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Visalia, CA Estate Planning Blog

Thursday, April 17, 2014

The Ten Most Common Estate Planning Mistakes: Part Two of Five

Hello everyone, Joan Watters here. 

As you may have heard, I am on a mission: to fix common mistakes made by families when it comes to estate planning and asset protection. This email is my second installment in a 5-part message campaign to get the word out to young parents, and to fix the Ten Most Common Mistakes made when planning for the needs of families and their estates. If you are just joining us, welcome! To see the first installment,"Mistakes #1 and #2" please click here.

I was recently described as "The estate planning attorney to go to, especially for young families" This was a very "feel good" remark for me, as I truly love what I do. My focus on providing legal advice to young families is personally rewarding, as it gives me the opportunity to meet and get to know young parents (who often bring their delightful infants along with them). It's perfect; I bring my estate planning expertise to the table, and my young parents bring their kids to the table!

Then we get down to business. Important family (asset) protection is reviewed, (at a no-cost informational consultation) and relevant essential documents are prepared (including a no-cost first basic document...more on that later). These young families become part of my family; my estate planning family.        

Last week, we discussed how it is an essential consideration for young parents to name and nominate guardians for their children. In the event something were to happen to you, a judge could very well name someone you would never choose. DO NOT LET THE STATE DECIDE FOR YOU. Let me help you take control today. You are invited to meet with me for a no-cost informational meeting on estate planning and essential legal documents. You can book an appointment online, right here. 

But now, lets move on to this week's focus: Mistakes #3 and #4.

 

The third mistake is only naming one possible guardian. 

While the choice of a guardian requires much thought and consideration (and the emphasis should be on matching someone to your lifestyle and parenting philosophy model), it is beneficial to consider and name an alternative choice should the first named individual (or couple) be unavailable or unwilling when and if the need arises. (I call this "contingency planning").

The fourth mistake is not organizing financial resources for the use of the guardian.

Many people are under the impression that the best guardian to name is the one that has the most financial resources. But we all know that money doesn't necessarily make a good parent. With proper estate planning, you can leave assets or organize a life insurance policy for the benefit of your children. (I don't sell life insurance, but I will give you some great names for your consideration...personally pre-screened!).

My course of action is to help you get organized with your essential estate planning considerations, coach you on what legal documents are important and why, (wills, trusts, health care directives, etc.) to help you name and nominate guardians best matched to your parental skills and philosophies...and to give you a gift. I will prepare that first (and most important) basic document: your guardian nomination document free of charge. Just call me at 559 635-1775, or visit my website for more information.

Be sure to stay tuned for our next installment... Mistakes #5 and #6 are coming next week!

 


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Located in Visalia CA, Joan A. Watters, Esq. Attorney at Law assists clients throughout the Central Valley of California with various estate planning and elder law. Areas include but are not limited to Visalia, Exeter, Tulare, Hanford, Bakersfield, Lemoore, Three Rivers; and the surrounding counties of Tulare, Kings, and Kern.



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220 South Mooney Blvd., B, Visalia, CA 93291
| Phone: 559-635-1775 | 800-403-5029

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