Estate Planning, who needs it and why?

California estate planning attorney Mina Sirkin has started a new blog called MomsRules.com. In a recent post, she talked about categories of people who need estate planning more than others:

Estate Planning: Not only everyone needs it, but there are categories of people whose need surpasses others.   If you belong to one of the following groups, you need it more than others:

1.   Parent of a newborn baby or minor child. Center of all of our planning as moms is our kids. Financially and legally protecting your baby is really about putting the system in place which will get you to that goal

2.   Divorced parent. 

3.   Someone in your family or you suffered a major medical condition.

4.   You recently lost a parent.

5.   You recently retired and haven't done any planning.

6.   You own a business.

7.   You have a special needs child.

8.   You or your spouse travel often.

9.   If you have a bad relationship with your siblings, parents or in-laws!

Why do you need it?   Your risks of an unplanned estate are high enough that leaving major decisions to the State to make for you in your absence just doesn't make sense.   In California, if you don't plan your own estate,  your estate will not only go through probate depending on its size, your estate will be held-up in the courts for at least one year.   Never mind that the State will set the rules as to WHO will get your estate. 

Getting your affairs in order is SOOOO simple that if you are in any of the above categories, you would be crazy not to run to your local estate planning attorney to get your affairs in place.

SOURCE: MomsRules.com by Mina Sirkin

Mina N. Sirkin is a Family Wealth Lawyer and a TV Legal Expert in Los Angeles, CA.   Ms. Sirkin is Certified as a Specialist Attorney in Estate Planning, Probate and Trust Law by the Board of Legal Specialization of the State Bar of California.  [email protected].   http://www.SirkinLaw.com.