Many people hear the word estate and they think millionaires and fancy movie stars. The truth is the word estate refers to everything that you currently own in regard to property. When we die our estate will go into what is known as probate. This probate is a holding pattern for anyone that you may own a debt to, to come and collect. To ensure that everything that you have worked so hard for in your life isn’t wasted you will want to hire a skilled estate planning san diego ca professional to look over what you have, what you can do with it and who it should go to after you die.
Collect all of your records
It is important to start with all the facts. When talking to one of these lawyers you don’t want to hold back anything. If you do and it is discovered your plan will fall apart. This is why when you get started make sure that you have everything that you own such as cars, jewelry, real estate, businesses and more. Once you have everything that you own or are valued for then the process can begin.
Define your wishes
Once everything you have is known it is time to define your wishes. This includes who will get what, what will be sold off and how will the process proceed. It is at this point an executor of your estate needs to be named. This person will have power of attorney over your estate and will be responsible for all of your wishes.
Have it written down
No matter what it is you decide you want to have everything written down, documented and notarized. All of your paperwork needs to be put in order and filed with the state. If this isn’t done then your estate will be thrown into probate limbo for years. When going through this process make sure each part is documented. It will be very important.