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The importance of estate planning

04/16/2015 | Estate Planning

California members of the Baby Boomer generation have traditionally been more concerned with maximizing income and planning for retirement than they have been with estate planning. However, as the boomers enter their sixth decade, it becomes more important to have a plan. This may help to protect their worldly possessions for the next generation and save them from certain difficulties as the details of the estate are worked out.

It is important to leave some kind of document specifying the distribution of property and goods and making the wishes of the benefactor clear. Even after these documents are in place, it may be necessary to revisit and revise them as situations warrant. Updating the beneficiaries may be necessary with older wills and estate plans because situations may have changed in the time since the relevant documents were originally drafted.

Wills, living wills and estate plans are all easy to put off, but they will inevitably become essential when they are needed. Designating a health care proxy and power of attorney for health crises can make a difference in the time of need. Experts point out that these and other acts of basic end-of-life preparation could be beneficial to the grantor’s health and the comfort of the family. Estate plans are also known to be effective at sheltering assets from taxation and the probate process.

It can be beneficial to involve a lawyer in any major estate planning decisions. They may be able to assist their client in ensuring the proper distribution of their worldly effects as well as maintaining full compliance with the law.