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Are You Making This Estate Planning Mistake?

Posted on Thu Mar 31, 2022, on Uncategorized

It is very common for people to believe that estate planning is only for the wealthy. Here’s why that’s not true, and why it matters to you.

When anyone—not just a wealthy person—creates an estate plan, they are empowering themselves by taking control over crucial decisions in their life. These include decisions about their estate in the event of their passing, as well as decisions about their health and other affairs during their lifetime.

Put simply, a person’s “estate” consists of all their property at the time of their passing. If a person fails to prepare estate planning, they will not be able to decide what happens to their property after they pass. A common line of thinking is, “But I don’t have a significant amount of property, so I don’t really need estate planning, right?”

Property can either be “real” or “personal”. “Real property” refers to real estate. But “personal property” refers to essentially everything else you own. Many people know this includes things like money in your bank account. But did you know this also includes things like your social media accounts, your most beloved belongings, and even your pets? If you do not have estate planning, you will not be able to decide what happens to those things after you pass. 

If you pass without proper estate planning, your loved ones have to endure what’s called the “probate” process in court. This is a lengthy, expensive, and public process. During probate, the court would have no way of knowing your personal wishes and desires. Despite this, it will decide who gets your assets based on predetermined laws. This could lead to unexpected and unwanted distributions.

As an example, let’s say there’s someone in your family that you do not get along with. Through probate, depending on that person’s relation to you, it’s possible they will end up inheriting your estate. Estate planning would be crucial in that case because regardless of how much your property is worth, you would not want that outcome.

But estate planning is not just about property. What happens if you become incapacitated? What happens if you pass away and have minor children? While none of us enjoy thinking of these topics, these issues can all be resolved and avoided through estate planning. If they are not resolved, you or your loved ones can be put in complicated, painful, and life-altering situations.

With a last will and testament only, your loved ones would still end up in probate. That is why a trust can be created in addition to your will in order to avoid probate. A comprehensive estate plan, that an estate planning lawyer like our friends at the Law Offices of Nakasaka includes a multitude of documents, each of which protect various wishes in different ways. These documents include a will, trust(s), financial power of attorney, medical power of attorney, and certificate of trust(s), to name a few.

Peter KlenkPeter Klenk

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AJK

Peter has done our family's trust and estate work since our children were born. He is not only extremely knowledgeable and honest but makes sure that our arrangements remain current with the changing legal landscape. I would give him my highest recommendation as a professional in his field.

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Kevin K.

I was referred to Peter after my divorce to put documents together to protect my assets. He suggested a number of documents that would help protect my children and their future. Also, he put together wills, power of attorney and living wills. I initially spoke with him on the phone, he took 30-40 minutes to understand my situation and explain the benefits of having such documents. After a week or two, I met with him in his office and signed the documents. Everything else was remote phone calls and emails. He re-explained these documents and what whom to share. I am in good hands.

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Chantee C.

Peter recently gave a presentation about Wills & Trusts at my employer, and it was fantastic! He was extremely knowledgeable and provided valuable information to the group. People were very engaged and asked several questions, all of which Peter thoroughly answered. Personally, my husband and I have selected Peter to help us with our estate planning, and he has been very helpful in providing us with all of the information we need to provide a secure future for our family. Thank you, Peter!

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Ian Marchant

Mr. Klenk, quickly understood the circumstances presented and provided clear and concise advice. This advice provided me with the information I required to progress the case to my advantage.

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Peter is a model attorney who puts his clients first at all costs. His extensive expertise in estate planning and tax planning was a great comfort as we began, and have expanded, our family. He is very thoughtful, generous, and quick witted. His approach towards his business has been an inspiration to his peer group, and his zest for life is extremely infectious. Without reservation, I highly recommend Peter as trusted and cherished counsel

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