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Paths to estate planning

On Behalf of | Nov 16, 2022 | Estate Planning |

Estate planning involves careful thinking and consideration. Estate planners may benefit from avoiding mistakes that might render their documents invalid under California law. So, turning plans into legal documents requires deliberate and careful steps. Some steps could be self-explanatory, while others may involve research.

Taking steps for estate planning

Investing time reading about the many components of estate planning could open eyes to what to do. Many people think estate planning only centers on writing a will, but there could be other documents and plans worth examining. For example, those concerned about how beneficiaries will manage assets after they pass away may opt to establish a trust instead. A trust would give the grantor more decision-making power that carries on after their passing.

Estate planning in California might also include reviewing transfer-on-death accounts. These accounts might not have beneficiaries listed or require changes to the beneficiaries.

Whether devising a will or trust or choosing beneficiaries, it seems advisable to compile a list of all assets. Unless the estate planner knows what the estate comprises, planning might prove lacking.

Additionally, choosing the right executor of the estate is a vital step. A responsible and committed executor might prove valuable during probate.

Further estate planning steps

Wills, trusts and transfer-on-death designations are just some of the things estate planners might review. Some might consider drawing up financial power of attorney documents and naming a responsible individual as an agent. Persons in certain situations might find it best to designate such authority to someone capable of handling their affairs.

Medical matters may arise, as planners might worry about their health worsening or being involved in an accident. A living will or a healthcare proxy might address such worries. With the health care proxy, choosing an appropriate agent is vital.