Holistic estate planning can address many issues. It can determine how your assets will be distributed upon your death, who will make your health care decisions in the event that you become incapacitated and even who will administer your estate. There are many decisions involved, and they can have a tremendous effect on the futures not only of the estate, but of those touched by the estate as well. Therefore, it is crucial that those who are engaging in estate planning ensure that their legal documents are thorough and specific, so that their estate is handled in accordance with their wishes.
Much of estate planning is about avoiding unnecessary costs so that one's beneficiaries can receive the assets that a testator wants them to receive. It sounds easy enough, but estate planning can be challenging and, for many in Sacramento, confusing. One reason is because there are so many estate planning options and tools at one's disposal. It is therefore wise that those considering developing a new or modifying an existing estate plan inform themselves as fully as possible before moving forward.
Nobody likes to think of their own mortality. Yet, it is an inevitability for us all. Instead of being afraid to confront this reality, Californians should prepare for it. Not only does this allow one to put his or her mind at ease, but it can also help alleviate any concerns possessed by an individual's potential beneficiaries. One way this can be accomplished is by creating trusts that seek to alleviate certain financial needs.
Estate planning may seem pretty easy at first glance. After all, to many Californians it is nothing more than deciding how to distribute assets upon one's death. While this is true to a certain extent, estate planning is much more complicated in practice. Those who fail to properly and thoroughly address all estate planning issues may be putting themselves, and their loved ones, at risk of unexpected expenses, tax implications, unwanted distribution of assets and debts and eve the loss of valuable assets.