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.
One's initial thoughts on estate planning may go directly to how property is divided upon death. However, there are actually numerous benefits involved in the process, some of which may not have anything to do with finances. For example, in the event of a medical emergency, a plan can cover a person's wishes concerning the type of care he or she receives, and can also assist in ensuring a power of attorney is in place should one be required.
An estate plan can assist in numerous other areas as well. Although it may not be easy to think about, accidents can unfortunately occur at any given moment, and if the deceased has children, having a structured plan dictating a guardian to care for young ones could be crucial. Estate plans could also assist in ensuring beneficiaries receive assets in accordance with a person's preferences.
With a great deal to cover in a similar area, a person who wishes to explore the benefits of estate planning could find it advisable to seek guidance on every available option. By speaking with an experienced attorney, a client in California may be able to obtain advice on every crucial aspect of planning an estate. An attorney can cover a client's concerns and wishes and provide guidance in choosing a plan that is in keeping with his or her best interests, as well as the interests of loved ones.
Source: nerdwallet.com, "Millennials, Don't Forget Estate Planning", Winnie Sun, Aug. 7, 2017