If California residents own any assets, they have an estate. As a result, they can benefit from creating an estate plan that would allow them to express their wishes for various estate-related matters. Wills and other documents can work together to create a unique and tailored plan for anyone.
Though estate plans are beneficial, one recent survey showed that 25% fewer adults had a will in 2020 than in 2017. Unfortunately, this means that more adults may be leaving their estates up to chance in terms of how their assets will be distributed and who will be in charge of important matters. In fact, without estate planning documents, state laws will dictate how an estate is settled, which may not be in line with someone’s personal wishes.
Some people may think that they do not need a will because they have made beneficiary designations on important payable-on-death accounts, like retirement accounts or life insurance policies. However, most people have plenty of other assets to consider that are not payable-on-death, which means that they need additional documents to address those remaining assets. Everything from small personal items to more substantial assets can be addressed to ensure that the right person gets each item.
From assets to health care, wills and other estate planning documents can help California residents address a number of important matters. Of course, it can be difficult to get started on such an important task, especially if individuals do not know which documents may work best for their wishes. Luckily, interested parties can work with attorneys experienced in this area of law to create a personal and unique plan.