“Estate Plan” really is a terrible term. I’ve got images of marble busts, a dusty map, and wrinkly rich people leaving a fortune to their Chihuahua.

Still “Do you have a trust?” is probably a question you’re asked when meeting with your CPA, advisor, or banker. In short- they’re asking about your estate plan. Because if you don’t have one, California will, and it’s not pretty.

Modern estate planning deserves some respect and attention; it’s so much more than “who gets your bucket when you kick it?” Having a plan in place is step one of making sure your wishes (during and after life) are carried out as you’d like. Some keys points are:

Who: Who will sell the house? Or speak for you when you can’t?

How: How should we direct assets in a blended family? Or provide to the charities we love during and after our lives?

It also outlines Where the assets are, When they can be accessed, and Why.

Why is where it’s really valuable.

Many people assume that their children and/or beneficiaries will read the words in their trust and simply follow through on their wishes with kindness and love. Unfortunately, that’s not always the case. Estates are contested every day in our state for one reason or another.

Sharing with family as you build or revise your estate plan goes a long way with heirs. We’ve seen it firsthand. It’s an opportunity to have meaningful discussions about your journey, values, legacy and lessons learned along the way.  The conversation costs nothing but is worth its weight in gold.

If you’ve got questions about how estate plans impact your finances, feel free to reach out. We’re happy to discuss them with you, and help you find a great attorney if you don’t have one already.