Are you aware that an estate is not determined by the amount of money you have or by the size of your home? An estate is actually the totality of a person’s belongings. This is not limited to land or property but rather it is everything you own, including family pets. From an accounting point of view an estate must be planned for by every individual.
Estate planning is such a big deal because it determines what will happen to your possessions in the event where you become disabled or die. It is a myth, that in California if you die without a will your property becomes state property. As long as you have family, your possessions will be divided among the surviving members. The trouble with this is that if you pass away and leave a spouse and a brother/sister, the spouse will have to share your estate with your siblings. This can cause severe problems if your spouse needs your estate for support.
These possessions need to be planned for or they will go into probate. Probate is where your will is verified, your possessions are accounted for, your debts are paid, and your estate is split up. It can be a huge hassle for your family to have to go through. To avoid the aggravation of probate, plan ahead.
Estate planning will give you the control to plan for certain life situations and what you want to happen in the event of those life situations. This can include distributing your property, money, possessions, and naming a guardian in case you become unable to make life choices for yourself.
Sacramento based Islip + Company can help you with your estate trust planning as well as with necessary 1041 estate and trust tax form preparation.
Protect your loved ones from family feuds, drawn-out probate hearings, and having to make difficult decisions on your behalf. Imagine the peace of mind you will have knowing your estate will be handled the way you want and let our associates help you customize your final wishes today!
Contact Us today – Islip + Company, your professional estate planning CPA in Sacramento.