Whether one’s California lifestyle is one of simple means or celebrity status and wealth, it is crucial to consider the future as it pertains to an estate. Estate planning is an important part of protecting and providing financial care and stability for loved ones. Small or elaborate, assets still exist after a person is no longer alive to own them.
For this and many other reasons, estate owners will want to execute all necessary documents to protect their assets and make known their wishes as to who will inherit their estate. A thorough estate plan might also include advanced medical directives and powers of attorney. Some may also wish to name who will have custody of their minor children if the parents die or become incapacitated.
Those who die with no estate plan in place often unknowingly place their loved ones in chaotic situations. When no instructions have been given, the matter can become complicated, especially if an estate owner owned a portion or all of a family business. Discussing such issues with loved ones while still of sound mind and able body may help prevent stress further down the line.
Estate planning is a matter of choice. No two plans are exactly alike because each person’s circumstances are unique. Often, it helps to consult with California lawyer in order to clarify state laws and seek answers to any questions one might have concerning the process. Once a plan is developed, it is equally important to make sure it is kept updated.
Source: dl-online.com, “Help your loved ones: Get ahead on estate planning”, Karin Haugrud, July 5, 2016