Most young people don't consider developing an estate plan unless they have a considerable amount of money or assets, either from earnings, an inheritance, a legal settlement or some other source. They're busy building their careers, working towards paying off student loans and perhaps starting families.
California parents who have special needs children have unique challenges when they're doing their estate planning. That's why it's essential to have an experienced California estate planning attorney guide you through the process and help you avoid some common mistakes.
Family issues and legal issues often intersect. When you have children with special needs, there are even more circumstances to consider than the average family. Most families can discuss how they should deal with unexpected incapacity or the administration of an estate.
No one likes to think about their own mortality or that of their loved ones. However, many an estate has languished in probate for much longer than necessary because adult children of aging parents were not clear on their parents' wishes.
When you're drawing up your estate planning documents, your California estate planning attorney will remind you that you need to ensure that you've designated the beneficiaries whom you want to receive the assets from your 401(k), other retirement accounts, life insurance policies and annuities with the company or institution where they're housed. Many people think that just listing the beneficiaries for those assets in their will is sufficient. However, it's not. The beneficiary designations on those accounts and policies supersede what's in the will if there's a discrepancy.
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.