Estate planning isn’t only for the rich. Everyone has property that will need to go somewhere after their death, including laptops, digital files, personal belongings, collectibles and cars. Creating an estate plan in California may involve more than a will. You may set up trusts or transfer-on-death accounts.
Around 90.5 million American households have a pet. During estate planning, you can set up a pet trust to assign someone whom you trust to look after it once you die. Trusts are enforceable by law. Terms regarding pets in a will aren’t enforceable beyond who inherits them. If you were to set aside money in your will for caretaking expenses, the recipient isn’t bound by the law to use the money for that purpose.
Everyone has their own opinion on what you would want and what’s best to do with your belongings. Family arguments after your death would be time-consuming, stressful and costly. Having an estate plan helps prevent family conflict after your death.
If you have personal files that you want to delete after your death, you could arrange for this in your estate plan. Another aspect of your digital property to clarify is what to do with your social media accounts.
All adults face the risk of incapacitation, which is losing the ability to make decisions for themselves. You might go into a coma from an accident or develop a memory issue. An estate plan should have a section that explains who will be in charge of your healthcare and financial decisions in this scenario. It also allows you to place limitations on what they can do. You may have certain healthcare choices that you know for certain you would want to make that you can outline in your plan.
Estate planning is essential for all adults regardless of age and socioeconomic status. These legal documents outline what will happen when you die and if you lose mental capacity.