Many people in California own second homes that they and their families use for vacations. When thinking about how a person's estate and assets will be handled, it is often a good idea to think about how the second home will be handled as well.
California residents may have estate plans in place, but it is important to consider changing a will if certain life events occur. It may be easy to overlook such a need due to the activity surrounding some of those events. However, failing to change the conditions in a will may result in unanticipated consequences after one's death.
An important consideration for many people in California who are planning how to handle their affairs is whether or not to have a power of attorney in place. In the event that you are incapacitated due to age, illness or an accident, a health care power of attorney may be a good idea in order to make certain that your loved ones do not have to make difficult decisions regarding the medical care you will receive.
California residents who are interested in planning an estate may have questions about incorporating a trust into their preparations. Knowing what trusts are available and which ones work best in certain circumstances makes the choice easier.
In a time in which medical and scientific advances have progressed to a degree in which those near death and incapacitated in California can have their lives artificially sustained for long periods of time, living wills can be an important tool to have in place. Many people are uncomfortable with the thought of potentially spending years hooked up to machines when they are incapacitated, choosing rather to select the types of care they are willing to receive and noting the ones they wish to forgo.
Many California men and women know and understand the importance of keeping designations on beneficiary documents up to date. These documents allow a person to designate who gets certain property or assets. However, there are many mistakes that can be made that limit how effective the execution of such documents can be.