Estate planning is an important part of building a plan for the future, and when those plans must change radically, you must consider how to adjust your estate planning priorities. Divorce is certainly a life event that can enormously affect your estate plan. If you face a divorce in California, it is important to find an experienced divorce attorney who can help you navigate this difficult season. However, a divorce attorney often has limited experience with the finer points of estate planning, which can create challenges in the property division portion of a divorce.
At this point in modern society, it seems obvious that nearly every adult should have some sort of will. Somehow, unfortunately, this is not the case. Even individuals with significant assets or liabilities sometimes die without wills, leaving their families to sort through the pieces — often creating massive conflict among the survivors. One only needs to quickly Google the ongoing drama in the estate of the late artist Prince to get a full picture of just how messy and complicated this scenario can get.
As you grow older, making sure that your affairs are in order becomes more and more important. This is also crucial for those who suffer from conditions that compromise their ability to communicate or make decisions. For individuals with concerns about their own ongoing ability to make financial decisions, a durable financial power of attorney may prove to be a useful legal tool.
Sometimes, protecting your estate means giving your beneficiaries some time to grow into the gifts you wish to leave them. A testamentary trust is one of the ways to ensure that your estate is not squandered by beneficiaries too young or immature to appreciate the gravity of the situation. Testamentary trusts are established in a will and then created upon the death of the testator, or will creator.
If you are considering your end-of-life wishes as you enter your golden years, or simply because of a life-threatening medical condition, you want to be sure that those you love have very clear directions about how to carry out those wishes.