California residents who grew up in the 1980s and 1990s may be familiar with the original television series, "Beverly Hills, 90210." The show followed the lives of several privileged teenagers growing up in the wealthy Southern California community identified in its title. One of its breakout stars, Luke Perry, played a rebellious youth who was a fan favorite season after season.
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.
At the end of a calendar year, a Torrance resident may take stock in where they have spent their money and what they need to do to save for the future. This is often the result of looking at one's earnings and how they might be affected by federal and state taxes. For some, a surplus of income may mean looking into options that include giving to organizations and individuals that can benefit from financial support.
There are a number of planning issues that California residents can run into when they are preparing their wills. On one hand, some people want to leave bequests to so many people that they cannot figure out how to include everyone in their estate plan. On the other hand, a person may wish to exclude a child or other close family member from their will and may fear the repercussions that will develop from that action.
The start of a new marriage is rarely the time for a young couple to take stock in their future and plan for the time when they have both passed away. Though estate planning is something that all men and women should do, it is often put off until couples share children or hold significant assets and desire to have their wishes for the distribution of their wealth honored in the event of their deaths. California residents should note, though, that the ends of marriages are also important times to revisit their estate plans to ensure that they are accurate and up to date.
Our readers know that any person can benefit from having a plan for their end-of-life estate in place. A person's estate constitutes the wealth and assets that they have amassed over time, and most people would prefer to decide what happens with their hard-earned money rather than allowing the state and the process of probate to intervene. Therefore, one of the biggest mistakes a person can make with regard to their estate plan is neglecting to execute one.
Not all families in California have the luxury of living near each other and experiencing their loved ones' company throughout the year. As such, some individuals rely on the holidays to meet up with their relatives and to catch up on what has been happening in their lives. The winter holiday season, which is quickly approaching, is a time for family and for fun, but also for planning.
One of the main reasons that California residents choose to create their own personal estate plans is to take control over how their money and assets are divided and passed out after their deaths. For example, if a person dies without an estate plan in place, their estate may be distributed to their heirs based on the laws of intestacy currently included in the state code. This could mean that an heir that the decedent did not want to collect from their estate could benefit from the decedent's passing.
A trust is an important estate planning tool that California residents may use to protect their assets and wealth and preserve them for the benefit of their loved ones once the estate planner has passed on. However, there are many different kinds of trusts that individuals may establish. Different trust formats can accomplish different estate planning goals and may serve the diverse needs of California residents.
There is no question that making major decisions about one's own health can be difficult and can require a significant amount of consideration. California residents may struggle to decide just how much support they want from doctors and nurses if they need to be hospitalized and may not be able to communicate their own wishes. However, once they have plans for how they want their care managed, they may want to take proactive steps to ensure that those plans are followed.