A proper estate plan requires the right ingredients. Attention to detail, an understanding of the importance of a will and open communication with heirs are all essential steps of creating a successful plan. Unfortunately, there is one important part of estate planning that many people in California forget about -- updating.
There are a lot of misconceptions out there when it comes to certain estate planning documents. Trusts are a great example. Many California residents may not understand how they really work; therefore, they may be afraid to use them.
After taking the time to put an estate plan in order, who really wants to think about it anymore? Most people do not. Unfortunately, it is hard to achieve asset preservation if one's estate plan is not kept up to date. California residents can help themselves by reviewing and updating their estate planning documents on a fairly regular basis.
There are a number of reasons as to why numerous California residents may need long-term medical care. Age, illness, incapacitation -- they happen, and sometimes living out the rest of one's life at home is just not a viable option. Unfortunately, long-term care can be quite expensive and there are concerns that Medicaid will try to assume one's assets in order to pay for care. However, asset preservation may be achieved through careful estate and Medicaid planning.
Most people create their estate plans with only their loved ones in mind. The truth is, though, that estate planning is not just for them. Whether one resides in California or elsewhere, an estate plan is about protecting one's future and one's voice, not just about protecting assets and beneficiaries.
Planning for certain future events can seem somewhat intimidating, potentially causing some individuals in California and elsewhere to put the process off until a later date. Life may be full on unexpected changes, and having a plan in place could prove beneficial in avoiding certain undesirable consequences. Estate planning may be a solid idea for many individuals, regardless of age, and a person might overcome hesitation by taking the time to consider its potential benefits.
Many individuals in California and elsewhere place a high priority on planning for the future. However, in some cases, simply putting a plan into action might not be enough, as certain changes in life could spark a need for adjustment. To avoid any undesirable consequences down the road, a person might find it beneficial to update wills and/or other estate plans should the need arise.
Adults should have estate plans in place to make their wishes known if they can't make decisions on their own or if they pass away. Some people think that only older adults need to have an estate plan, but this isn't the case.
Many people have heard of a do not resuscitate order. It is one of many health care directives available to California residents who want to have a say in how they die and what, if any, medical interventions are to be utilize to prolong life. Few, however, have heard of a DNH order.
Many California residents are dog lovers. Who can blame them? Dogs can be loyal, loving creatures who are often treated like members of the family. What will happen to these fur babies when their owners die or are no longer able to care for them? Believe it or not, pet trusts can be created so that animals continue to receive all that they need in such situations.