Planning for the future is for everyone. However, when California residents hear about celebrity estate plans gone wrong, they may dismiss the news, thinking it doesn't matter to them because they do not have as much wealth that needs to be planned for. Nonetheless, whether one is a business owner, a celebrity or someone working hard to make ends meet, one wants to preserve their legacy for their beneficiaries and ensure their assets are protected. This means an estate plan should not just be a will and final testament-it should also take into account scenarios in which one's cognitive abilities decline and one is unable to make important financial and medical decisions for oneself.
When children are young, California residents take every step possible to ensure their safety, well-being and happiness, such as getting them the best possible education. However, as they grow older and parents continue to provide advice and act as a sounding board, they often forget to create provisions to ensure children and loved ones are taken care of after their own demise. Protecting one's legacy and ensuring beneficiaries inherit what is rightfully theirs is an important aspect of safeguarding a loved one's well-being and is something California residents often neglect to do.
Estate planning isn't just about making sure your wishes are met. It is also one of the greatest gifts you can give to your loved ones. With a complete, enforceable estate plan in place, your loved ones will know what your medical wishes are, how you want your assets handed down, and who you want to make decisions on your behalf. Thus, an estate plan can help your loved ones cope with your incapacity and death when the time comes.
According to a Wells Fargo survey, only four in every 10 individuals in the United States age 60 and up have executed the legal documents necessary that dictate how their health care and finances will be handled if they become incapacitated.
If it is possible to do something by ourselves, we often like to take care of the matter on our own terms. However, this is not always possible. Take estate planning for example. Due to life complexities, it can be difficult for San Mateo residents to navigate the estate planning process. This is because estate planning could include the execution of a wide variety of complicated documents.
Establishing an estate plan may seem easier said than done. It is, for the most part, something many people in San Mateo put off, but not always due to its complexities. Many put off drafting an estate plan because they do not want to face the inevitable; that one day they will pass on. Whatever the reason for avoiding this step, it is important to understand its role during and after your life.
Many thoughts and concerns go into planning for the future. When drafting an estate plan, many individuals in California and elsewhere are concerned about how taxes will impact their estate plan. However, when U.S. laws change, this could alter how individuals act when drafting an estate plan, what is included in the plan and whether they draft an estate plan early in life or not.
Living wills are a critical aspect of protecting yourself when setting advanced directives during estate planning. Interestingly, a new study finds that there is a surprising group of individuals who have not set a plan in the event that they are incapacitated: hospice workers.