You Need An Estate Plan for Three Reasons:
1. You Do NOT Know When You Will Die
If there is one take away from our own experience and the COVID-19 pandemic, it is that we really never know when tragedy will strike. The recent estate planning statistics from the Caring.com study and the Advance Capital Management Study demonstrate that in 2019 approximately 60% of Americans did not have an estate plan. Of those 60%, over half said that they “just haven’t gotten around to it.” Sadly, 55% of Americans who died in 2019, died without any kind of estate plan. These statistics a truly sobering. Your really do not have to wait. Today is the day to start.
2. Homeowners in California Will Spend an Average of $22,000 to Pass Their Property to their Loved Ones Without Proper Planning
In the recent 2020 Caring.com Study, 6.8% of Americans who do not have an estate plan say “it is too expensive” and 36% say that they do not have enough assets to leave anyone. Both statements are WRONG. A Living Trust is much cheaper than other estate planning options. And EVERYONE has a legacy to leave to the future generations.
Additionally, Regnum Legacy offers estate planning at flexible rates. We offer financing and flexible payments plans. So if you are worried about costs, check our our price guide below to find out how affordable our plans can be. Moreover, if you own a home in California, it is too expensive to NOT have an estate plan.
For example, the average home in Southern California is worth approximately $421,300. If you die without a living trust, and if the ONLY asset in your estate is your home, it will cost your family $22,000 in probate fees just to transfer the home to your loved ones after you die. Who pays the bill? Your children and family. If they do not have the $22,000 then they will be forced to sell the home.
For many people the family home is the lasting memory and legacy of a passed loved one. They shouldn’t be forced to sell your legacy. There is a better way.
A proper estate plan is not cheap, but it is merely a fraction of the cost of not having an estate plan. For more information about living trusts check out this great article by Regnum Legal: “7 Advantages of a Revocable Living Trust.”
It’s Not What You Take When You Leave This World Behind You, It’s What You Leave Behind You, When You Go – Randy Travis
Additionally, your legacy is more than just your money and tangible possessions, it is your beliefs systems, your values, your social media profiles, and your experience. At Regnum Legacy, we create plans to pass not only your physical estate, but also (most importantly) your values and the essence of who you are to your loved ones.
3. An Estate Plan Is the Surest Way to Protect Your Children
The cost of probate aside, proper estate planning protects your minor and adult children. If you have minor children, should the worst happen, someone will need to be appointed their guardian. If you have not nominated a guardian or have failed to plan for this contingency, then the State gets to choose who raises your children. What’s worse, the State can seize your children and place them into foster care while they verify guardianship plans. Regnum Legacy estate plans make sure that your children are NEVER placed into foster care and ensure that YOU get to decide who raises your children.
If you have adult children, then there are two primary concerns that only proper estate planning can solve. First, a proper estate plan let’s YOU decide how, when and under what circumstances your children inherit your property. If you are concerned about your 18-year-old college student inheriting a large sum of money, or worry that your adult children will not manage their inheritance properly, an estate plan allows you to place contingencies and controls on when and how your children receive their inheritance.
Second, a proper estate plan can protect your children and your estate from creditors and judgments.