Estate Planning 101

Estate Planning does not have to be complicated. Just as Einstein reduced a very complicated set of concepts to a simple equation, the process of taking charge of your estate can be made simple.

There are many reasons one can find to avoid addressing estate planning: People often assume their assets are insufficient to constitute an estate; people are often uncomfortable addressing their own mortality; and to many others, the subject seems too large and filled with unclear legalese to face.

My goal is to overcome hurdles and help you achieve your objectives by taking complex concepts and issues and reducing them to simple, understandable steps.

We all have assets whether financial or personal; whether we have millions of dollars, or just want to assure that our minor or disabled children or relatives are taken care of according to our wishes. We all need a plan.

As for discussing our mortality – That's right! Everyone is uncomfortable facing their eventual demise. It is now, while we are well, that our families need us to get our house in order. We all need a plan.

Finally, estate planning does not have to be complicated. Be brave – trust your intuition – decide how you want your assets handled now … both your material assets and those precious human assets. By doing nothing in the way of estate planning now, you assure that the matter of your life and death will be handled by the State, including who gets what and whom and when.

By having a properly prepared and witnessed will, you have made your wishes known. Probate can take years to complete and costs thousands of dollars. In the meantime, what happens if your family needs to liquidate property in order to settle your estate? This and many other issues come to light when settling an estate where there was only a will.

Having a living trust, including durable powers of attorney, nomination of guardian and a living will, you protect yourself, your intentions and your beneficiaries. As an added benefit you save money. Most importantly, you will have lightened the burden on your family and friends during a time of crisis.

Your estate planning journey begins with the first step: Speak with an accountant, financial advisor or an experienced estate planning attorney to discuss your estate planing options.

Stephen B. Clemmer, Esq., is an experienced estate planning attorney, Long Beach native and resident. He is located at the Shoreline Square Tower in downtown Long Beach, 301 E. Ocean Boulevard, Suite 1200, Long Beach, California 90802.Tel. (562) 901-4828. Fax (562) 901-4859 E-mail: sbclemmer@earthlink.net