When a California couple has kids, they may start making financial adjustments for the future needs of their children. For example, they may start a college savings fund or buy life insurance. Most parents understand the importance of thinking ahead, but many of them overlook the importance of estate planning for the benefit of their family. This includes deciding what to do with assets and preparing for medical emergencies that may arise in the future.
Planning well is good for the family. A good, thorough estate plan will ensure that loved ones do not have to decide the type of medical care a person may have wanted if he or she cannot express personal wishes. It can also prevent fights and confusion among loved ones who are unsure of how to handle assets after a parent’s or loved one’s death. By taking the appropriate estate planning steps, parents are really protecting the interests of their kids.
When a person dies without a will, it is called dying intestate. This means that state laws will determine what happens to a person’s estate. This can be frustrating for loved ones who will be out of control of what happens. People who think it is not necessary to draft even a simple will may believe this because they are young, healthy or seemingly not wealthy enough to justify it.
There are many reasons why estate planning is both necessary and important for a parent. Most people in California will benefit from a simple will, but other planning tools, such as a trust, could also be beneficial. An assessment of a person’s situation can reveal what steps may be necessary.