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.