As married individuals, many California residents know that there is often a need for discussion and compromise when it comes to making important decisions. When it comes to estate planning, spouses may want to talk about their wishes regarding how they would like their estates to be divided. Individuals who have children may simply want their assets to pass on to those children, but extenuating circumstances could come into play.
One consideration some parties may want to take into account relates to the success of their children. If one child has garnered more success and wealth in his or her lifetime, do the parents think it fair to give that child and another less successful child the same amount of inheritance? Some people may have differing views on the scenario, and discussing those views may be useful.
There are plenty of other factors to take into consideration when creating an estate plan as well. If a person has been married multiple times and has children from those different unions, that individual may want to take extra steps to ensure that each child receives his or her fair share. Parties may also want to consider how grandchildren could factor into their decisions.
Choosing how to distribute assets can often prove difficult, even when planning ahead. However, estate planning could help prevent conflict after a person's passing. California residents who are interested in making plans of their own may want to gain more information on their options and determine how their specific circumstances could impact their choices.
Source: foreveryoungwny.com, "Where the Money Goes", Judith A. Rucki, Sept. 1, 2017