Many people believe that estate planning involves planning for what will happen after death. This is not wrong. However, a complete estate plan should also plan for what you would like to happen if something renders you incapacitated. Consider using an advance health care directive to address possible medical needs and a durable financial power of attorney to address possible financial needs.
An estate plan is more than the collection of documents that a person executes in order to provide guidance on what they want to happen with their possessions after they die. It is a set of procedural expectations that direct certain individuals to perform certain tasks so that the decedent's wealth and assets are effectively used according to their wishes. To this end, a Californian should put as much effort into deciding who will administer their estate as they do into who will get their property when they are gone.
As a parent, your concern for your children is probably on your mind all day, every day. And when you have a child who has special needs, you likely wonder about how he or she will be cared for once you have passed away. However, through establishing a Special Needs Trust (SNT) you can help positively influence your son or daughter’s life after you are gone.
An estate plan is a set of legal documents that explains how a California resident wants their assets and wealth distributed after they have passed away. Common estate planning tools may include but are not limited to wills, trusts and powers of attorney. While practically anyone can benefit from the execution of a personal estate plan, everyone should be aware of how their assets will be managed if they pass away without one.
Creating a will is an important step in planning for the future of your estate and family after you're gone. A well-crafted, comprehensive estate plan can take time and expertise to complete, but it's worth the effort to mitigate the chances of a complicated, divisive probate process.