A lot of estate planning is focused on the distribution of wealth upon an individual's passing. While this is certainly an important aspect of the estate planning process, it is only a portion of what should be a comprehensive estate planning approach.
To some, creating an estate plan seems like a monumental task. Even after they get over the fact of having to consider their own mortality, many Californians struggle to decide how to distribute their assets.
Many people have retirement accounts and other investments, as well as Social Security benefits that they have worked hard to earn and build. Although these individuals hope to take advantage of these resources when the time comes, they don't always live long enough to do so. In those instances, major questions can be raised about how those assets will be distributed. Without an effective estate plan, those financial resources may be passed down to someone who doesn't deserve them.
Most people avoid thinking about death. The mere thought of our own mortality often makes us uncomfortable, and it depresses our spirits.
There is a lot of decision-making that goes into estate planning. Perhaps the biggest decisions are those that determine to whom assets will be distributed when the time comes.
Estate plans can look different depending on the assets, individuals, and wishes involved. While newly created estate plans can vary from person to person, these plans can evolve over time as modifications become necessary to reflect life's realities.
Thinking about your own mortality can be a challenging thing to do. Yet, coming to terms with the inevitable is the first step in being proactive about planning for your estate and the financial security of your loved ones.
If you're reading this blog, then you may be interested in creating or modifying an existing estate plan. Many Californians find themselves overwhelmed by the mere thought of taking such actions.
It wasn't that long ago that everything a person owned could be physically touched. Money, items of personal property, journals, and even photographs could be held in one's hand. Nowadays, though, much of our lives has be digitized. Thousands of dollars can change hands without ever touching paper money, and our most cherished memories are often stored somewhere online. While this convenience may make our lives easier, it can make estate planning trickier.
Many Californians own significant property that they want to protect for their heirs and beneficiaries. Although these individuals may be familiar with estate planning and how it can be utilized to avoid the long, drawn-out probate process, they may not be aware of how assets that are owned out of state will be handled upon their passing.