There are many new terms to come out of the millennial generation, as there so often are with new generations. One of these terms is adulting, as in something they do not perceive themselves as being very good at. Estate planning is viewed by many of them as an adulting activity. The truth is that estate planning is indeed a very adult and responsible thing to do in California.
It is estimated that as many as 60% of Americans die without a will or other estate documents. The number is as high as 70% for those aged 45 – 54. No one knows the exact number of their days here on earth. Being prepared for one’s eventual demise can give a person peace of mind to enjoy the days he or she has.
Regardless of the size of an estate, the main concerns tend to be the same. Who will inherit what, who will oversee the execution of the will and other documents, and if there are minor children, who will be their guardians? These issues increase in complexity when there are blended families through second marriages. A recent survey of adult Americans showed that 60% of those surveyed didn’t see the importance of having an estate plan in place.
If a person dies without a will in California, the deceased is said to have died intestate. This means that the person did not have a will and, therefore, the court may decide the disbursement of the deceased’s estate. This can result in significant family discord. While estate planning can be a sobering exercise because it does force one to confront mortality, it can also be an invaluable gift to loved ones who will not have to face additional hardship when dealing with their grief.