Estate planning is an often neglected part of financial planning. Most people are more concerned with organizing and planning their current finances than preparing for their future, and inevitable mortality. In fact, according to a study conducted by Caring.com, only 4 in 10 American adults have a will or living trust. Hiring an estate planning lawyer in Santa Ana to help get your assets in order is essential at any age, but particularly as you grow older. Here are just a few things you should do when creating your estate plan.
Evaluate Assets
Do an inventory check of all physical and nonphysical assets you have and determine their value. Everything from jewelry and vehicles to 401k plans and life insurance policies must be accounted for. For physical items only account for those with a value over $100. For nonphysical items make sure you have all supporting documents necessary to verify ownership, amount, date, or any other legal information.
Assemble a List of Credits and Debts
Create separate lists for any open lines of credit you may have or other debts you may owe. This includes things like auto loans, mortgages, credit cards, and other debts owed. You should also run a yearly free credit report to identify any credit cards you may have forgotten about.
Review all Contracts and Accounts
Take a look at your life insurance and annuities contracts to make sure all your beneficiaries are listed correctly and update any that aren’t. Contact the life insurance companies themselves to make sure everything is up to date. Review your IRA, 401k and retirement accounts to also make sure any beneficiaries listed are correct and updated.
Find an Estate Planning Lawyer in Santa Ana
After you have gathered and organized all your assets, financial statements, and legal documents it’s time to find an experienced estate planning lawyer in Santa Ana. A lawyer will make sure that your estate plan is clear and that your loved ones are well taken care of after you pass. The Law Office of Norman Homen is dedicated to making sure your wishes are carried out. Call us today to get started planning your estate.
Norman J. Homen
Norman Homen is a California attorney with over 30 years of experience representing clients in workers’ compensation and Social Security disability matters.
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We had a good experience with this office . They worked with us and kept us informed with what we needed to know and how process works . My husband had been trying to get approved since 2021 on our own but kept getting denied . Very thankful to this team he finally got awarded!
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