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Who needs an Estate Plan? | Mission Viejo

Updated: Jul 22, 2022

Every adult needs a personalized estate plan.

Who needs an Estate Plan? | Mission Viejo: The truth is that everyone over the age of 18 needs an Estate Plan! I know this may sound crazy because most 18-year-olds don't have much by way of assets, but Estate Planning, and the services that we provide, encompass so much more. Many people don't truly understand what Estate Planning is and taking the time now to plan can have an immediate impact on your life.

Everyone has a plan in place, the difference is if you get to choose it or not.

The truth is that a failure to plan ahead will cause greater emotional heartache and turmoil to the loved ones you leave behind. They will have no other choice than to go through a legal process called Probate if something were to happen to them and you did not take the time to plan ahead. What most people do not understand is that everyone, whether you have created your own plan or not, has a plan in place. The difference is whether you get to choose what happens or what the state does. The state's plan is called probate, and anytime someone's assets have to pass through probate it will be a minimum of 12 to 16 months before your financial legacy can be dispersed to the people whom the state chooses. This creates a substantial delay in passing on your financial legacy and also a sizable attorney's fee when the process is over.

Finances are only a small piece of the puzzle as Estate Planning consists of so much more. Planning now allows you to answer questions such as who will make medical and financial decisions on your behalf if you become incapacitated, who will take care of your children temporarily if you were unable to, who will take care of your children on a long term basis because those people are not always the same, and also being able to identify precisely where all of your assets are located and what you value most.

California has more than $8,000,000,000 in unclaimed assets belonging to approximately 32,500,000 individuals! (And yes I double checked the Zeros).

According to the State of California, the California Department of Unclaimed Property has over $8 billion dollars in unclaimed assets. Yes, you read that correctly . . . $8 BILLION.

Passing on your financial legacy isn't our sole focus or concern. Rather we seek to create personal relationships with our clients so that we can ensure that not only does the plan that we create for your work flawlessly today, but also it works for you tomorrow and in the years to come despite changes in your life or changes in the law. Additionally, we also look at your intangible assets which are oftentimes the most valuable thing that you can pass on.


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