As we approach the end of 2021, we know there are many things that you have on your to-do list. From family gatherings to end of the year projects to spending time with loved ones, we know you have much to do. Is reviewing your California estate planning, however, at the top of this list?
Many of our clients, as well as the advisors we work with in our local community, have asked us in the recent months what they should be looking out for when it comes to their estate planning. Let us share a few vital pieces of information with you here in our California Estate Planning Checklist.
You may use these checklist items now, or any time throughout the year, to make sure that your estate plan reflects your goals for both the present and the future. Of course, do not hesitate to contact our office as well, so that we may help you get started.
1. Reviewing Older Estate Plans. Did you know, most Americans who have an estate plan never bother to update it? Do not make this mistake. After all, small details such as name changes and address changes can cause problems down the line when they are not updated.
2. Health Care Decision Making Powers. If you could not make health care decisions for yourself, have you given legal authority to the decision maker you want in place? The last two years have taught us we cannot take our health for granted. It is time to check in with your California estate planning attorney to make sure you have the person you want to have legal authority to make decisions for you in a crisis set up properly.
3. Legacy Creation. Estate planning is about so much more than who should inherit from you at your death. A strong California estate plan allows you to create a legacy not just for yourself, but for what you care about most. Does your current California estate plan reflect the legacy you wish to leave to the world? Are you not sure it will be able to do what you want it to? Do not put off scheduling a meeting with an experienced California estate planning firm to get answers to your questions.
4. Long-Term Care Protections. Did you know, most Americans will face a future where they need significant long-term care? It is true and, unfortunately, Medicare will not pay for most types of custodial long-term care. It is critical for you to consider your long-term care needs and how the financial drain on your resources could impact your estate-planning.
5. Probate Avoidance. Your California estate plan should be crafted in such a way to help you avoid the California probate process. Unfortunately, probate is costly, long, and public. When you work with an experienced California estate planning firm, however, your attorney can guide you through the plan you need to avoid probate and help your future generations.
For more information and resources available to you regarding your estate plan, our office is happy to assist. Please feel free to reach out to us to schedule an appointment.