If a parent dies and you're the executor of the will, one of the first things you have to do is take stock of exactly what is in the house. The will may lay out what possessions go to which heirs, or it may give you more general directions about splitting things up evenly. Either way, protecting those assets after a parent's passing is crucial, even if is means taking the drastic step of changing the locks on the family home.
Estate documents are essential to uphold your voice on important matters and your family's future after you have passed on. These documents should stay safe and easily accessible to your family when you can no longer be there to guide them. There is no point in having an estate plan if no one will be able to find it. Here is what you should know.
Saying good-bye to a loved one is never easy, but it is far more difficult when left with an unorganized estate plan, complicated assets and no direction. One daunting task involves closing their accounts. The methods of closing accounts are not uniform and in some cases, it can become a frustrating or even drawn-out nightmare.
Many people make assumptions about family, particularly their parents. They assume that their parents should take care of them in childhood, that they will step in and help their parents a bit during their golden years if needed, and when their parents are gone they will take care of them once again -- by leaving their estate.
Clarity is what one should aim for when planning an estate. Lack of clarity in estate planning can result in future legal problems for intended beneficiaries. This can require significant amounts of time and resources being spent in a prolonged probate court proceeding in California. Therefore, it is essential that people have their wills and trusts in place as soon as possible.
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.
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.
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.
Losing a loved one can be an extremely challenging and emotional time for anyone. This is why one should make sure to take care of estate planning as soon as possible in California. On top of emotional struggles, one's family and loved ones will also have to deal with the administration of one's estate during this difficult period. Therefore, making sure the proper documents are in place is essential for alleviating the burden for loved ones as much as possible.
Planning an estate is about more than just dealing with assets. Estate planning is also about managing and dealing with other people. Along with having the proper legal and financial instruments in place, ensuring a smooth administration of one's California estate will require communicating important details to loved ones.