As grim as it may seem, it is a known fact that everyone will one day die. Just because it may seem bleak, though, that does not mean one should shy away from the concept of death. In fact, it is important that you actually plan for your death—especially if you hope to continue to care and provide for your loved ones. The best way to ensure that your family is taken care of for years to come, even after you are gone, is to consider estate planning in Sacramento, CA.
An estate plan helps you plan for exactly what will occur following your death. By creating an estate plan, you can help your loved ones avoid any problems that may arise in the aftermath of your passing. By leaving your family with a detailed estate plan, they can avoid years of legal battles and have an easier time navigating the legal aspects of settling your estate. A properly prepared estate plan will let an individual personally decide the best choices for their loved ones. This may include who should care for any young children, who should inherit any property and who should be put in charge of the estate.
You must ensure that everything is done legally and correctly in order to ensure that your intentions will be properly carried out. Here are the most important factors to consider when it comes to estate planning in Sacramento, CA.
While you may think that you do not have much valuable property, everything you own is considered to be your estate and is crucial to consider when developing your estate plan. The first step of estate planning is to take an inventory of everything you own. The following items should be included in your inventory: real estate, vehicles, jewelry, bank accounts, safety deposit box contents, insurance policies and debt, including mortgages and credit cards. Once you have accounted for your assets, you can have a clearer idea of what can be distributed, and how.
A major benefit of properly planning an estate is establishing a guardian who would care for any minor children. But this is also true for many other big factors, such as determining who would take over the family business or figuring out what you want to be done with any property you own. A court or board’s decision can never be as good as a choice you would make yourself. By properly planning your estate, you can make these decisions on your own, ensuring that your wishes are carried out.
An accountant or estate planner can help provide you with a clear picture of your assets when planning your estate. A qualified accountant will work closely with your attorney in order to develop plans tailored to your individual needs. If you want to ensure that estate planning in Sacramento, CA will leave you loved ones well cared for, contact the team at Yoder & Co., CPA today. We can help you ensure that your wishes are followed and that your loved ones will be financially secure, while minimizing taxes today and in the future.