It is January, the month for resolutions. Addressing the issue of creating an estate plan is occasionally one of those resolutions and is one that people in California should keep. People often have the mistaken thought that they don’t have assets worth protecting and therefore don’t need a plan. Estate Planning is something every adult should consider as almost everyone has something worth protecting.
Remember, assets are not purely financial. One of the most common inspirations for establishing a plan is the birth of a first child. The need to establish guardianship in the event of an unforeseen accident or illness is often at the forefront of a new parent’s mind. Deciding who will be the child’s guardian and how the child will be provided for financially are important issues that an estate plan can address.
If a person already has a plan in place, the new year can provide impetus to review the existing plan. Things to consider include how circumstances in one’s life may have changed since the plan was last reviewed. Does the plan include a health care directive, establishing a person’s medical wishes in the event of mental or physical incapacity? This can be particularly important as a person approaches retirement age.
January can be a month of new beginnings and mark the beginning of one’s estate planning journey. While facing mortality can be difficult, death is a part of life. Planning for death as one plans for life in California can provide loved ones with peace of mind at a difficult time in their lives. An experienced attorney can review a person’s financial situation and other assets, and help craft a plan that corresponds to the client’s final wishes.