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Camarillo Estate Law And Real Estate Law Blog

Estate planning for retirement may avoid devastating problems

In California, one of the greatest fears that people have about retirement is that their money will run out far sooner than expected. That can cause a person to face unwanted poverty head-on and to struggle excessively instead of enjoying life in one's golden years. The remedy against such a fate is to retain an estate planning attorney and a financial adviser or CPA to put a strong plan into effect. These professionals will work in tandem to set up a solid plan that will accommodate various factual possibilities in one's later years.

At the outset, it may be necessary to do a lot of homework to learn one's finances and spending habits. All assets must be documented with details in a list that can be shared with advisers. With all the information, a determination can be made regarding how long the assets can sustain a certain level of proposed spending.

Choosing the right person to administer your estate

It's an activity that most of us avoid--sometimes even putting it off until it is too late. Planning for our eventual passing is not something that is high on our list of things to do. But not planning can leave family scrambling after you are gone. One of the kindest things you can do for those you love is take the time to prepare end of life documents such as a health care directive, trust and will.

Estate planning may require only a few basic documents

California law regarding estate planning and the administration of estates follows the same general framework and principles that apply in all other states. Each state has its own little twists and turns, however, making it advisable to begin and maintain one's estate plan in cooperation with an estate planning law firm in one's own state. The process involves making legal documents that become effective on one's death, and also in the event of incompetence, to handle one's financial affairs during life.

Estate planning establishes legal directives for the distribution of a person's assets at death. It is recommended for individuals or married couples with or without minor children. There are some basic documents and legal instruments that form the foundation of most estate plans, with more intricate structures available if and when needed.