This post was contributed by a community member. The views expressed here are the author's own.

Community Corner

A complimentary Family Estate Planning Session by Marc Garlett, call today

Remember that old joke: How do you eat an elephant? Answer: One bite at a time. At the heart of that gag is the truth about how you tackle any seemingly complex task, taking it one step at a time so as not to overwhelm yourself.

Many people neglect to create an estate plan because they see it as the proverbial elephant...too big, too complex. But if you approach estate planning in a systematic fashion, it takes the complexity right out of it – especially with the help of a knowledgeable estate attorney.

Here are some tips on how you can reduce the complexity in creating an estate plan:

Add up your assets. Take into account your retirement accounts, life insurance policies, potential inheritance, savings, property ownership, etc.

Find out what's happening in Arcadiawith free, real-time updates from Patch.

Consider setting up a trust. Trusts are simply vehicles for protecting your assets from creditors – yours or your heirs – and from potential future ex-spouses. They are also a great mechanism for maintaining your privacy and allowing your assets to pass to your heirs without the expense and hassle of probate, which can tie up assets for a year or more. And they also help you and your heirs avoid estate taxes.

Think about whom you trust to act as your agent(s). You will need to appoint a person or persons to act as your agent through a power of attorney in case you become incapacitated and are unable to make decisions yourself. This applies for health care decisions as well as financial oversight.

Find out what's happening in Arcadiawith free, real-time updates from Patch.

Realize what a will can and cannot do for you. A will gives you the legal power to pass along assets and property to heirs as well as name a guardian for minor children and appoint the people you want to carry out your wishes after you are gone – i.e., who will administer your estate and safeguard assets for your minor children.

A will does NOT shield your assets from creditors, predators, or opportunists – yours or your heirs – nor does a will enable your family to avoid the very costly, lengthy, and public court process known as probate. A trust, on the other hand, accomplishes all of that and more.

If you would like to learn more about your own estate planning options, call our office today to schedule a time for us to sit down and talk. We normally charge $750 for a Family Estate Planning Session, but because this planning is so important, I’ve made space for the next two people who mention this article to have a complete planning session at no charge. Call 626.355.4000 today and mention this article.

We’ve removed the ability to reply as we work to make improvements. Learn more here

The views expressed in this post are the author's own. Want to post on Patch?

More from Arcadia