Being blessed with an inheritance seems like a good thing, and indeed it can have many beneficial effects on your life, but with a sizable inheritance also comes a great deal of responsibility. The fact is, deciding how to appropriately handle your inheritance will take time, work and attention to detail.
A lot of California residents confuse living wills with actual wills. However, living wills are actually quite different. These documents -- which are also referred to as "directive to physicians" and "health care directives" -- express an individual's preferences with regard to medical care in the event that he or she cannot communicate those preferences due to incapacitation.
In the internet age, most of us will leave behind some kind of a digital legacy that includes online bank accounts, investment accounts, digital photos and other kinds of data. Most of this information will be password protected and some of the data can be very valuable to our heirs -- either for financial or sentimental reasons. This is why it is now necessary for Orange County residents to create a plan for organizing their digital assets and to include them in their estate plans.
Disney is blocked from using Robin Williams' outtakes from the original "Aladdin movie," until 2039. The comedian's will has a stipulation that prevents the media giant from producing new films with unused material from Williams' "Aladdin" recording sessions completed in 1991.
A lot of single people in California wrongly assume that they don't need an estate plan. However, this simply is not true. Single people need estate plans just like married people do. The only difference is that the issues single people face are slightly different.
Every adult should put together -- at the very least -- a basic estate plan. At its most basic, an estate plan will be made up of a simple will. Fortunately, these documents are easy to create and most California residents will be able to type one up in no time.
Like it or not, the average California family might not get along very well when it comes to dividing the estate of a deceased loved one. The more money and assets are involved, the more chance there will be of family disagreements. Unfortunately, the average person will greatly underestimate their family's capacity for infighting and disagreement. It is vital to never forget this danger and to do everything possible during estate planning to ensure that the chance of bitterness, jealousy and fighting is reduced to the absolute minimum.
An investigative journalist, who authored a biography about Whitney Houston and her recently incapacitated daughter, Bobbi Kristina Brown, claimed that Bobbi received an inheritance of $20 million from her mother and it would be paid out in a series of installments. Reportedly, Bobbi Brown received one of those installments when she turned 21. She is currently 22 years of age and on life support.
California residents may be interested in some of the reasons that they should update their estate plan regularly. Due to changing circumstances, the provisions in a standing estate plan may become out of date over time.
In a survey of 513 business owners, it was found that only 70 percent of them have an estate plan. To qualify as having an estate plan, the business owner must have had at least a valid will. Among those who didn't have at least a will, some said that they weren't ready to face their deaths. Others said that they didn't see a need for an estate plan.