When people turn 18, their parents no longer have the legal right to make important decisions regarding their healthcare or to have access to their health information. Accidents and serious illnesses can happen no matter how young or old a person may be, and it is important that those over 18 have documents in place to let their loved ones know how they want important medical decisions handled on their behalf.
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.
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.
California residents might be interested in a recent article about whether a will or a revocable trust is the better choice in estate planning. The article says that before deciding what process to use, an individual should consider the people and entities that will receive those assets.
California couples who are planning their will may be wondering if a bypass trust might benefit their situation. Bypass trust works as a tool to limit the amount that a married couple's estate is taxed after the death of one party. Furthermore, property in the form of a bypass trust may not subject to estate taxes.
A survey conducted in 2012 found that 41 percent of baby boomers do not have a will. Additionally, the study found that 71 percent of people under the age of 34 do not have a will. A will can be an important document to have because it puts into writing an individual's desires regarding such things as who takes care of minor children or who gets a person's home or car.
As many California residents know, moving -- whether for a job, school or retirement -- has become a way of life for many Americans. While moving may herald an opportunity or the realization of a lifelong dream, it may affect one's estate plans in unexpected ways.
Orange County residents who intend to move out of California, or those who contemplate a relocation to the Golden State, may find that their new address adds complexity to their estate planning. It is often best to revise a will, trust or other estate planning document when moving across state lines. This helps to avoid potential problems and may possibly be advantageous to the estate or trust.
In years past, wills were rarely contested by family members, as this was seen as a way of dishonoring the decedent. However, more siblings and other relatives are suing in California courts over wills that they believe do not provide them with their fair share of the inheritance.
California parents should think about making provisions for the care of their minor children. Even for parents who are young and healthy, legal documentation about guardianship is important. While it may be a difficult subject to think about, it can ultimately lead to peace of mind.