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The Questions of Estate Planning, Part I: Who

November 25, 2019Estate Planning, Legal Education

Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,
American Academy of Estate Planning Attorneys, Inc.

Estate Planning considers many factors. But when most people think of Estate Planning, they just think it answers the question of who gets what. Certainly, it should answer that question. But it is so much more. This is the first in a series of articles on the Questions of Estate Planning.

While Estate Planning is about more than just who gets what, it does include that question. If your plan did not include directions as to who should get what, you would have died “intestate.” In other words, you would have died without directing who should get your assets. If you die intestate, the state where you reside has a plan for you, it’s called “intestacy.” Depending upon your state, it will lay out exactly who would get your assets. If you are married or have children, typically they would get a portion of your assets. Your parents may get a portion of the assets in some states. If you’re not married and have no children, your family of origin typically would share your assets.

But you don’t need to rely on your state’s default plan of intestacy. You can do a will or trust and override the off-the-shelf plan the state has as the default for you and everyone else in the state. This brings us to the first question in Estate Planning: Who.

Estate Planning is appropriate for anyone who has legal capacity. With regard to their property, for the minority of people whom their state’s intestate distribution fits like a glove, they may not need anything more to dispose of their assets at death. However, that would be a rarity. Even for those few, there are other pieces to the Estate Planning puzzle.

An Estate Plan provides a plan for what happens to your assets at your death and that’s what typically springs to mind. However, your estate plan, specifically your will, is also where you nominate who should be the guardian of any minor children. While the court decides what’s in the best interests of the child, your suggestion would carry great weight with the court. Also, an Estate Plan provides for what happens to you and your assets in the event you are unable to manage your affairs while you’re still alive, not just what happens at your death.

So, an Estate Plan is really appropriate for anyone who has legal capacity. Some people may only require a bare-bones plan, such as powers of attorney for property and medical care. However, most people would benefit from a more full-featured plan including a trust and a will.

Future articles in this series will address other questions of Estate Planning.

Attend one of our free living trust seminars on Thursday, December 5th at 3:00 pm or Tuesday, December 10th at 1:00 pm to get your estate planning started for the new year!

Litherland, Kennedy & Associates, APC, Attorneys at Law are members of the American Academy of Estate Planning Attorneys.  If you would like to learn more about the importance of estate planning, we invite you to attend one of our free estate planning seminars.

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Litherland, Kennedy & Associates, APC, Attorneys at Law

Litherland, Kennedy & Associates, APC, Attorneys at Law

Litherland, Kennedy & Associates have been providing quality estate planning services in the Greater Bay Area since 1975. They are committed to helping those concerned with protecting their families from the devastating legal effects of disability and death. With the aid of public seminars, educational presentations, articles, and radio/television interviews, the law office has championed the use of revocable living trusts as a proven way to protect families from probate, to minimize or eliminate federal estate taxes, and to prevent the Medi-Cal Recovery lien. Roy W. Litherland and Justin M. Kennedy are certified as Legal Specialists in Estate Planning, Trust and Probate Law by the California State Bar Board of Legal Specialization. They are members of the American Academy of Estate Planning Attorneys and National Academy of Elder Law Attorneys.
Litherland, Kennedy & Associates, APC, Attorneys at Law

Latest posts by Litherland, Kennedy & Associates, APC, Attorneys at Law (see all)

  • The Questions of Estate Planning, Part 2: What - December 5, 2019
  • The Questions of Estate Planning, Part I: Who - November 25, 2019
  • Litherland, Kennedy & Associates is Hosting a Coat Drive this Winter – Join Us! - November 18, 2019

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