Laguna Woods Estate Planning Attorney

Demographics of Laguna Woods, California

What makes Laguna Woods interesting is that 90% of the city consists of Laguna Woods Village, a private, gated retirement community, also known as Leisure World. The rest of the city consists of businesses and city hall. 

• Laguna Woods has a population of 16,192, with a population density of 5,196.9 people per square mile. The racial makeup of the city is 87.3% White, 0.7% African American, 0.1% Native American, 10% Asian, and the remaining percentage is from other races or two or more races. 
• The most recent census reported that 99% of the population lives in households, and zero percent of the population is institutionalized. There are over 11,000 households, and only 0.3% had children under the age of 18 living in them.
• 29% of the households were married couples living together, and 0.5% were same-sex married couples or partnerships. 61.3% of the households were made up of individuals, and over 50% had someone living alone who was over the age of 65. 
• The average household size of the city is 1.42 people. There are about 3,800 families, making up 34.3% of all households, and the average family size is 2-3 people. 
• The median age of Laguna Woods is 77 years, and for every 100 females, there are 55.1 males. 
• There are over 13,000 housing units, and 77.2% of them are owner-occupied while the remaining 22.8% are occupied by renters. 
• Laguna Woods has a median household income of $36,818. The most common occupations are secretaries and administrative assistants, protective service workers and supervisors, sales and related occupations, customer service representatives, and sales representatives. 

When is the Right Time to Start Estate Planning?

How Does Estate Planning Benefit Your Family?Estate planning is an important aspect of financial planning. No matter what stage of life you are in, there are steps you can take to prepare your estate. As you age, it becomes even more important to set up legal documents regarding your final wishes. 

Estate planning is a way to prepare your affairs and assets so they can be settled easily after your death. This includes paying off any debts, distributing property and assets, and even planning for your funeral. 

To get started planning your estate, you can make a list of all your assets. Assets include real estate, vehicles, bank accounts, and more. Digital property like cryptocurrency should also go on this list. 

Without a comprehensive list, it may take your loved ones time to catalogue all of your belongings. If you have a storage unit filled with collectibles, for example, your family may not know how to access the unit, or they might not know about it at all. 

You should plan to take care of your family financially. This will depend on the age of any children you have, and whether you’re married. A legal professional can help you find the best ways to pass on your assets with fewer taxes and less trouble. 

You can get help from a Laguna Woods estate planning attorney to create a plan that makes the most of your assets and fulfills your wishes.

How Does Estate Planning Benefit Your Family?

Estate planning allows you to make plans for your assets after your death. It makes things much easier for your loved ones, so they don’t have to deal with as many legal issues during an already stressful time.

If you die without a will or other documents, you’re considered intestate. When that happens, the state will make major decisions about your estate, from distributing assets to choosing a guardian for any minor children you leave behind.

Having a solid estate plan benefits your family by making it easier to settle your estate, and it allows for a faster transfer of assets.

What Should Your Estate Plan Include?

Estate planning really depends on the individual, so not everyone will have the same documents in their estate plans. However, there are some common documents that show up in many estate plans.

Wills are most closely associated with estate planning, because they provide a clear plan for your assets. They may also include your health directives, guardianship designations for your children, and your funeral wishes. You can also specify your beneficiaries, and what exactly you want them to receive. 

Trusts are useful in several situations. They can be used to hold assets in a similar way to how bank accounts hold money. They make it easier to transfer assets to your loved ones, and there are many types of trusts available. Some of them allow you to avoid fees and taxes

A letter of intent is not a legally binding document, but it can be important nonetheless. In this letter, you can outline your final wishes in a less formal way. You can mention preferences for your funeral and burial, and even include personal messages to loved ones.

If you are aging or dealing with health problems, it’s more important than ever to include documents regarding your health. Healthcare directives instruct doctors on your desires for healthcare in situations where you become incapacitated.

For example, advance directives include do not resuscitate and do not intubate orders, which will go in your medical records. You may also record your preferences about undergoing dialysis or ventilation, or donating your organs. 

Power of attorney is an important role that should be held by someone you trust. There are healthcare POAs and financial ones. This role gives someone the power to make decisions on your behalf, if you are incapacitated or else unable to make them for yourself.

How Often Should You Update Your Estate Plan?

If you already have an estate plan in place, you should make sure to update it on a regular basis. That way, it will be up to date when it is time to carry out your wishes. 

When there’s a shift in your family, like a marriage or divorce, you may need to make some adjustments to the beneficiaries in your will. If your financial situation changes significantly, that could be another reason to take stock of your current estate plan.

Another concern that may prompt you to change your plan is if there are changes to local tax law. In this case, a senior attorney can help you make smart updates to your documents that will give your beneficiaries the best outcome possible.

Laguna Woods Living Trust Attorney

With the median age of Laguna Woods residents being 77, it’s of paramount importance that you get your estate in order and ensure your beneficiaries’ future by working with an experienced Laguna Woods wills and trust attorney. Learn more about the best Laguna Woods wills lawyers.