Handling a loved one's death can be an extremely trying experience for any family. However, some individuals in California put more stress on themselves than is strictly necessary by worrying over a common process -- probate. While avoiding probate is a common goal of many estate plans, the process can be incredibly useful.
When a person takes the time to create an estate plan, he or she will usually assume that people will accept the will and other portions of the plan. There are some cases in which wills can be challenged and these reasons are very specific.
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.