you need an Estate Plan

Last edited 1 minute ago by Ted Broomfield

Do I need an Estate Plan?

Only you can answer that.

One thing is for certain, if you have minor children, but you don’t have a valid guardianship document that instructs the Court who will be your children’s guardian if you and any other current legal guardian die, the Court, and not you will determine who your child’s of children’s guardian is.

Another thing is for certain. If you own real property worth more than $60,000 in California and do not have a valid Trust or a properly recorded Transfer on Death Deed recorded, that property will need to go through the probate process to be transferred after your death. In addition, without a will, trust, or transfer on death, the Court will decide who gets the property according to the probate code, and not your wishes.

If you are concerned for who will manage your finances and health care decisions if you become incapacitated, then you may want to consider an estate plan, or at least an advance health care directive and springing financial power of attorney.

If your only assets are financial assets like bank accounts, retirement accounts and brokerage accounts and your beneficiary forms are updated, and that satisfies you, you may not need an estate plan.

Feel free to contact my office for a consultation.

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