It is common for people to think that they have plenty of time to get certain affairs in order. Unfortunately, too many individuals in California and elsewhere end up in difficult situations without having made the needed plans to handle certain details. In particular, many parties do not create wills or advance health directives that could help their loved ones handle financial matters and other important affairs after a loved one’s incapacitation or passing.
Though numerous people think of estate planning as something for themselves, creating a plan can benefit loved ones just as much as the person making the plans. It can be immensely overwhelming and stressful for loved ones who do not know what to do in a potentially dire situation. Having instructions can bring a considerable amount of relief.
Starting an estate plan does not have to be a massive endeavor either. Taking it in stages is an option, and one place to start is creating a will and appointing beneficiaries to certain accounts. Retirement accounts, savings accounts and others often have beneficiary designation options, and if parties have appointed beneficiaries for those accounts, they have already started the estate planning process, even if they do not realize it.
Wills, directives, trusts, power of attorney documents and much more can make up comprehensive estate plans. If California residents believe that the time has come for them to start their plans, they may want to keep in mind that they do not have to go through the process alone. Experienced attorneys can provide assistance to interested parties throughout the planning process.
