Estate planning in California and elsewhere always involves making choices that invite human drama and emotions. For example, an older couple with three children must decide how to divide and distribute their assets among the three. They may make an estate plan in their middle years, but the terms may seem a bit out-of-place several decades later when the couple takes a look at their estate planning documents.
Business owners in California will benefit greatly by engaging in estate planning and developing various beneficial features and protections. The legal instruments that are created can ease the stress and potential complications that family members may encounter upon the owner's death. In addition, a buy-sell agreement can be formulated during the estate planning process.
There will always be a small percentage of married couples in California who separate but never get around to a formal divorce. What are the estate planning consequences when a person dies while separated? That was the case for both designer Kate Spade and expert chef/traveler Anthony Bourdain, who both died recently. Dying while separated and not legally divorced can raise several thorny issues.
The subject matter of estates and trusts in California is complicated. The individual or married couple must keep vigilant over their affairs to assure that no costly and troublesome mishaps occur. Even though estate planning may have been undertaken, a cavalier attitude in the years thereafter can lead to various disasters.
When someone dies, we often think about the house, the car and even the debt that's left behind for our loved ones. But what the stocks we invest in? How do we pass along our investments to our children or other family members when we pass?