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Estate planning is something everyone should consider. By having information in writing, the process of sorting out your belongings and finances goes much easier for your family members. However, many misconceptions come along with mapping out your last wishes. This guide will help you understand how important it is to put everything in writing and why it is something you shouldn't avoid. Of course, talking about your wishes with loved ones can stir up mixed emotions. Some will feel that you are being very responsible for sitting down and writing out exactly what you want done with your belongings and who you want to get any money that you leave behind. Others don't like to talk about the topic because it reminds them that one day you will be gone. Despite how painful estate planning is, it's a necessary step that will take the burden off your loved ones after you are no longer here. Assets Are Small Everyone automatically thinks of money when they start talking about a will or trust. Even if you don't have much money at this moment, there is always a chance that your financial standings could change. Even if you aren't talking about a large amount of cash, you want to make sure that the right people or groups get the funds that you leave behind. Assets aren't just found in money. There are other items that are considered "real property." If you own your own home, have investment properties such as rental homes or apartment buildings, or have agricultural land, then you have real property. Estate planning will help you put these items in a trust so that your beneficiaries can obtain ownership at the time of your death. If you leave these pieces out of your trust, it could cost your family thousands of dollars in attorney fees to sort out who the owner should be. No Property to Worry About Even if you have no property to put in a trust for your family, you need to consider the other items that you have and create a will. You have belongings that are yours, and while you might feel that your family can sort out who gets what, it can make things easier and cause fewer arguments if you indicate what you want. If there are heirlooms you know a certain member would like, then put it in writing that they should get them. When you are doing your estate planning, don't forget about guardianship for minor children. You may have verbally expressed that you want the children to stay with a certain aunt or uncle. However, there could be a custody battle between family members if you don't put it in writing. Then, not only will your children have lost their parent, but they also won't know where they are supposed to be. It can make this time even more confusing and painful. Despite popular believe, an estate without a plan does not lose all of its funds to the state. However, it does draw out the process and make it much harder for family members to move past your death. When looking for estate planning, Sacramento residents go to the BPE Law Group. To learn more, visit http://www.bpelaw.com/estate-law/.
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