Income inequality has become a major topic of political discussion in California and across the United States. Over the past couple of years, the media has published countless articles about the amount of wealth controlled by a small percentage of Americans. And, in this presidential election year, one candidate has staked his campaign on the issue: Bernie Sanders.
For many in California, it can be uncomfortable to consider the inevitable reality of death. But, it is something that will happen to everyone. With that in mind, there are certain issues that have to be accounted for regardless of the financial and personal situation of the individual. This is true with those who have significant property and money and those who are of more modest means. To that end, having a will can ensure that loved ones left behind will receive what the deceased, or decedent, wants them to receive. All properties will be allocated based on the terms of the will. Nonetheless, there are issues that will arise if the person dies without a will, and it is important to understand them.
Thinking in the worst case scenario is often uncomfortable for California residents, but to ensure financial stability and that wishes are carried out, in the event of incapacitation, it is necessary. One method that can be beneficial to protecting one's property and financial assets is by having a living trust. Before moving forward with it, however, it is important to understand how it can be beneficial.
While it might be an uncomfortable subject for people in Sacramento to broach, the realities of life are that death is inevitable. With that in mind, people with children need to be aware of the various options that are available when it comes to estate planning. This is especially true if the children are young. Having a grasp on what works best for the individual can help in making an informed choice.
When a parent of adult children remarries, it often creates friction between the children from the former marriage and the new spouse. When the parent dies, that friction can boil over into bitter disputes over the parent's estate. This appears to be what has happened with the family of a multimillionaire vitamin entrepreneur who died last year at the age of 80. Recently, judges in California and Nevada issued separate rulings that significantly weakened the claims of the entrepreneur's children and grandchildren.