Considering what will happen after death or in case of incapacitation is not easy. This is why many California adults delay this process, while others assume it is not necessary because they are young or not wealthy. However, estate planning is beneficial for everyone, and now is a great time to take this step. Current events have many considering their own futures and those of their loved ones, and many adults currently have the time to plan.
One of the first steps when estate planning is the drafting of a will. Through this document, it is possible to decide what will happen to money and assets, designate a guardian for minor children and even outline what should happen to a pet in case of death. For many, a will is sufficient, but for those with more complex goals, it may be necessary to also establish a trust. This tool can protect assets for a specific use, such as the provision of a minor or charitable giving.
Health care is also something one should consider when estate planning. Through a living will, an adult can outline the type of care he or she would want to receive in case of incapacitation. Through a health care power of attorney, an adult can name a trusted individual to make certain medical decisions.
Estate planning is not something to delay. Every California adult will benefit from having certain protections in place. An assessment of assets, finances, goals for the future and other needs can identify what an estate plan should look like and what tools are necessary.