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.
Being named the executor of someone's estate is a bit of a mixed blessing. You may wonder if you should feel honored to be chosen, but there still may be some part of you that wonders why you were the one "lucky" enough to get the job.
It isn't uncommon for a parent to name one of their children or another responsible party as the executor of their estate. In cases such as these, this individual is the representative of their assets and heirs.
It is arguably tragic when an elderly person passes away without having the opportunity to enjoy their golden years by retiring. We use the term “arguably” because we understand that some people don’t want to retire, and their passion may be killed if they are unable to do what they love for as long as they can.
It can be especially difficult to witness a loved one age and develop serious, devastating health disorders that affect his or her mental capacity. Although most people in California understand how important estate plans are, not everyone has the legal protections in place to avoid being taken advantage of. When dementia or other illnesses leave an elderly family member exposed and vulnerable, it is often up to loved ones to establish necessary conservatorships to keep that individual safe.
Thinking about, much less planning, for the inevitable end of life can be extremely uncomfortable for many people. Because of this, crucial aspects of estate planning are often put off or neglected. After all, the future can seem so very far away, so why worry unnecessarily now? In reality, estate planning is not something that should be delayed.
The focus of estate planning is often about what will happen to a person's assets after he or she has passed away. Although this is a reasonable focus for estate planning, some people in California still continue to shirk the process on the basis that they simply do not care what happens to their possessions after they are no longer alive. While this course of thinking might be somewhat understandable, it does not give adequate regard to grieving family members who will be left behind to handle the estate administration process with no input or guidance.
Communication is important for any area in life. It is particularly important when it comes to estate planning in California. Failure to communicate with family members and intended beneficiaries can result in future problems.
Template and generic estate plans are usually not a good idea. It is important for a California resident to have an estate plan customized for one's specific situation. Many people, once they have created an estate plan, will leave it and forget it. However, it is always a good idea to periodically update one's estate planning strategy in order to take into consideration any significant life changes.
Most Californians with estate plans in place make arrangements concerning the disposition of their money and physical assets after they pass away. However, many of these people forgot to consider their digital assets in their estate planning efforts. This can cause some significant problems when it comes to time to administer the estate.