If you are a professional educator, then you may be looking forward to a well-earned summer break. While vacations, home repairs and family time will likely take center stage, there is one task that you should not put aside during your time off. This is the perfect opportunity to learn about wills and trusts, and create an estate plan to ensure that your family’s future is secure.
As a teacher, you can appreciate the value of sound information and planning tools. This is the very cornerstone of estate planning, and you need to set aside time to learn about all of your options, available strategies, tax implications and asset distribution methods.
A Quick Estate Planning Quiz
Since you are already familiar with the value of a quiz, let’s take one together. Don’t worry, these are not legal questions, just factual:
- Do you already have a will or trust?
If no, you can pretty much stop here and please contact us! If you don’t have any estate planning documents, asset distribution will be controlled by California state statutes.
- If yes, has it been updated within the past two years?
Any changes in your family situation and/or assets can affect your plan’s effectiveness, and you may need updates or additional documents.
- Does your estate plan provide specifically for the care of minor children?
A trust can specify both financial care and personal parenting choices. A simple will may not be enough to cover this important area.
- Have you been recently married or divorced?
If yes, updating your will or trust should be a priority to account for the change in marital status and beneficiaries.
- Have you had significant changes in asset values since you created your estate plan?
This can affect how you distribute your property and potential taxation of the estate.
- Did you recently move to California?
Any estate planning documents drafted in another state may not be as effective (or even valid) under California law.
Secure Your Family’s Future this Summer Break
As you can see, there is no “one size fits all” estate plan that works for every family. It all depends on your unique personal situation, using modern estate planning principles to guide you.
Now, you might be wondering, how do you find the right attorney you can trust to create your estate plan? We’ve got you covered. We’ve created a guide on the top questions you should ask your prospective estate planning attorney to help you make that decision. To get the guide, please visit bit.ly/Ask-Your-Attorney.
If you’re ready to take advantage of your summer break and get your estate plan done, give us a call at (951) 445-4114 to get started.
