You've spent a good chunk of time and probably no small amount of money executing a detailed estate plan. Then you move to another state. Will you have to do the whole thing over again?
Trusts are an important part of many Californians' estate plans. However, drafting a trust or other estate planning documents is rarely a "one and done" situation.
For many of us, our pets are beloved members of our family. However, too often they are not considered when people are developing their estate plans. People just assume that a family member will take them when they die, or that they will outlive their pets.
When you think about estate planning, it is common to think about planning for funerals and distributing wealth; including homes and investment accounts. This mode of thinking may lead people to believe that estate planning is only for the well-of, middle aged and elderly.
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.
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.