If your parents or other loved ones died without an estate plan, you may remember the frustration and confusion you went through. Perhaps the court appointed a personal representative, and that person did not handle matters the way you know your parents would have wished. You may be determined this will not happen to your family.
There is no doubt that one of the most difficult things someone may ask you to do is to accept the duties as executor of an estate. Often, those tapped for such responsibilities have little or no experience, and they may find the job tedious, time-consuming and overwhelming. You may have been relieved when your parents designated one of your siblings to manage the estate. However, things are not going as you expected.
Do you find yourself in a situation in which you are watching a member of your California family struggle to care for himself or herself, manage finances and simply navigate day-to-day life? This is a truly sad situation, but you may not be totally powerless. There may be legal options by which you can secure the right to care for and make decisions on behalf of your loved one.
Many California residents may look at the probate process with mixed feelings. For some, the proceedings may seem like an unnecessary use of time and money, and others may see it as a beneficial process for closing an estate. Whether your estate will need to go through the process may depend on the specific details regarding your assets and other personal affairs.
Some individuals may find it intimidating to consider what will happen when they are gone, perhaps even more so to plan for it. However, having a plan in place for life's unexpected turns can be exceedingly beneficial, and exploring the available options could help you overcome similar reservations.
It is understandable that you have put off the decision to seek conservatorship of your aging parent. Perhaps you hoped the symptoms were temporary and not signs of dementia or Alzheimer's. Maybe your siblings have balked at the idea, refusing to admit your parent is changing and needs someone to protect his or her interests.
It can be challenging to plan for every change in life. Certain life events are sudden occurrences that may catch you off guard, while others may simply seem difficult to consider, such as death. However, taking measures ahead of time to avoid potentially undesirable consequences might be in your best interests.
Any California family could benefit from an estate plan, no matter the income level or value of personal assets. Some families, however, need more than a will to make sure that all family members are cared for in the future. Your family may benefit from the protections of a trust, which can set money aside for the care and security of certain loved ones after you are gone.
It’s hard to think about the possibility of no longer being able to make financial decisions. Nobody wants to imagine they will become incapacitated.
With the Trump administration proposing a new tax plan, the estate tax has been in the news the last few days. We want to take a look at what this tax is, and how it could potentially affect you.