More and more people are becoming aware of the need to establish an estate plan in California and are taking steps to do so. Establishing an estate plan is very important once a family grows to include children. Having wills enables parents to ensure the continued care of their children should the parents become incapacitated or die prematurely.
More and more people are becoming aware of the need to have an estate plan in place in order to protect their family and ensure that their final wishes are carried out in California. However, a plan can consist of a will, a living will and/or a trust. What should be included, wills or trusts, depends on certain factors.
Estate planning need not be a difficult or overwhelming task. When people in California think about writing wills, they be at a loss as to where to begin. The question isn't so much what the estate plan should consist of but rather what is the right estate plan for the individual or individuals who are creating it.
Proper estate planning can be a gift to one's loved ones. By outlining a plan for the distribution of assets, an individual may reduce the amount of time and money spent to settle one's estate after a death. Wills are an important tool for individuals in the estate planning process. Individuals in California may wish to know more about the function of a will and how it is implemented.
Many individuals will enter the estate planning process at some point in their lives. By using good strategies and avoiding common pitfalls, an individual can feel confident in asset protection. California residents may choose to transfer assets to their heirs in several ways, but if there is an oversight, the people left behind may face costly and inconvenient legal barriers.
An individual doesn't need to be Scrooge McDuck in order to benefit from an estate plan. Most individuals and their families can benefit from a carefully drafted and enacted plan. In California, wills and trusts can be an important aspect of asset protection.
It is not unusual for individuals to have different views on estate planning. Some parties may immediately consider it beneficial, and others may think it unnecessary or at least a low priority. Of course, even California residents who have created wills and other estate planning documents may not use their plans to full advantage if they make mistakes when naming beneficiaries.
The new year brings new tax laws, and new policies may give reason to adjust estate planning documents. The major change is the raising of the threshold for the estate tax, and those individuals who will be affected by the change will likely want to review estate documents. For most people in California, wills and trusts benefit from frequent review, with updates whenever there is a major life change.
Thinking about estate planning doesn't have to be a grim reminder of the inevitability of death. Reframe this idea, and it turns into a way to diminish the stress on family and loved ones at the time of one's passing -- a time likely to send those closest to you into a challenging time of grief. Individuals in California can look at estate planning in this light and possibly have some of their concerns alleviated. By learning more about wills, people may be more at ease when the time comes to plan their own will.
A recent court case shows that attitudes about technology and legal documents are shifting. Not every jurisdiction will share the same interpretation of the law, and in fact, this particular court case did not happen within the United States it serves as an important reminder of how technological updates can affect estate planning. Before individuals start text messaging their wills, though, they should consider the benefits of formal estate planning in California.