Estate planning in California is a complicated process of arranging all of one's assets in a manner that will protect them from depletion and at the same time set up a plan of distribution of those assets for one's heirs after death. The benefit of providing for one's care and financial functioning during a period of incapacity is also a major benefit of the estate planning process. There are some general misconceptions that people tend to make about estate planning, which it is helpful to avoid.
For one thing, people think that as long as they make a will they have set up an estate plan that will carry them through. The fact is that the will is generally only one component of a plan. For example, how one titles one's assets has a lot to do with how they will be dealt with after death. It is usually more efficient for a couple to own a will or even a bank account as tenants by the entireties with the right of survivorship.
That legal titling of real estate or personal financial assets will allow for the survivor to own the property automatically upon the death of the other owner by operation of law. This can be done in the form of joint ownership even if the owners are not husband and wife. Furthermore, many types of accounts will pass automatically to the beneficiary provided in the account or insurance policy. One must simply keep the beneficiary updated at all times so that the property does not pass to an unintended source.
There are many other tools and programs for effective estate plans that are available in California. A consultation with an experienced estate planning attorney will get the matter started toward providing full achievement of one's goals. This process can also give maximum protection from various kinds of mistakes that can happen when no planning is performed.