Baby boomers are retiring at an astonishing rate in California. Now in their 50s and 60s, many baby boomers are stepping back from careers to enjoy grandchildren, golf and other retirement pursuits. One issue they may need to pay attention to is their estate plans. Many estate plans are created when families are young, and one of the chief concerns is care for children if parents die prematurely. Once the children are grown, wills and other estate plan documents may need to be revised to reflect changes in a family’s financial situation and their desires for asset distribution.
Rather than focusing on a young child’s well-being, estate plans involving adult children may be more focused on an equal distribution of assets, charitable giving and tax considerations. Making these decisions can be very emotional as facing one’s own death is never an easy prospect. However, if an estate plan is not in place and current, a judge may make decisions regarding a person’s assets that may not reflect one’s ultimate wishes.
Existing plans should be revised as family circumstances change. These changes include the birth of children or grandchildren, an increase or decrease in assets, and other issues that may need to be addressed as one ages, such as health care directives. Having a health care directive takes the guess work out of one’s wishes regarding end-of-life care if one becomes incapacitated and unable to communicate.
There are many factors that should be considered when crafting or revising an estate plan in California. In order to avoid overlooking any important issues, a person may wish to speak with an experienced estate planning attorney. A knowledgeable lawyer can review a person’s finances and other affairs and assist a client in ensuring that all eventualities have been covered. This will all help ensure that one’s final wishes regarding asset distribution and other issues will be successfully carried out.
