Many people in California postpone estate planning for the simple reason that they don't like to think about their own mortality. That is very human and totally understandable. Yet it is important to keep in mind that a solid estate plan is about much more than giving instructions for the distribution of property after death. A good estate plan will also includes important planning for one's own lifetime.
The death of music legend Prince at the age of 57 earlier this month took many people in California and around the world by surprise. Another surprise may be in store for his family members: at the time this post was prepared, it was still unclear whether he left a will. His sister filed papers in court recently stating the musician had no known will and requesting that a special administrator be appointed to oversee his estate.
In last week's post we talked about the importance of providing instructions for the disposition of family heirlooms and other tangible personal property in one's estate plan. These items often have little or no monetary value but a lot of sentimental value. Fortunately, California's Probate Code provides a relatively easy way to identify who should get these assets.