Every California adult has different goals for his or her wealth and health care, both now and in the future. When creating an estate plan, it is possible to custom-tailor the overall strategy to match a person’s specific objectives for security and protection. Even though every estate plan is unique, there are certain essential steps every adult should take to ensure full protection.
Important steps to take
Adults often delay estate planning for various reasons, but this is an important step for individuals of all ages and income levels. Some of the most basic steps to having a complete plan include:
- Updating beneficiaries and ensuring all designations are accurate on accounts
- Drafting health care documents, including a living will, to have control over what happens in case of incapacitation
- Considering a trust as a way to set aside and protect assets for a specific use
Regardless of the details of the individual plan, these steps can help every adult ensure he or she has the protections necessary to avoid complications in case the unexpected happens. A thorough estate plan also provides peace of mind for every member of a California family.
Life is unpredictable, and it is impossible to know when estate planning documents may become necessary. This is why it is prudent to have a complete estate plan in place regardless of age, health or income level. It may be helpful to work with an experienced estate planning attorney to know what steps are most beneficial and important for the individual situation.