A California estate plan is set out in a series of key documents prepared before one's death. We discussed one of these documents, the durable power of attorney, in last week's post.
For most Californians, estate planning means making plans for the disposition of one's property after death. While this is usually the most important aspect of estate planning, it is far from the only one. Many people, especially as they get older, face the possibility of a prolonged period of mental or physical incapacity, or both. Planning for the possibility of incapacity should be a key element of any California estate plan.
In California, trusts have long been a favored means of estate planning. Trusts provide great flexibility can help avoid probate and often significant tax advantages.
The death of rock legend David Bowie at the age of 69 on January 10 came as a shock to many music fans in Northern California. Fortunately for his loved ones, Bowie had prepared an estate plan and executed a will in 2004.