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Estate Planning Archives

Sibling rivalries can upend estate planning in California

After losing a loved one, it is important for a family to be there for each other in order to provide emotional support. However, without a proper estate plan in place, family members may end up being confused as to who should inherit which assets. Therefore, it is best for individuals in California to not procrastinate in starting the estate planning process.

Estate planning is difficult conversation for families

For most people, death is not a fun topic, and it is a subject that many tend to avoid as much as possible. This means estate planning is also a subject that is commonly avoided in California since it entails contemplating one's own death. A study conducted by Fidelity in 2014 confirmed this after concluding that families struggle having difficult conversations surrounding finances. The study also found that those who have had conversations regarding finances lacked adequate details.

Estate planning often involves charitable giving in California

Planning an estate is about more than just money and assets. Estate planning is also about creating a legacy for many in California. This means keeping in mind what a person will leave behind for beneficiaries, as well as for the benefit of society. This is why many have decided to incorporate charitable giving into their estate plans.

Important steps in estate planning in California

Most people do not look forward to planning an estate. Many are reluctant to stop their busy lives to create an estate plan because of the time, energy and the perceived costs required to do estate planning in California. However, estate planning may not be so daunting of a task and can broken up into several specific tasks to accomplish.

Wills and trusts important in estate planning in California

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.

Assets do not have to be divided equally in estate planning

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.

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.

Financial inventory list essential for estate planning

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.

Communicating with loved ones important in estate planning

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.

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