Too many people assume that estate planning is only for the rich and old, but the truth is, the young and broke can benefit from having a plan in place, too. According to U.S. News Money, estate planning has nothing to do with your net worth but everything to do with protecting your loved ones in the event of your death. Whether you are in your 20s and living in your parent's California home or you are 40 and have a house and family of your own, now is the time to begin thinking about to whom your assets will go in the event of a tragedy.
There are many aspects of life that can be very challenging but bringing a marriage to an end and dealing with estate planning issues can be especially complicated. Furthermore, some people find themselves dealing with both of these matters simultaneously, which can be especially difficult. For example, someone whose marriage may have come to an end may also need to go over their estate plan to remove their ex as a beneficiary or find a new executor. These tasks can result in emotional challenges also, which can be counterproductive in some instances.
If someone you know and love asks you to be his or her trustee, you may feel flattered and grateful. You may want to assume the role to help this person out, but you may also have several questions about the process.
After your parents’ deaths, you may have been stuck with a lot of possessions you have no use for. The figurines and art? Expensive, but not your style. The fine china and silver? You already have your own sets. The living room furniture and the sports equipment in the garage? You don’t have room for all of it. Like other California residents who have inherited items they don’t need, you may be considering holding an estate sale.
As the parent of a California special needs child, you may have considered setting up a special needs trust for him or her to ensure that the money will always be there to provide the care (s)he needs, even when you are no longer around to provide it yourself.