Estate Planning Questions Answered
Q: What is usually included in an estate plan?
Ian Filippini: An estate plan usually consists of several documents including: assignment of power of attorney, a will, living will or advanced health care directive, and for some a trust of some kind could make sense.
Q: What is the minimum net worth needed to create an estate plan?
Ian Filippini: There is no minimum, no matter your net worth, it is very important that some type of basic estate plan is put in place.
Q: How do I start an estate plan?
Ian Filippini: The best place to start would be listing out and creating an inventory of your assets. Including, investments, savings, real estate, business interests and insurance policies.
Q: Should everyone have a will?
Ian Filippini: Yes. Everyone should have some kind of basic will explaining their final wishes at the very least.
Q: What happens if I do not have a will or estate plan?
Ian Filippini: Without an estate plan the probate courts and a judge will decide who receives what assets without regard to your wishes or even your heir’s needs.
Q: Should I discuss my estate plan with my heirs?
Ian Filippini: That is really a personal choice and whether the heirs are educated enough to understand the process. However, it can be helpful by limiting the amount of confusion.
Q: Do I need a power of attorney?
Ian Filippini: Again this is a personal choice because there is no law requiring you have a power of attorney. Nevertheless, none of us are impervious to aging, illness or sickness, or loss of mental stability. If you are put into a position where you cannot make decisions or care for yourself, you will want someone you trust making your decisions and caring for you.
Ian Filippini is the current president of Santa Barbara’s Filippini Financial Group, Inc., has written a number of articles relating to financial planning, real estate, insurance, tax, asset protection, financial advice, and estate planning. Filippini Financial Group, Inc. and Ian Filippini have spent many years using their unique expertise. Ian Filippini and the hand on approach continues providing value to hundreds of retirees and pre-retirees in many areas of wealth management.
Filippini Financial Group, Inc. was originally founded by Ian Filippini’s late father Alfred Filippini (2009 liver cancer). Filippini Financial Group, Inc. is located on Coast Village Road in Montecito, California. Ian Filippini’s mother is named Deborah Filippini. Ian Filippini and brother, Alex Filippini, moved to the Montecito and Santa Barbara area.
No advice is given or intended. This article is not to be considered legal advice. Ian Filippini is not a attorney. Filippini Financial Group, Inc. is not a law firm.