Anecdotes of heirs misusing or completely blowing their inheritance are sadly not that difficult to find, and the implications of these stories can be especially troubling for people in California who are considering what to leave behind. However, this does not always have to be the case. By creating a trust for an inheritance, individuals can be assured that a named trustee will ensure the proper handling of the assets.
Being able to tell what will happen in the future is a fictitious skill typically reserved for wizards, fortune tellers and the like in movies and storybooks. In real life, it is impossible to know what will happen from one day to the next. This means, of course, that one can never know when the exact moment of one's own death will be. For this reason, it is best that California residents not procrastinate when it comes to matters of estate planning and securing assets for intended beneficiaries.
It is impossible to know what will happen in the future. At any time, it could be a person's time to go. This is why it is important to make sure to implement a proper estate plan in California. However, it turns out that a surprising number of people have not done any estate planning.
New Year's resolutions are likely on the minds of many California residents at this time of the year. While losing weight and spending less may first come to mind, this may be the ideal time to resolve to revisit estate plans for wills and trusts. A lot of changes can occur during 12 months, many of which may affect estate planning decisions. Events that can prompt changes to beneficiary designations include relocation, marriage and divorce. Birth, adoption and disability may also signal the need for review.
California residents who are not quite convinced of the importance of estate planning may be interested in a lengthy legal battle involving a family in another state. It took as many as 11 different legal actions to ultimately resolve the issues of a couple after 15 years of marriage. Although this case involves a high-net-worth couple, the same circumstances may befall any other married couple, and the lack of proper estate planning can be detrimental.