Many California residents have a will that specifies how their assets will be distributed after their deaths. As individuals near retirement age, the issue of how a person's home will be handled often arises. Financial experts report that since a home is likely the most expensive asset someone owns, how to deal with it is a major consideration in estate planning.
What to do with a home in estate planning
Estate planning important for everyone
What could happen if a California resident has not planned for the future? Perhaps a catastrophic illness or accident leaves a person incapacitated and unable to make decisions or provide personal care. If this unfortunate situation happens to someone who has not done any estate planning, there would likely be a lot of confusion and potential legal issues for loved ones.
Naming an executor important part of estate planning
Choosing the executor of an estate is an important task for California residents and others around the nation. Much thought and consideration should go into selecting someone for this critical role. The responsibilities of an executor are complex, and naming someone to do this job is key to ensuring a person's wishes are carried out as expressed. Estate planning experts offer some insight on the role of executor.
Estate planning is an important process for everyone
The majority of California residents, like others around the country, have likely given little thought to what life will be like for their loved ones after they have passed. Most have not gone through the process of estate planning because they believe it is not necessary unless someone has a certain amount of assets. However, certain issues such as guardianship of children and health care are critical for everyone, regardless of income level. Experts weigh in on the importance of creating an estate plan.
Women getting divorced should consider estate plannning
The life expectancy for women in California and around the country is roughly five years more than for men. Reports from the Centers for Disease Control and Prevention n thaotet 38 percent of marriages in the nation end in divorce. Couple the divorce rate with the longer life expectancy for women, and it results in many women having the responsibility for managing their finances well into their future. Given this potential, it would be advantageous for women to give serious consideration to estate planning.
Estate planning in a digitally-based world
Before the internet, California residents building estate portfolios likely did not discuss digital assets. In fact, most people would probably wonder what they are. Nowadays, however, the majority of people in this state and throughout the country are tapped into an online world for both personal purposes and those related to business. This has changed the face of many types of transactions, including those connected to estate planning.
Avoid these estate planning issues when getting affairs in order
Many California residents want to be as prepared as possible when it comes to their own deaths. Surprisingly, however, some fail to consider the importance of careful estate planning when it comes to protecting their interests and providing for their loved ones. When a person dies with no set plan in place, his or her estate becomes intestate, meaning the probate court will make all decisions regarding its administration.
The ABCs of good estate planning
Sometimes life can get rather complicated. Most California residents, especially those raising families, would agree. In many situations, however, such as where estate planning is concerned, there are several tangible steps that can be taken to keep things organized and well-structured, which often helps alleviate stress. To begin with, it's important to realize that thorough estate planning is a valuable tool for young, single people, as well as newly married couples or older spouses whose children are grown.
Estate planning may bring peace of mind
Considering what will become of one's property, assets and/or business interests after death is something not every California resident likes to do. In fact, some people don't even like to broach such topics. Others understand how valuable the estate planning process can be to retain control over personal and business-related belongings.
Estate planning problems that can lead to family rifts
California played a significant role in the nation's history where early-American farming and homesteading are concerned. Many estate owners have had the same parcels of land in their families, spanning several generations. When land owners enter the estate planning process, however, many of these homesteads become bones of contention when heirs squabble over what to do with the land.
