Sacramento Estate Planning Blog

Devising a will can either be relatively simple or it can be extraordinarily difficult depending on the circumstances at hand. This can include the number of assets and debts involved, the number of identified heirs and the complexities involved in the way that an individual intends to leave his or her estate via a will. Regardless of how in-depth a will needs to be though, an individual needs to ensure that it is crafted with clarity and thoroughness. Failing to do so could lead to a contested will.

A contested will can be costly to an estate and it can create an enormous amount of familial tension. Generally speaking, an individual named in a will or someone who would have received assets if the individual in question had passed away without a will can seek to contest a will. This usually means that close family members and named heirs can challenge a provision of a will, or even its entirety. Such a contest can threaten to undermine the way in which one's estate is passed down.

Last week on this blog, we talked about estate planning as it relates to hard assets, such as family heirlooms. Finding a satisfactory way to deal with this issue can be challenging, especially when multiple family members are hoping to inherit a specific piece of property. Yet, dealing with hard assets is just a small piece of the estate planning puzzle.

There are multiple considerations that must be made to complete a holistic and effective estate plan. While one must of course deal with the future distribution of liquid assets like cash, stocks and bonds, he or she must also think about his or her potential need for long-term care, assistance with handling healthcare and financial decisions in the event of incapacitation and the restrictions he or she wants to place on the distribution of assets.

California estate planning can be a difficult topic to contemplate, let alone discuss with loved ones. Many think that looping beloved family members into the conversation about estate planning can further family transparency and leave everyone feeling better. But, sometimes, communications do not go as planned. When this happens, arguments can ensue and feelings can be hurt. In short, bad communication may throw estate planning off the tracks.

That being said, there are certain steps to help ease into a discussion about estate planning in a way that avoids confrontation. To start, it may help to gradually shift family discussion to include estate planning issues. Bringing this topic up seemingly out of nowhere can be a shock to family member, causing them to react to it rather than approaching it with thoughtful consideration.

Life is full of changes. Some of them are planned for, but others are unexpected, as is often the case with the birth of a child. Other matters can also seemingly come out of the blue, such as spur-of-the-moment marriage or divorce. While these changes can certainly have a meaningful effect on one's day-to-day life, they can also have long-term consequences. This is especially true when it comes to estate planning. In this context, these changes can affect how assets will be distributed and to whom.

This is why it is critical to update one's California estate planning documents from time-to-time, including the will. There are many life events that can justify a will modification. If after the creation of a will, for example, one finds themselves committed to a long-term partner, then they may want to add him or her to the will since marriage protections will not be in place to ensure that he or she receives any assets. The same situation can play out after the birth of a child or a grandchild.