Orange County Estate Planning Lawyer, Dwight Tompkins Says Cites Gandolfini's Will As an Example

ORANGE COUNTY, Calif. - Aug. 12, 2013 - PRLog -- ORANGE COUNTY, Calif. – The unexpected death of James Gandolfini has refocused attention on the complexities of estate planning. Orange County estate planning lawyer, Dwight Edward Tompkins, says that the three most important reasonswhy everyone should give estate planning their immediate attention (http://blog.tompkins-law.com/2013/07/wills-trusts-lawyer-cites-3-cs-as-main.html) all start with the letter C: Control, Control, and Cost.

 

According to some estate planning experts Gandolfini, best known for his portrayal of fictional mob boss Tony Soprano, exposed too much of his estate to taxes. By attempting to provide for his surviving spouse, ex-spouses, children, and half-siblings, in some areas Gandolfini’s will overlooked Control, Control, and Cost.

 

Tompkins stresses that the first reason for estate planning is Control. After death, you are no longer in control of your estate. Advanced planning through a will or living trust ensures that you have effectively provided for your loved ones.

 

The second reason for estate planning is also Control. By executing a durable power of attorney and assigning a specific person to make decisions on your behalf if you ever become mentally incapacitated. Your durable power of attorney makes all of the important decisions about managing assets. It also relieves loved ones from making difficult decisions about how to handle matters while grieving.

 

The third reason for estate planning is Cost. There are costs associated with death that many people overlook such as estate taxes, legal fees, and payments to creditors. If the proper planning isn’t done in advance, heirs must bear the burden of those costs.

           

Although Gandolfini did focus on estate planning before his death, the complexity of the family issues that needed to be considered will leave his heirs with fewer assets, and less privacy, than he expected. 

 

To schedule an initial estate planning consultation with DwightTompkins, visit http://www.tompkins-law.com/home-page.

 

About Attorney Dwight Edward Tompkins

Attorney Dwight Edward Tompkins has been providing residents in the Orange County, California area with estate planning, probate, living trust, and business planning services for more than 20 years.