By engaging in California estate planning, individuals can ensure that they retain control over their assets for a significant period of time after their passing. This requires the utilization of many legal documents, but failing to do so can result in unwanted consequences. Although many believe that estate planning is only for the rich and famous, this is not the case. In fact, just about anyone can benefit from competent estate planning. Yet, looking at estate planning issues that affect celebrities can be illustrative for even common folk.
Just take the case of Stan Lee. Lee, the creator of much of the Marvel universe, recently passed away at the age of 95. The months leading up to his death were riddled with scandal. Reports indicated that his 68-year-old daughter had been trying to take advantage of him. There were even some allegations that a significant amount of money went missing from his estate during this time and that he was being abused.
While the details of Lee’s estate plan are unknown at this time, his situation does raise important questions that are applicable to most people who engage in estate planning. For example, one important consideration to make while estate planning is how to simplify assets. By simplifying assets, an individual can ensure that he or she adequately address them through estate planning vehicles.
Another important issue to take into account is to whom assets will be left and what types of restrictions will be placed on the distribution of those assets. If, for example, an individual has a falling out with an adult child, then an individual can determine whether or not to write that individual out of an estate plan or, if assets will be left to that person, what conditions must be met before the assets can be obtained.
These issues highlight just some of the many complexities associated with estate planning. To avoid the many pitfalls that often come into play throughout this process, those hoping to create strong estate plans and legacies for their loved ones should consider discussing the matter with a skilled estate planning attorney.
