San Fernando Valley Probate & Estate Administration Law Blog

As children grow, parents are there to help them through difficult times and shield them from harm. As a child graduates from high school and heads off to college or the working world, a parent's role changes dramatically. In many cases, for the first time a child is living on their own in a dorm room or apartment.

Another milestone is reached when a child turns 18 and officially becomes a legal adult. While these early adult years are full of excitement for most young adults, there are some important estate planning matters that should be considered.

For many individuals in their 70s, 80s and 90s; the memories of growing up during a time of great economic depression has stayed with them their entire lives. For these individuals, belongings as a child were often few. As these men and women aged, however, many acquired vast collections and heirlooms that became prized possessions. For younger generations, inheriting the possessions of past generations poses a real dilemma.

As individuals who grew up during the great depression move to nursing homes or pass away, younger family members often grapple with what to do with the fine china and doll collections. While previously prized possessions, such heirlooms hold little sentimental or monetary value for heirs who inherit such them.

When discussing estate planning manners, most tend to focus on ensuring that assets and property pass as easily and quickly as possible to loved ones. Wills and trusts are primarily used to accomplish the transfer of wealth upon a loved one's death. In some cases, however, these same estate planning vehicles can be used to accomplish the exact opposite.

As the U.S. Supreme Court wages whether to strike down the Defense of Marriage Act, gay couples in California would be wise to ensure they've taken steps to appropriately plan for both their financial future and that of a surviving spouse and children.