Fremont estate planning lawyerWhen children grow up and start their own families, grandparents may want to consider a reevaluation of their current estate plan to ensure they have made provisions for their grandchildren. This may be especially critical if there are any special circumstances, concerns, or issues within your family. Learn more about leaving an inheritance for grandchildren with help from the following information.

Making Provisions for Minor Grandchildren

Leaving behind a gift or inheritance to a minor child (those under the age of 18) is a fairly complex matter. You cannot simply leave them the assets and hope it all works out. Instead, you must appoint a guardian to manage and oversee the assets until the child becomes of age, or until they are able to manage the money on their own.

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Fremont estate planning lawyerWhen married persons create an estate plan, both parties are generally involved. What can you do, though, if you want to get serious about planning your estate and your spouse is still reluctant to get on board? Nagging certainly will not do the trick, nor will threatening or begging. Still, there are some ways that you may be able to ensure your heirs do not miss out. The following information explains further, and it provides some strategies for dealing with a spouse who seems reluctant to get on board.

Do What You Can On Your Own

While it is often best to have your spouse's support before creating an estate plan, you may not ever be able to persuade them to get on board. This does not mean you cannot create an estate plan on your own. Assets that are yours - solely yours - can be drafted into an estate plan, regardless of whether or not your spouse participates in the process. Further, you can ensure you have named your power or attorney for health or financial decisions, should you become incapacitated.

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Fremont estate planning attorneysThinking about the end of your life is not an easy task – especially if you are still fairly young or currently in the prime of your life. Yet failing to do so can have serious consequences for you and those you love the most. Of course, you are not alone. In fact, statistics suggest that only about half of all Americans have a valid will. Do not continue leaving your family unprotected. Learn how creating a will can improve the future of your family, and how you can create one that protects everyone’s best interests.

How Creating a Will Can Protect You

People do not generally consider how a will can help them, yet there are some clear benefits to having one. If, for example, you become incapacitated, a will can help ensure your wishes are followed. Further, you can name someone you trust to make any medical decisions you have not already considered. It is also possible to assign someone to watch over your financial affairs. In short, a will can protect and preserve your interests in the face of the unthinkable.

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Fremont estate planning attorneysPeople often assume that estate planning is for the rich, or for those nearing the end of their life. Is this really true, though? Does everyone need to create an estate plan, or is it just for certain people? Is there a correct time to start?  Or are these just common misconceptions that get in the way of planning for the future? The following can help you better understand the purpose, intent, and timing of estate planning, and why you should consider creating one, regardless of your income level.

Not Just or the Rich

Despite the misconception surrounding estate planning, the process is not just for those that have a lot of money, property, or assets to leave behind. In fact, even those with little to no assets can benefit from estate planning. There may be family heirlooms or trinkets that your children or other heirs may want. You may have final expenses, and someone you trust may need to close out your bank account, social media accounts, or other personal accounts. Further, if you have children, it is important that you name a guardian for them to ensure they are raised by someone you trust.

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Fremont wills and trusts attorneyYou spent most of your life working, have planned carefully for your retirement, and have probably even made efforts to ensure there will be something left over for your children or loved ones. Unfortunately, you may have overlooked one crucial detail – your will. A single oversight in this document can drastically cut into any provisions you may have set aside for those who survive you, and it may even lead to family conflict. The following information on the most common estate planning mistakes can help you avoid such issues.

No Will? You Are Not Alone

Statistics indicate that some 64 percent of Americans have not yet drafted a will. About half of those people say they just do not need one, or they simply have not gotten around to doing it yet. Unfortunately, this is the most critical mistake you can make in your estate plan. It leaves everything up to probate, which can take months (or years) to sort out and often leads to a significant depletion of your assets. Any and all heirs can come forward (including those that you might not have otherwise provided for). Further, any special needs of loved ones that you might have been concerned about (i.e. special needs children, etc.) may not be addressed.

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Willett Law Firm

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Fremont, CA 94538

Phone: 510-791-2244

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