California has a large population of seniors, many of whom do not have any estate planning documents prepared. It is crucial for persons in that age demographic to act quickly to evaluate and maximize the use of whatever estate planning tools may yet be available. Another large group of senior citizens may have estate planning documents, but they may be decades old and in serious need of revisions and updating.
People in California and elsewhere go through all kinds of gyrations to escape the suggestion that they may want to get their elder law planning in order. For most people, that is a feared subject that brings up the very end of life and the horrific possibility of dementia or other disability. It is possible, however, to view the need for elder law estate planning as a time-saving, financially wise, and necessary function to best take care oneself and one's heirs when the time for doing so arrives.
Part of estate planning and writing your will is determining how to best protect your interests and desires if you are incapable of doing so. Many people choose to establish an individual with the powers of attorney over their welfare. But who exactly can have power of attorney?
Trusts are often used in the planning of estates in California by those who want to protect and distribute their assets as desired. There are two general kinds of trusts used in estate planning, testamentary or living. A testamentary trust is drawn up as a provision in an individual's last will and testament.
Acts of nature have been particularly brutal in California and other states this year. These horrific traumatic occurrences have resulted in the substantial loss of life and property. From the financial perspective, there are some general estate planning measures that people can take to protect themselves from these types of devastating tragedies.