The Importance of Assessing Your Assets

6:26 pm Uncategorized

It may sound a little redundant, but assessing your assets is an essential part of the estate planning process and it’s an activity that you and your California asset protection attorney should get into early on in the estate planning game.

A basic inventory of your assets will make it easier when they time comes to decide who gets what as opposed to trying to do it off the top of your head. The inventory of your assets should include everything from real property to retirement accounts, 401(k), pension, life insurance, and any other investments or property. Some of these things can come as a surprise — your personal library of medical books may have real worth — do you give them to a grandchild in medical school or do you give them to a charity or another entity? The details are where many estate plans tend to get a little hairy; that’s why estate planning  with the help of a California asset protection attorney is a good idea for more and more people these days.

As Norman Ross of Ross Companies, NYC estate planning consultancy firm states, “If you treat your wealth as a hidden kingdom, a box that no one can open until you’re gone, you’re setting your family up for disaster.” In other words, between you and your California asset protection lawyer, decide what your estate includes, what it worth, and decide as best you can who should receive what. Make sure the language is clear to avoid a will contest and to lessen the complexity of probate.

And last of all, don’t be fearful to discuss with heirs and beneficiaries what may (or may not) be coming to them. Doing this while you’re alive will help people you love understand your reasoning rather than leave them wondering why you decided what you did after you’re gone.

Bottom line: inventory your assets, know their worth, let beneficiaries know where they stand, and of course, do all you do with the guidance and counsel of your California estate planning lawyer.

Your California legal and financial planning experts are at your service; Contact us today.

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