Estate planning is an important part of an individual's long-term goals for both personal and professional assets. Financial and legal experts too often see common mistakes in handling a person's or couple's affairs, leading to complicated probate and potentially litigious battles.
You know that you need to address your estate planning, but you’re a busy person. You might feel like you don’t have time to talk to a professional about writing your will. Can you write your own will, and will the court honor it after you pass away? You and other Californians should understand the potential complications that could arise if you write your own will.
Estate planning is vital if you wish to safeguard your interests while you are alive and protect the inheritance you wish to leave to your loved ones. Therefore, you know that it is important to wisely choose an executor or trustee – the person you designate to carry out your wishes with your will or trust. Since this is such an important decision, you and other Californians might benefit by knowing how to choose the best person for the job.
As we have discussed in previous posts on this blog, you have numerous options when it comes to designating a power of attorney. Like many other Californians, you may want a power of attorney to protect your financial, physical and medical rights if you are incapacitated. However, what if you later change your mind? Can you revoke your power of attorney?
As we have described in previous posts, you have several options to raise the chances you will be taken care of if you become incapacitated. Designating a power of attorney can be one of the most effective ways for incapacitated Californians to utilize their own resources and have their wishes honored, while also protecting their assets and their loved ones’ inheritances.
As a resident of California, you want your will to be valid. Because of certain state laws, having an invalid will can undo a lot of the work that you might have put into creating your will. The Law Offices of Roshni T. Desai will explain exactly what happens if your will is not considered valid.
Most Californians create their wills or trusts in the hope that their estate planning will avoid disputes and maintain family harmony after they are gone. Unfortunately, fights over inheritances can happen even with the most solidly-planned will and the closest families. You might wonder how to prevent this from happening with your loved ones.
Residents in California who have been divorced or widowed may well choose to get married again. The opportunity to start fresh with a new partner may bring someone great joy for many years. However, couples in this situation should also take the time to plan what they want to have happen to their estates after one or both partners die.
As a resident of California who is caring for someone with special needs, you will also have to handle unique areas of litigation that many others may not have to within their lifetime. Even matters involving trusts can differ. In fact, there are special needs trusts that are available specifically for people in your situation.
Previously, each person in California and the rest of the United States was entitled to a federal estate tax exemption of $675,000. This meant that parents who wished to leave a monetary gift for a child tax-free could each give the child $675,000 and not have to worry about the federal government taking a portion of it. A new tax law has increased the federal state tax exemption, which may give people reason to update a will or trust.