We are your Southern California partner in estate administration and estate protection.

Organization is important in estate planning in California

On Behalf of | Oct 13, 2015 | Estate Planning |

Organization is an essential skill in many aspects of life, such as work and school. However, it is also important in estate planning in California. Keeping estate planning documents in order and in a safe place will be important for the administration of one’s estate. Being organized can help one’s intended beneficiaries avoid significant problems in the future after one passes away.

Most estate planning professionals suggest keeping all important estate planning documents and information in one place, perhaps a single binder or folder. One should ensure that one’s family and loved ones are aware of the location of the estate planning documents. The documents should be safe yet accessible to intended beneficiaries.

After a person has figured out where to keep one’s complete estate plan, he or she will have to decide exactly what documents should be a part of the estate plan. First, the most important legal document in most estate plans is either a revocable trust or a will. This will depend upon one’s own estate planning goals, as well as the size, location and types of assets. Two other important legal documents are a financial power of attorney and a medical power of attorney.

However, not all estate plans are the same, nor should they be. An estate plan should be customized to fit one’s individual estate planning goals. This will vary from person to person in California. Therefore, understanding the applicable estate planning laws and applying them to one’s specific situation is critical in designing an effective estate plan.

Source: thespectrum.com, “Estate planning binder a must have“, Scott Halvorsen, Oct 11, 2015