Artistic endeavors are not generally thought of as big money makers in California. On the other hand, in rare instances, some artists become highly recognized in their field, causing the prices of their pieces to be valued at high price points. However, if the artist does not have proper estate planning in place, this can result in a lengthy and contentious probate process following his or her death.
Life is constantly in flux and is always changing. Therefore, people are always adjusting and adapting to their particular situations in California. This also means one's estate planning strategy may require changing and adjusting occasionally in order to adapt to significant life changes.
Today, estate planning is significantly different from the way it was a few decades ago. Much of this is due to huge technological advancements in computing that has reshaped practically every aspect of society, including estate planning in California. However, many people are still forgetting to take into account digital and electronic assets when they are planning how they would like their estates administered.
One never knows what is going to happen next in life. At any point, a person can become incapacitated unexpectedly. Of course, in a worst case scenario, a person can suffer a sudden death. Incapacitation and death are two reasons why it is important for California residents to not procrastinate when it comes to drafting estate planning documents.
Every person is different and with varying individual life circumstances. Estate plans should reflect this. Estate planning strategies should be highly individualized and customized to fit a person's specific situation and estate planning goals in California. However, there are some specific estate planning documents that are standard for most individual estate planning strategies.