Certain life events may cause a California adult to start thinking about the future and the need to have certain protections and plans in place. Estate planning can be a daunting task, especially for someone who is young and healthy, but this process is beneficial for those of all income levels and ages. Thinking about the future can allow a person to have more control over what happens to his or her stuff down the road and plan for the care of others in the future.
Things like the birth of a child, marriage, a divorce, starting a business and other important life events can prompt a person to put certain plans in place. One of the first steps of this process is identifying exactly what an adult needs to protect his or her family. It may be designating a guardian for minor children, outlining preferred medical care in case of incapacitation or establishing a trust for charitable giving. Each estate plan should be uniquely tailored to the goals, objectives and finances of the individual.
After identifying objectives in an estate plan, a person will find it beneficial to then consider estate tax laws and insurance beneficiaries. Estate planning often involves more than just deciding who gets what in a will. Depending on the individual situation, some estates are quite complicated.
There is significant benefit in working with a California legal professional experienced in estate planning. An assessment of the individual case can help determine what steps may be necessary. This is smart for all adults in California, even if they are young and believe this type of long-term planning is not yet necessary for them.