Many people in California have more than one pet these days and they are usually an integral part of a family's identity and life. It is therefore entirely understandable for people to want to provide for their domestic pets in their wills or other estate planning methods. When the method used for this purpose is through one's will, certain state law limitations may interfere with one's ability to fully manage the pet's future.
Estate planning in California is not just for distribution of assets after death. It also has to do with managing money during life. One may have an overall financial plan but, without an estate plan incorporated into it, several unwanted outcomes may arise. An experienced estate planning attorney can explain what an estate plan is and why you will need one as part of your overall financial success and legacy planning.
Taking a form will off the internet and saying that there is now an estate plan in place would be an exercise in self-delusion. The truth is that there are many issues that must be evaluated, several more legal instruments prepared, and in the ideal situation, this should all be done under the guidance of an experienced estate planning attorney and, where appropriate, a qualified financial adviser. For residents of California, choose an attorney who is proficient in the estate laws of this state.
Probate in California involves the administration and settlement of a decedent's estate. Although traditionally probate is a means of proving that a will is valid, the process can also take place if the person died without a will. Assets owned at death are treated as estate assets, and it is far better to process those assets according to the owner's dictates in a will. Without prior estate planning, the court and the participants must turn to state intestate laws to see who inherits and in what percentages.
California and other states are seeing a reversal to some extent of the longtime trend of family members establishing independent and separate households. The Pew Research Center estimates that 20 percent of the population lived in multigenerational homes in 2016, which is the equivalent of 64 million people. Some of this trend includes working adult children who are making changes in their living space to accommodate their aging parents. Where applicable, the trend is a factor to be considered in estate planning.
There is enough estate-related scamming going on in the country, including in California, to make one lose faith in the human race. However, if one exercises due caution against these plots and keeps steady control of one's affairs, tragic outcomes can be entirely avoided. One key thing to remember is that the relationship between a qualified and experienced estate attorney and the client is built on a long tradition of trust and reliability. Promotions that go beyond that simple estate planning formula are often a signal of fraudulent companies trying to make a quick, illegal buck.
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.
Estate planning attorneys in California are accustomed to working with a client's financial advisor to obtain information helpful to designing the estate plan with the client. For persons who are contemplating associating with a financial advisor for mapping out a future financial plan, there are various subjects to inquire about before making a commitment. Estate planning attorneys may at times be able to assist the client in determining how to find a qualified financial advisor.
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.