Trusted Estate Planning Guidance For Parents
Anyone can benefit from having a sound estate plan in place, but this is an especially important step for parents. At the Law Offices of H. Michael Soroy, our attorneys have extensive experience handling estate planning matters for parents in Los Angeles and throughout Southern California. We will work with you personally to gain an understanding of your wishes, your family dynamics, your children and other factors so that we can craft an estate plan that is just right for you.
The Importance Of Having Plans In Place
Of all the reasons why parents should have an estate plan in place, three rise to the top:
- Helping your beneficiaries: If something unexpected should happen to you, your wealth and assets will be distributed to your beneficiaries. Without clear direction from you, however, there is room for confusion and even dispute concerning your wishes. By establishing an estate plan, you can decide exactly how your children and other family members will benefit from your wealth and assets.
- Appointing guardians for minor children: Another compelling reason to create an estate plan is so you can decide who you would entrust with the care and upbringing of your children in the event you are no longer able to care for them yourself. If you don’t set those plans down on paper, the state will impose its own plan. The state’s plan may not be in your child’s best interests. You know what is best for your children and who you can trust with their well-being and should make those decisions yourself.
- Staggered distribution: For many reasons, one simple and prudent method of protecting the beneficiaries (especially the younger ones) of your Trust is by staggering the distribution of funds. For example, you may wish to distribute 1/5 of the funds to your child upon their 18th, 21st, 25th, 30th, and 35th birthdays.
By establishing a will, trust or any other estate planning document today, you can rest assured that you are doing everything in your power to preserve assets and provide for your loved ones in the face of an uncertain future. Our attorneys are here to guide you through that process.
Helping You Help Your Children
We are committed to helping our clients do what is best for their loved ones. To learn how we can help you protect the interests of your children through thorough estate planning, contact our law offices online or by telephone at 310-694-5527.