Estate planning is an important strategy for arranging financial affairs and protecting heirs from unnecessary costs and expenses. However, estate plans require timely updates and modifications to reflect current circumstances and shifting laws that may affect financial security for loved ones in the future—this can be especially challenging when relationships or values are in flux after divorce or other significant changes that affect families’ plans to establish lasting legacies for their dependents and/or philanthropy goals for the future.
A legacy of thoughtful and sustainable planning for your loved ones can help them retain ownership of assets and prevent probate delays at incapacity or death without the complexity that can stem from exes or blended-family dynamics at the time of death or loss (due to retirement account beneficiaries and other aspects of the “estate plan”) that can result in litigation over the disbursement of an estate’s wealth to adult children or others after death has occurred and its beneficiaries have passed away or becoming incapacitated.
Estate planning avoids legal tie-ups, and ensures funds are bequeathed as you wish (check this California estate tax information with the details). In the event of unexpected death your spouse and children are well provided for with a minimum of hassle for relatives who are not legally qualified to sort out legal matters or distribute property on your behalf without guidance from the Probate Court in your absence (not to mention the time and expense of courts).
Few of us want to think about the prospect of dying unexpectedly and leaving our loved ones to grieve our loss and the settlement of one’s estate in probate court but our negligence in this regard is no excuse for not doing so in a practical way : only one-third of Americans aged over forty have estate plans. Spouses and children often find themselves litigating the distribution of an estate long after death; thus the need for prudent estate planning cannot be overstated. Speak to an attorney before something happens that may cause difficulty later!