We offer the option of consultations and meetings in-person, video & phone.

Reasons to create an Estate Plan in 2023:

Reasons to create an Estate Plan in 2023:

  1. Avoidance of probate: Probate is a burdensome process that will cost your estate significant time and money, delaying the transfer of assets to your heirs and subjecting your estate to increased costs and court intervention. Having an estate plan in place that includes a trust will allow your estate to avoid probate in the future.
  2. Peace of mind: If you die without an estate plan, the law will direct how your estate is distributed. In some cases, that may even require that a person’s assets “escheat,” or be distributed to, the government! Having an estate plan in place allows you to specifically direct where your assets will go, upon the terms that you decide.
  3. Protect yourself in an emergency: Financial and medical powers of attorney are a part of a full estate planning portfolio. These documents can become extremely useful in times of emergency or for simple convenience, whether you are unable to act for yourself based on some form of incapacity or simply unavailable. These documents can also allow you to avoid a conservatorship proceeding!
  4. Protect your loved ones: Having an estate plan in place that is uniquely tailored to your and your loved ones’ specific circumstances can provide great care and protection. For example, if one of your loved ones receives public benefits, a properly drafted estate place will allow them to continue to receive those benefits. Without this, the inheritance may disqualify them from further benefits, requiring that they fully exhaust the funds for daily expenses, rather than supplement and enhance their day-to-day life.
  5. Save taxes: The federal government will impose transfer tax on transfers to heirs under certain circumstances. With a current flat rate of 40%, transfer taxes are something that you and your heirs certainly will be eager to avoid!

Contact us today to schedule a telephone, video or in-office consultation to address your estate planning needs.

This material in this article, provided by Chauvel & Glatt, is designed to provide informative and current information as of the date of the post. It should not be considered, nor is it intended to constitute legal advice.  For information on your particular circumstances, please contact  Chauvel & Glatt at 650-573-9500 for legal assistance near you. (photo credit: Depositphotos.com)


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