When you hire the trust lawyers at Sirkin Law Group, P.C., your attorney will provide you with a Family Financial Notebook to document your financial affairs and your wealth, as well as your legal documents, not just for record-keeping, but for getting you organized in a fashion that will be ongoing each year.
Why Is It Important To Get Your Family Financial Notebook In Order When You Do Estate Planning?
People often become complacent in their financial house when children arrive, and when they are busy managing the day-to-day lives of their children or their own parents. Soccer games, ballet lessons, and baseball all seem to have priority over financial management of estates for most people. It is important to put your Family Financial Notebook together and in place so that you can pay attention to your daily life, but know that you have put a process in place to take care of your family’s financial security. Routines in financial planning allow you to see the big picture, as well as the details often enough to get you on the path of your future financial goals.
Hiring an Estate Attorney Motivates You to Review Your Finances Regularly in Los Angeles
“Trust management while you are alive may seem rather simple, but it actually can get complicated when you manage other people’s trusts,” says Wealth Law attorney, Mina Sirkin. When employing an estate attorney to review your finances for the purpose of managing your trust, you know you have to get certain tasks done before you meet, so you do not waste money during the estate planning sessions without the proper data and documents. Consulting with our attorneys is a joint effort so that we get you to your ultimate estate planning goals.
A Safety Net in the Electronic World is a Must When it Comes to Your Finances
We recently had to evacuate from our home during the fires which forced us to be able to quickly get our financial records out of our home when we temporarily relocated. It was very good to know that we had updated our records by completing our Family Financial Notebook and had placed them in a safe location outside of our home, just a few weeks before the fires. We urge all of our clients to do a safety check for their financial records and keep records both on paper and electronically in two places so that they can be accessed in an emergency by both spouses, and for those who are not married, by a responsible adult who can help retrieve them.
Why You Don’t Want to Create a Trust That Is Empty
A trust is only useful to you if it is properly funded. You may think that creating a trust is easy, but the part that actually matters is keeping it funded, and filling it up with assets that should be in a trust. While not all asset belong in a trust, getting your financial affairs in order identifies which assets should be put in a trust, and which assets cannot go in a trust. Talk to our trust lawyers about your finances and how to easily identify trust assets v. non-trust assets.
By: Mina Sirkin, Trust and Wealth Law Attorney in Los Angeles who is Board Certified as a Specialist Lawyer in Estate Planning, Probate and Trust Law who reviews financial affairs of your family and assists you with your Family Financial Notebook. For consultation appointments call 818.340.4479 or email us here.