Many people put off estate planning because they are afraid to confront the thought of their own mortality. Next to death, when it comes to aging, people usually fear declining health. Yet, the sad reality is that many Californians will see their health significantly deteriorate as they age. There may even come a point where their medical condition leaves them unable to make important financial and healthcare decisions on their own. Under these circumstances, an individual may be deemed incapacitated, and a guardianship may be created to protect him or her.
Life is full of changes. Some of them are planned for, but others are unexpected, as is often the case with the birth of a child. Other matters can also seemingly come out of the blue, such as spur-of-the-moment marriage or divorce. While these changes can certainly have a meaningful effect on one's day-to-day life, they can also have long-term consequences. This is especially true when it comes to estate planning. In this context, these changes can affect how assets will be distributed and to whom.
Last week on the blog we discussed the estate of famed movie star Burt Reynolds and how he utilized a trust to protect his assets for his son. Although it may seem a bit unconventional to write someone out of your will like Burt Reynolds did to his son, it can serve a purpose. In fact, there are a number of decisions you can make during the estate planning process to protect yourself, your assets, and your heirs and beneficiaries.
Many of you probably heard about the recent passing of acting superstar Burt Reynolds. While news stories are peppered with remembrances of his best film roles and his contributions to Hollywood, some reports are shining a light on another aspect of the actor's life: his estate planning.
Thinking about your own mortality can be frightening. None of us like to think about when our time will come to an end, but it's inevitable, meaning that we all need to have our affairs in order before that time comes. For many people, this means engaging in estate planning to deal with their own finances. Yet, estate planning can be just as powerful when considering the passing of a spouse.