Atascadero attorney

I just bought my first home do I need an estate plan?

Answers from the Atascadero estate planning attorney

The answer is “Yes.” If you don’t have an estate plan, now is the time to start one. If you have one, now is the time to update it. Mary Ann Tardiff, the Atascadero estate planning attorney has the following reasons why it’s time to start an estate plan:

  • Protecting assets—Your home is likely one of your most significant assets. Establishing an estate plan helps protect it from creditors, lawsuits, and other potential risks.
  • Ensure how your assets are distributed—An estate plan allows you to specify how you want your assets, including your home, to be distributed upon death. This ensures your wishes are followed and can help prevent disputes among family members.
  • Designate beneficiaries—You can designate who inherits the home and other assets through your estate plan, ensuring that you provide for your loved ones.
  • Avoid probate—Proper estate planning can help your loved ones avoid the lengthy and costly probate process, allowing them to inherit your home more quickly and with fewer complications.
  • Minimize taxes—Estate planning strategies can help minimize the tax burden on your estate, ensuring that more of your assets, including your home, pass to your beneficiaries rather than being lost to taxes.
  • Protect minor children—If you have minor children, your estate plan can designate guardians to care for them in the event of your death, as well as establish trusts to manage and distribute assets on their behalf.
  • Plan for incapacity—Estate planning documents such as a durable power of attorney and healthcare directive allow you to appoint someone to make financial and medical decisions on your behalf if you become incapacitated. The Atascadero estate planning attorney spends the time needed to help complete these, and all documents in an estate plan.
  • Provide for special needs—If you have a family member with special needs, your estate plan can include provisions to ensure they are cared for financially and receive necessary support without jeopardizing their eligibility for government benefits.
  • Protect business assets—If you own a business in addition to your home, an estate plan can help ensure a smooth transition of ownership and management, protecting the business and its assets for future generations.
  • Peace of mind—Finally, having an estate plan in place gives you peace of mind knowing that your affairs are in order and your loved ones will be taken care of according to your wishes, providing security for you and your family.

Starting an estate plan after buying your first home is a proactive and responsible step toward protecting your assets, providing for your loved ones, and ensuring your legacy is preserved. Consulting with Atascadero estate planning attorney, Mary Ann Tardiff, can help you create a plan tailored to your specific needs and circumstances.

Mary Ann Tardiff is an experienced attorney who can advise you on the most successful ways to achieve your estate planning goals. Through detailed analysis, Mary Ann can:

  • Inventory all of your assets
  • Assist with retitling of assets and preparing deeds
  • Transfer those assets so they are properly held in your trust
  • Establish guardianship for minor children, dependent adults who rely on your care and even beloved pets
  • Assist with setting up college funds
  • Make sure your favorite philanthropic causes are included in your estate plan
  • Draft a will
  • Assist with preparing a living will
  • Provide guidance for power of attorney related to wills, living wills, and trusts
  • Establish trusts and other legal entities beneficial to your estate

Whether you are a young person starting out, a family, or a senior citizen, Mary Ann Tardiff can help you set up a trust that is appropriate to your circumstances or make changes to an existing trust.

Call for your appointment today! Ms. Tardiff also makes house calls!

Posted in Atascadero attorney.