There is always a certain amount of uncertainty when it comes to the future. No one can plan for every possible situation. However, one can do something to make sure that loved ones are taken care of in the case of something unexpected happening. Therefore, it is important for California residents to not procrastinate when it comes to estate planning.
Although many may see estate planning as a complex and confusing endeavor, in reality, planning an estate is simply making plans about what to do with one’s possessions after death. Despite most people’s reluctance to think about their own deaths, estate planning is essential for those who wish to protect their heirs’ inheritances. Failing to plan will leave important decisions about assets in the hands of the probate court.
Having to go through the probate process will make it more difficult for loved ones after a person’s death. This can be especially burdensome during an emotionally challenging time. Putting an estate plan in place will allow loved ones time to grieve. while also reducing stress related to administering an estate. It can also save on tax liabilities, which will leave more assets and money to be distributed to heirs.
Proper estate planning in California will require the essential legal documents to be in place. For most, this means a will; however, other estate planning documents, such as trusts and powers of attorney, may be necessary as well. As each person has his or her own unique situation that will require customized estate planning documents aimed at achieving specific estate planning goals, the assistance of an estate planning professional may be beneficial.
Source: cheatsheet.com, “A Beginner’s Guide to Estate Planning“, Brian Wu, March 3, 2015