4 Simple Estate Planning Steps to Protect Assets

8:34 pm Asset Protection, Estate Planning

estate planning image 284x250 150x150 4 Simple Estate Planning Steps to Protect AssetsThe strategic use of estate planning to protect assets is something every family should consider.  Not only will careful planning help you to preserve your assets for future generations, it can save your family the time and expense of California probate proceedings.

Here are four simple steps to get you started:

1.  List your beneficiaries.  Think of all the people in your life that you would like to benefit from your estate and write them down.  If you have minor children, think about who you would want to take care of them if something were to happen to you.  If you have someone in your family with special needs and want to make special provisions for their care, note that as well.  In addition, list any charitable causes you may wish to support with a gift.

2.  List your property.  Now make a written list of all your assets, including real estate, bank accounts, brokerage accounts, retirement accounts, life insurance policies, and physical items like jewelry, art collections, cars, etc.

3.  Link your lists.  Take the lists of people and property you have made and start linking them, deciding who you want to leave what.

4.  Get expert advice.  Finalize your plan by visiting with an estate planning attorney who can assist you with creating the proper planning documents, including your will, durable powers of attorney, advance medical directive, trusts and so on.

Contact our Newport Beach law firm for assistance in creating or updating your estate plan.

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