Family dynamics differ for everyone. Some people may have close, loving relatives that they enjoy spending time with, and others may have difficult family relationships that lead to estrangement or conflict. In either case, it is important for individuals to go through the estate planning process to ensure that the people they want to receive assets or that they do not want to receive assets are aptly addressed.
All California families have unique aspects. Some are considered traditional with a first-time married couple who have a few kids. Of course, these days, it is more likely that families do not stick to tradition. In fact, some parents may be married for the second or subsequent time, and children from different relationships may play major roles. While blended families can be just as loving, issues could arise if those familial relationships are not accounted for during estate planning.
Getting divorced was likely not a life change that many California residents had planned for well ahead of time. However, it can happen to any married couple, and the impacts can be far-reaching. If individuals took the time to plan ahead when it came to their estate plans, they may benefit from updating their plans after their divorces are finalized.
Everyone needs help at some point in their lives. Often, California residents are able to ask someone they trust for help at a given time. However, if a person becomes incapacitated, it is unlikely that he or she will have the ability to indicate who should help or how the person should help. For this reason, it is important to use estate planning to prepare for such scenarios.
Getting end-of-life affairs in order is not a simple task. After all, California residents will need to look at their lives as a whole and make many decisions regarding how they want the important facets of their lives handled in the event of incapacitation or death. Estate planning can help organize these decisions.
Certain types of assets, such as retirement accounts and insurance policies, come with beneficiary designations. These allow a person to name who will benefit from these assets upon his or her death. So, they are important estate planning tools.