Top estate planning lawyer founder of the Law Offices of Robert H. Brumfield, P.C., in Bakersfield, CA emphasizes the importance of making vital decisions in life to prevent unintended chaos after one's death. For more information please visit https://www.brumfieldlawgroup.com
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Failing to address vital decisions in life can unintentionally wreak havoc after a person's death, warned California Estate Planning Attorney Robert Brumfield.
For more information please visit https://www.brumfieldlawgroup.com
The Founder of Bakersfield's Law Offices of Robert H. Brumfield, P.C. focused on the lack of decision-making about elder law and estate planning, which generally help families navigate a loved one's passing or what to do if they become incapacitated.
He said: "A person's best intentions for their estate could quickly unravel if they have not clarified their wishes in writing as part of a will, a trust or, adopting an estate planning strategy."
Written down and backed up with documents, a person will have a greater peace of mind knowing their assets will end up in the hands of the benefactors they intended. If they die without a will – otherwise known as intestate – a probate court could be asked to consider the distribution of assets.
Brumfield said: "Failure on multiple levels can often lead to expensive lawsuits that will sap loved ones funds to more outright battles between family members.’’
"Very few want to think about death or declining health, but failing to plan for the unexpected, such as suffering an accident or health-related event, the death of a beneficiary, or their divorce, can all factor into future estate planning issues."
Rather than shy away from the topic, people should take responsibility to address specific matters in life. He said: "Consider how assets should be distributed. Plan with the help of a qualified estate planning attorney and prevent your family from having to pick up the pieces."
One way to control the flow of assets after death is to place assets in a trust. Hence, beneficiaries receive distributions on significant birthdays or at specific times relating to education or health-related matters.
Failing to plan for the death of a beneficiary is an error people often commit. Those wanting to ensure equal distribution should consider their wording carefully so that all their children or grandchildren could benefit, rather than assets heading in one direction due to the death of a beneficiary and failure of an explicit declaration.
Brumfield said: "Forgetting to keep documents updated, such as retirement plans and insurance, and not naming a contingent beneficiary could well have tax implications in the long run."
Other mistakes include failing to consider guardianship or conservatorship rights when leaving significant value assets to minors, covering all angles of a well-intentioned gift and its tax effects, and not equally distributing assets that could have a negative financial impact on a spouse.
He also suggested that estate plans, once created, should not be left unattended for years. They should regularly review their plans at least every three to five years and ensure they are fit for purpose.
Brumfield concluded: "An estate planning attorney will be able to walk a person through all the issues to ensure their last will is legal and effective."
Source: http://RecommendedExperts.biz
Contact Info:
Name: Robert H Brumfield
Email: Send Email
Organization: Law Offices of Robert H. Brumfield, P.C.
Address: 1810 Westwind Drive, Suite 100, Bakersfield, CA 93301
Phone: 661-464-7770
Website: https://www.brumfieldlawgroup.com
Release ID: 89119800
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