More and more people are becoming aware of the need to establish an estate plan in California and are taking steps to do so. Establishing an estate plan is very important once a family grows to include children. Having wills enables parents to ensure the continued care of their children should the parents become incapacitated or die prematurely.
In 2017, opioid-related overdoses were the leading cause of death for Americans under 50, and 12 percent of families acknowledged that they have a drug-dependent relative. In California and elsewhere in the country, this is becoming an issue of significant concern for families putting together estate plans. While families want to provide for the well-being of their family members, they are aware of the pitfalls of giving money directly to a substance abuser. The answer may be a fund that is set up as a trust. The trust administration is also an important component.
More and more people are becoming aware of the need to have an estate plan in place in order to protect their family and ensure that their final wishes are carried out in California. However, a plan can consist of a will, a living will and/or a trust. What should be included, wills or trusts, depends on certain factors.
Estate planning need not be a difficult or overwhelming task. When people in California think about writing wills, they be at a loss as to where to begin. The question isn't so much what the estate plan should consist of but rather what is the right estate plan for the individual or individuals who are creating it.