estate planning Paso Robles

Paso Robles estate planning attorney says ‘Buying your first home is the perfect time for an estate plan’

-Purchasing your first home is an exciting milestone in life. It represents a significant financial investment and a place where you can build a future for yourself and your loved ones. Amid the joy and anticipation, it’s crucial to consider the importance of setting up an estate plan. While estate planning may seem like a task for the distant future, Mary Ann Tardiff, an estate planning attorney serving Paso Robles and San Luis Obispo County, says that establishing one early on, especially when buying your first home, can bring numerous benefits and provide peace of mind for you and your family.

Reasons for setting up an estate plan include:

  • Protecting your assets
  • Nominating guardianship for children
  • Avoiding probate
  • Managing healthcare decisions
  • Business continuity

Protecting assets

Owning a home is a valuable asset, and it’s essential to safeguard it for the long term. By creating an estate plan, you can determine how your property will be managed and distributed in the event of your passing. This plan allows you to ensure your home and other assets are passed on to the intended beneficiaries, whether it’s a spouse, children, or other loved ones.

Assets include more than just the new home. Bank accounts, insurance policies, retirement accounts, vehicles, and in short, anything you own is an asset.

Nominating guardianship

For individuals who have children or plan to have children in the future, establishing an estate plan is crucial. Through the process, you can nominate guardians who will take care of your minor children in the event of your untimely death or incapacity. Selecting responsible individuals to care for your children ensures their well-being and provides you with peace of mind.

An estate plan can also specify conservatorship for dependent adults, such as elderly parents or an incapacitated sibling.

Ensuring children are cared for in the event of a tragedy gives parents great peace of mind, informs the Paso Robles estate planning attorney.

Avoiding probate

Another significant advantage of an estate plan is the ability to avoid probate and ensure your wishes are carried out. Without proper planning, your estate may go through a lengthy and expensive probate process, which can be emotionally and financially burdensome for your loved ones. Estate planning allows you to ensure that your assets are distributed efficiently, reducing the tax burden on your heirs.

Managing healthcare decisions

While estate planning typically focuses on financial matters, it’s also critical to consider healthcare decisions. By creating an estate plan, you can establish an Advanced Health Care Directive (ADHC) that specifies your wishes regarding medical care in the event you are incapacitated and a durable power of attorney for healthcare and finances, granting people you trust the authority to make medical decisions on your behalf and take care of your finances.

Business continuity

If you own a business, an estate plan allows you to establish a plan for the continuity and management of your business, ensuring that it can continue operating smoothly or be transferred to the appropriate individuals.

Working with an expert

Rely on Mary Ann Tardiff’s legal experience to advise you about successful estate planning solutions. A properly established estate plan from the Paso Robles estate planning attorney is the best way to be assured your new home and other assets are protected for your family.

Whether you are a young person starting out, a family, or a senior citizen, Mary Ann Tardiff can help you set up an estate plan that includes a will, trusts that are appropriate to your circumstances, healthcare directives, and guardianships.

Through detailed analysis, Mary Ann will:

  • 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 the AHCD.
  • Provide guidance for power of attorney related to wills, living wills, and trusts.
  • Establish trusts and other legal entities beneficial to your estate.

Call today to get started!

Posted in Atascadero attorney.