Although relatively low on the list of priorities for most California families, estate planning is an important step in providing guidance and securing the future for loved ones. Knowing assets are taken care of can provide much-needed peace of mind. There are many misconceptions and stereotypes about wills, trusts and estate planning. Learning these common misconceptions can help families create the best plan for their future.
It is a known fact of life that planning for death is important and can save loved ones from difficult situations down the road. However, so many families in California will put off estate planning until its too late. Creating wills and trusts can ensure that assets are protected and remain in the family. The following tips can help when planning an estate.
Planning for death can be a beneficial part to life. However, no person wants to plan for his or her demise. It can be a depressing and uninspiring thing to talk about, but what is planned during life can prevent hardships and difficulties after death. Wills and trusts are common ways to secure assets in California, but a comprehensive plan is about much more than a few documents.
Divorce is a life-altering experience that can bring about many difficulties both psychologically and financially. According to statistics, separation is inevitable for some couples in California, and many marriages end in divorce. Women, in particular, can face unique challenges after a divorce. For women, the end of a marriage is arguably the most important time to re-evaluate future plans and update or create important documents such as wills and trusts.
Planning for the future is always a good idea regardless of age or economic status. In a world of uncertainty, securing assets and final wishes only makes sense. Estate planning is often considered by California residents to be something to put off until retirement years. However, it is never to early to begin planning for the inevitable. An advance medical directive is a document that can detail the wishes of a loved one upon an end-of-life situation.
Its never easy to talk about the death, and most people put it off. However, death is inevitable and having a plan makes sure that families and assets are protected. Estate planning is often associated with the mega-rich, but it can be beneficial for all California families regardless of economic status. Without wills or trusts, assets are left to be distributed by the probate courts.
One of the few guarantees in life is death. Understandably, planning for death can be a difficult subject to discuss. However, having a plan in place ensures that assets and finances are protected, and that loved ones are cared for. Arguably, the most important documents when it comes to estate planning in California are wills. A will determines how assets are distributed after death, so the reluctance to draft a will can have disastrous consequences for loved ones.
To many, estate planning is a long, arduous process that often invokes feelings of anxiety and dread. California citizens can also feel intimidated by the term estate planning and just assume that this is only for the wealthy. However, all families can benefit by planning for the unexpected. When it comes to end-of-life planning, wills are the most popular and well-known documents to determine how possessions will be distributed.
Discussing end-of-life situations with loved ones can definitely be a tough conversation. Most California residents know that planning for death is important, but having conversations about this topic can bring about negative emotions, so procrastination is common. However, things like designating a power of attorney or drafting a will can ensure the future of an estate. The following tips may help those ready to discuss these serious topics.
No two people are exactly alike. Comparing yourself to your neighbor, sure, your house may be of the same relative value and you may drive similar cars, but when you zoom out and examine your full scope of assets, they can be quite different.