If you own any kind of property in California, you want to make an estate plan so that what you own is divided as you want instead of left to the state to handle. However, there are a few common mistakes that are sometimes made during the process of writing a plan.
For many people, not taking the time to actually make a plan for their estate is one of the most common mistakes. Instead of putting estate planning off until later and then it being too late, talk to your family about the details that you want to include so that they know your thoughts and wishes.
You want to include more than one person as your beneficiary. This is because one person could pass away, which would result in no one being responsible for your assets. Include someone you trust and who will respect your wishes so that there are no arguments. Consider naming one person for each major asset that you have so that one person isn’t overwhelmed with multiple tasks.
A detail that you want to include in your plan is what you want for your final arrangements. Include details about whether you want to be buried or cremated, who you would want as a pallbearer, who you might want to speak at your funeral, and if there are any details that you don’t want during your funeral. You should also include what your family should do if you’re at the end of your life and they need to make a final decision.
Although it might not be something that you want to think about, making an estate plan can make things easier for your family when it’s time to divide your assets. With proper planning, you can create a plan that’s fair and easy to follow.