Some people cannot imagine their lives without the companionship and affection provided by the family pet. In order to show their love and appreciation for the pet, many people choose to include the pet in their estate planning. In California, it is possible -- with a little planning -- to transfer assets to provide for a pet's needs after one's own passing.
There may come a time in life when individuals become incapacitated and unable to care for their own affairs. At the time of such an event, it is beneficial to have a trusted person already in place who is authorized to help you by managing your financial and medical affairs. The power of attorney is the name of this type of authorization, and it is commonly used as part of an estate plan in California.
A disabled individual faces certain unique struggles in saving money for his or her needs. For the disabled individual who has been disabled for his or her entire life, a parent may wish to transfer assets to that person upon death and ensure that he or she will have all needs provided for in the future. In some cases, however, a large pool of assets can jeopardize the disabled person's benefits and may not be worth the risk. California residents have several options when choosing to save for the benefit of disabled individuals.
An individual doesn't need to be Scrooge McDuck in order to benefit from an estate plan. Most individuals and their families can benefit from a carefully drafted and enacted plan. In California, wills and trusts can be an important aspect of asset protection.