Everything about California is diverse, from our diversity of topography to our diversity of culture. Families are no exception, as California families come in all types and sizes.
The key to successful estate planning in such an environment is to be aware of that diversity and take actions to resolve the legal issues such diversity can bring to wills, trusts, and other estate planning vehicles.
Think of Your Spouse
Whether you just got married for the first time or you are enjoying life after a subsequent marriage, your marital status will have an impact on your estate planning needs.
Once you are married it is a good idea to make sure you have a will that addresses your separate and marital assets. And, if you have children from a previous marriage or relationship, it is important to address which assets you want them to gain control of in the event of your death.
Think of Your Children
Children add a new wrinkle to estate planning needs. Not only will you need to decide how you want to divide assets among them, you will need to consider the needs and circumstances of your individual children. Do you have children who struggle with substance abuse you do not trust with a lump sum of cash? Do you have children who need funds set aside for their special needs care? Do you have children from multiple marriages? These are all factors that a thorough estate plan can prepare for.
Don’t Leave Your Estate To Chance
Making sure you keep your estate plan up to date as your marital status and family life evolves can avoid contentious estate litigation in the future. Having an estate plan in place and the peace-of-mind it provides can be one of the greatest gifts you leave your loved ones. Contact us today to learn more.