Although parents usually love all of their children equally, their children are not always equal in their financial positions. There may be one adult child that is more established financially than his or her siblings. When this is the case, California parents sometimes make estate planning choices that are fair but not necessarily equal.
Assets do not have to be divided equally in estate planning
Estate planning pitfalls to avoid in California
It is generally better to avoid problems in the first place rather than having to find a solution to problems once they arise. This is especially true for estate planning in California. Being aware of some of the most common estate planning mistakes can help to sustain one's assets in order to ensure intended beneficiaries receive all of what was intended for them.
Protection from creditors is important part of estate planning
Planning a California estate does not only include dealing with how assets are distributed after one's death. Estate planning also includes managing assets while living. For those with a significant amount of wealth, it is important to protect assets from creditors as well as other potential risks.
