Estate planning is as complicated as it is important. Some California residents may not realize that the best practice for effective estate planning requires the building of an integrated team of advisers that are appropriately skilled. It is often believed that property can only be transferred through the probate process after death while, in fact, there are several methods to achieve this. Transferring wealth through beneficiary designations is another mechanism, and it will be separate from probate proceedings.
Having children often triggers many important life changes and decisions. Many in California, for example, are motivated to go through the estate planning process in order to ensure that their children are provided for if they become unable to do so. However, preparing a will and other important documents may be equally, if not more, important for those who have no children and are not married.
Emotions are natural for all human beings. However, emotions can also cloud one's judgment when making important decisions. This can be a problem when it comes to estate planning for California business owners. Therefore, it is best to keep one's emotions in check when making business estate planning decisions.
After the loss of a loved one, it is only natural to feel nervous about matters related to the decedent's estate and transferring property under the California Probate Code. It may be advisable to gain the necessary knowledge about probate procedures and whether it will be required to go to probate court at all. The need to go to probate court depends on how much money and what type property is involved as well as who will claim the property.