Families can be complicated, particularly extended families and new families. Divorce, re-marriage and children with a second spouse can all serve to complicate family dynamics, which can, in turn, complicate estate planning. Indeed, family conflict was recently cited as one of the three main threats to the success of estate planning in California and the rest of the country. According to the recent survey, the other two are market volatility and tax reform.
Estate planning can be a stressful process. It may be difficult to know where to begin. In addition to facing one's own mortality, creating an estate plan in California can be an emotional experience in deciding who gets what and when. Circumstances that can further complicate all of this include needing to provide for family members with special needs or family members from previous marriages. But deciding to let the task of estate planning wait until a later date may result in the state deciding how your estate is settled.
People frequently know the expiration dates on food in the refrigerator, a driver's license, medication and even a passport. One expiration date no one can know, in California or anywhere, is one's own. Coy Luther Perry III, better known as Luke Perry, the actor, died March 9 after suffering two strokes. He was just 52 years old. He had had a cancer scare in 2015 and established an estate plan at that time, most likely including a medical power of attorney.
In creating an estate plan for a sizable estate that will eventually be left to one's children, people frequently make use of trusts that enable them to control the distribution of the estate after one's death. This is frequently done to ensure that children are old enough and responsible enough to manage the assets received. For a trust to be carried out successfully in California, close attention should be paid to the trust administration.