Planning for the future is a prudent venture at every stage in life, regardless of age, wealth and health status. Estate planning requires looking to the future and laying the groundwork to ensure that the distribution of assets, health care and other matters are handled according to the wishes of a California adult. This means it is necessary to think long-term throughout the planning process.
Even with an estate plan, checking in regularly is an essential step. As life changes, so should estate plans, especially after significant and life-altering events such as marriage, the birth of a child, new grandchildren, divorce or the death of a beneficiary. These types of plans are fluid as the needs and objectives will not remain static for the duration of a person’s life.
Another important step is to think toward the future with every estate planning decision. What makes sense now may not make sense long-term. Before making any final decisions, it will help to consider how a plan will work years down the road and hold up under scrutiny. It is also prudent to think carefully about all available options before moving forward. For some, a basic will is enough, but there are estates that will benefit from creating a trust and implementing other tools.
Every California adult will benefit from estate planning, even when young and in good health. Speaking with an attorney experienced in estate law can reveal what steps are important for the individual situation. The future is unpredictable, and there is significant benefit in moving forward with putting plans in place as soon as possible.