Contrary to what you may hear, you do not have to have lots of wealth or be nearing retirement to plan your estate in California. Taking a proactive approach to planning for your future can give you optimal control over your assets and the things that are important to you.
Developing an estate plan at an early age allows your plan to grow with your family. So long as you regularly update your plan, it can provide sustainable reassurance and protection.
Safeguarding your family
Perhaps your most important reason for planning your estate is to provide your family with adequate financial resources if anything happens to you. According to U.S. News, selecting guardians to care for your children is just one of several things you can do to safeguard your family and their future. Some of the other things you can do include the following:
- Establish a life insurance policy
- Name beneficiaries for your assets
- Prepare for estate taxes
- Write a will
Securing your assets
As your family grows and your career develops, you may accumulate a number of assets. Protecting these assets from thieves requires consistent monitoring and careful planning. You will need to name an executor for your estate. This should be someone you trust to handle your assets and sensitive personal information. Look for someone who shows empathy and has integrity.
Establishing a trust can help you control the delegation and use of your assets. You can also name someone to be your power of attorney and manage your finances if you suffer incapacitation. Each of these strategies can help you secure your assets and determine that their use will benefit the people you care about.