Another year is coming ever closer to its end. As people review the past and anticipate the future, resolutions and plans for the New Year are made. Among those plans may be a plan to protect one's estate assets. A comprehensive estate plan can go a long way towards achieving that goal, but how does one begin in California?
Tis the season of giving in California and asking the perennial question of what gifts to get one's family for the holidays. As the baby boomer generation enters their 60s and 70s, they are seeing their own children become adults. Baby boomers have begun to share their wealth with their children and grandchildren. In so doing, they are concerned that the Millennial and GenX generations are not focused on estate planning.
Mortality is a fact of life, and no one in California will live forever. While this is an accepted fact, younger people tend to focus less on their mortality than those who may be middle aged or older. There is a certain feeling of perpetual immortality among the young. Sadly, this feeling has been dealt a mortal blow in the recent shootings at a concert in Las Vegas and a night club and high school in Florida, to name just a few of the mass shootings that have taken too many young lives. Many of those who lost their lives likely had no wills or other estate documents in place.
As one year ends and another begins it is a time to review the past and look to and plan for the future in California. Future plans may include setting up an estate plan or revising an existing plan. If a trust is involved, an important decision must be made that will significantly impact estate administration. Who will be the trustee?