Figuring out which estate planning documents one actually needs can be a bit of a challenge. Part of this is because some of these documents seem to serve the same purposes. Regardless of how similar some of the protections offered are, each estate planning document has been designed for a specific reason. One does not replace the other. For instance, some California residents may be confused about the differences between living wills and powers of attorney.
Protecting your loved ones after you pass away is something that many people think about. You might decide to create your estate plan to help you do this. However, you should understand that not all estate plan components are created equally when it comes to making sure that your loved ones will get what you wan them to get.
Those who are young and still trying to get established don't typically think of the need to put together an estate plan. The truth is, though, estate planning is not just for older adults. Millennials in California and elsewhere can also benefit from having certain legal protections in place in the event of their deaths or incapacitation.
Being named the executor of an estate can be overwhelming. There is a lot to take care of in order to make sure an estate is distributed properly and that taxes and creditors are appropriately paid. If one has not been through this before it can be difficult to know where to begin. To make the process easier, the first thing an executor should do before filing a case in a California probate court is to take inventory of assets, debts and legal documents.
When preparing one's estate, there are so many little and big things to consider that it can feel overwhelming. Going it alone is not necessarily the wisest choice, as items of significant importance may be overlooked. For example, if one has minor children, naming a guardian is the best way to ensure that they are raised by someone that one trusts. Appointing guardianship of minor children is something that parents in California can do during the estate planning process.
Many people may wonder what the point is of creating estate plans if they do not have any children or other heirs to which they want to pass on their assets. This is a reasonable thought. However, estate planning is something that all California residents can benefit from; it is not meant just for those who have kids.