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estate planning & administration Archives

Estate planning misconceptions may be costly long term

Creating a will is often low on people's lists of things to do in San Francisco. However, estate planning is an incredibly important task for offering loved ones guidance regarding the future. Here is a look at a couple of common misconceptions about estate planning and why completing this task sooner rather than later may be a wise idea.

A couple of important tasks involved in estate planning

The process of creating a will or trust can seem like a morbid task, which is why it is often never started. However, estate planning is paramount for ensuring the protection of one's assets long term. Here are a couple of important tasks to complete when embarking on the creation of a comprehensive estate plan in San Francisco.

Lack of estate planning can have unwanted consequences

Consumers in San Francisco generally understand the value of planning for the future. However, they often neglect to engage in estate planning specifically, as death is not necessarily a popular topic. Unfortunately, failure to plan an estate can have unintended consequences long term.

Estate planning mistakes include not updating asset ownership

People in San Francisco and elsewhere oftentimes value planning for the future when it comes to their careers and retirement. However, estate planning -- planning for what happens to their assets when they die -- is frequently placed on the back burner. However, creating an estate plan is critical for making sure that one's valuable property ends up in the right hands in the future.

Self-help estate planning may lead to costly mistakes

The chief objective of asset owners during the process of planning an estate in San Francisco is to make sure that their assets end up in the proper hands when they die. However, this may not happen if the owners of assets fail to complete estate planning. Likewise, it may not occur if they rely upon do-it-yourself options.

Wise to include virtual currencies in estate planning

Cryptocurrencies are gaining increasing attention due to their high, yet constantly, evolving value. Those who have chosen to invest in these digital currencies in San Francisco may be excited about creating wealth with them. However, their virtual wealth my end up in unintended hands if they do not take estate planning seriously.

Smart estate planning involves updating documents in 2018

With 2018 in full swing, now may be a wise time to look at an existing will if you live in San Francisco. Other estate planning documents are also important to go over and update. After all, the United States has a new tax law now, and new tax laws bring changes in the area of estate planning.

On the need to update your will

If you are putting together your estate for the first time, then one of the first matters you should address is your will. Many people live most of their lives -- or even their entire lives -- without a will. In the absence of a will, a person's estate goes through the traditional probate process, and that can lead to many family members and beneficiaries losing out on critical assets that they may have deserved, or even been promised.