Christmas Day became tinged with sorrow for pop music fans in California and throughout the world upon the announcement that superstar George Michael had unexpectedly passed away. Tweets suggesting the singer may have been suicidal were posted, although that particular Twitter account has since been closed. There has also been speculation regarding whether Michael had gone through any official estate planning process, in particular, whether he left instructions as to how to distribute his assets.
In California and throughout the United States, many people are busy reviewing their resolutions for the new year. From more exercise to financial goals, people of all ages set their sights on improving various aspects of their lives. Many advisers say making estate planning part of those goals is a good idea.
Generally speaking, single people in California and elsewhere spend a lot of time thinking of their life goals and making plans for successful futures. However, far fewer consider estate planning of paramount importance, especially when they have no dependents. Some may change their minds after considering the following ideas.
Many California residents die without leaving any sort of written instructions as to whom they wish to inherit their assets. One school of thought is that many people avoid estate planning discussions because they don't like to think of their own mortality. However, not having a plan in place often leads to stressful situations among surviving family members further down the line.
Modern family life is often a complicated affair, especially for blended families. California couples entering marriage who already have children from previous relationships often face numerous challenges regarding various aspects of their new lifestyles. In addition to decisions regarding name changes and whether a step-parent will adopt a new spouse's children, estate planning issues may also arise concerning beneficiaries and other related matters.
Many people in California and elsewhere consider discussions of their own deaths to be extremely uncomfortable. However, many understand that death is merely an inevitable part of life and it is never too soon to talk about thorough estate planning. Generally speaking, there are many benefits to a well-designed estate plan with regard to providing for loved ones and helping them avoid probate when it comes time to administer an estate.
Not everyone in California considers themselves experts on financial matters. With regard to estate planning, many people don't even really know what it is. Some have a vague idea but could not begin to discuss the details involved. Others understand it, but avoid discussions that touch upon the subject of mortality.
Many California residents are very creative in their holiday gift-giving customs. Some may even consider estate planning as part of this year's traditions. What better time to secure one's assets and let loved ones know you have their future financial security in mind that during a holiday season?
Some readers in California may be surprised to learn that when an estate owner dies, things don't always run smoothly between surviving family members. In fact, some situations are downright contentious and others even involve possible criminal behavior. This seems to have been the case for an elderly widow in another state whose son and daughter-in-law claimed to have her best interests at heart, but were actually proved otherwise. Thanks to the woman's husband's careful estate planning while he was alive, the matter was able to be resolved.
So much goes into creating, launching and maintaining a business that it's easy to overlook certain things that might be beneficial toward future success. California business owners may want to consider the following estate planning tips that have proved helpful to other entrepreneurs. Not taking time to plan one's estate may lead to future problems, when family members are left wondering who will inherit assets.