Estate Planning Questions Answered Part One
Find out more about author Ian Filippini on Google+
How do you explain what estate planning is?
Ian Filippini of Filippini Wealth Management, Inc.: This is a planning procedure that stipulates how someone’s assets will be divided and distributed upon their death or incapacitation. There are many different forms of estate planning used to avoid probate and some are: wills, charitable remainder trusts, life insurance trusts, and livings trusts.
Can anyone have an estate plan?
Ian Filippini of Filippini Wealth Management, Inc.: There are not restrictions on who is allowed or not allowed to have an estate plan. Anyone is allowed to obtain an estate plan to make sure their assets or family are taken care of after they are gone.
Does everyone have an estate plan?
Ian Filippini of Filippini Wealth Management, Inc.: No, not everyone has an estate plan. There are plenty of people that do not have adequate or any estate planning put in place in case they are gone.
Should everyone have an estate plan?
Ian Filippini of Filippini Wealth Management, Inc.: It is tough to over generalize and say everyone should have an estate plan of some kind. Some people just do not have assets or family. Others simply just do not care. At the very least, it is a good idea to think about having a will with your final burial instructions or an advanced health care directive showing how you wished to be cared for if you are unable to articulate your wishes to a doctor.
Who will put together my estate plan?
Ian Filippini of Filippini Wealth Management, Inc.: A licensed attorney in the state of California will be able to draft the proper documents needed for your estate plan. There are also attorneys that specialize in this area.
How much does an estate plan cost?
Ian Filippini of Filippini Wealth Management, Inc.: It really depends on your currents situations, your net worth and how complex the estate plan will be. If you decide not to use a professional, it will cost less upfront, but you risk the chance of doing something wrong and putting your how plan in jeopardy.
Ian Filippini is currently the president of Filippini Wealth Management, Inc. Both Ian Filippini and Filippini Wealth Management, Inc. are located in the Santa Barbara area. Ian Filippini was raised by his parents, Alfred Filippini and Deborah Filippini. Ian Filippini also has a brother named Alex Filippini that is close by to help with Filippini Wealth Management, Inc. Ian Filippini is licensed in real estate, insurance and taxation. Ian Filippini is not an attorney and does not practice law. This article is not intended to be and should not be used as legal advice.