California residents likely read and hear about the different mistakes people can make in their estate plan. For some Californians, the biggest mistake may be in simply not having an estate plan. Unfortunately, people who fall into these common traps may have their life savings fall into the wrong hands, or the money could languish in the court probate process for years. In both of these cases, it is the intended heirs that are deprive of their rightful inheritance, not to mention the issue without mounting legal expenses.
People in California know that estate planning isn't something that happens overnight, and as life itself changes, the estate plan goes right along with it. An estate plan requires careful thought and reflection on a person's goals, aspirations, belief in the future, concept of what their financial contribution means in the grand scheme of life, and even their own mortality. It can be heavy stuff to consider, but the peace of mind that comes with a professionally managed and comprehensive estate plan is more than worth the labor, time, thought and emotions that go into the process.
People in California know that the only constant thing in life is change. People watch their children grow up and have children of their own. Friends and neighborhoods develop and change, and people make plans to suit their wishes as they transition from full-time work to a peaceful retirement. A lot of changes are great; many bring joy and fulfillment to life.
People in California lead busy lives, and most people like it that way. Not knowing what the day has in store can be an exciting and fulfilling way to live, but everybody still needs to take some time to reflect on the big picture. Part of getting the most enjoyment out of life means having the financial means to do so, so even the busiest Californians should take some time each year to meet with an experienced estate planning attorney about how to get the most out of their assets.