Unfortunately, many California residents still do not believe they need a will. Sometimes this is because they do not have much in the way of possessions and other times it may be because they think their family members can work it all out. However, the distribution of any property or assets without a will may depend on factors outside of your family's control.
For many young professionals in Southern California, the last thing on their minds is getting a proper estate plan set-up. There is just too much going on right now. Plus, estate planning is for older people, like your parents and baby-boomers, right?
No one's family, financial or life situation is the same; therefore, no one's estate plan will be the same. For this reason, Orange County estate planning attorneys need to consider all of the unique circumstances faced by their clients when deciding what kind of estate plan is appropriate for them. Here are a few special situations you might want to include in your plan.
So you got out a pen and a piece of paper, and you sat down in your office, planning to start drafting your will. Then, though you had all of the good intentions in the world, you just sat there, unsure where to begin.
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.