As we approach a new year, and a new decade, many of us are eager to make some big changes. For many, that means creating a list of goals aimed at self-improvement: exercise more, drink less, learn a new skill, spend more (or maybe less) time with family, take that trip you’ve been putting off forever. A fresh year is ripe with possibility…

But while self-improvement is important and fulfilling, there is one more goal that you should add to your list: make sure your loved ones are protected in case of emergency by setting up or updating your estate plan.

I received multiple phone calls last year from people whose relatives ended up unexpectedly in the hospital and they were in a panic because that person did not have any plan in place. Unfortunately, it was often too late to create one. When someone falls ill or passes away without warning, the first thing people ask is whether they had a will or trust. Most often, the answer is “no.” At that point, the grieving family must deal not only with the emotional toll that comes with losing a loved one, but also the logistics of settling that person’s estate – which often means involving the probate court.

Many people falsely assume that if you are married, estate planning is not that important because your deceased spouse’s property will automatically pass to you without a court order. But that is not necessarily true. Because California is a community property state, there is a possibility that a court will need to determine which of the decedent’s assets are community property and which are separate property. If a court finds that the decedent owned separate property, the court will then need to determine who should inherit that property based on a number of factors. The only way to avoid this is to set up a trust—which can hold both community and separate property—that specifies how the property should pass.

Finally, for parents of young children, it is absolutely crucial that you have a plan in place to ensure that your children are taken care of if something should happen to you. This means not only choosing who will raise your children in your absence, but also making sure that you have the means to provide for them and a system in place to protect their inheritance from future creditors, unscrupulous friends, romantic partners, or even themselves.

I know many people put off estate planning because it involves uncomfortable conversations and tough decisions. But believe me, in most cases the process is much simpler than you think and you will rest easy knowing that your family is taken care of. 

So set up a free consultation today and allow me to help you begin 2020 with the peace of mind that comes with knowing your family is protected.