If you have a will, you may think that is all you need to have a complete estate plan. In reality, many California residents benefit from additional estate planning tools that allow them to have more control over certain conditions, such as how assets are used after their death or health care planning.
When you reach your older years and time of retirement, you may find yourself among the many individuals who need long-term care. Numerous issues could result in the need for this care, such as mental deterioration, serious illness or injuries. Unfortunately, incapacitating events are not uncommon for individuals over the age of 65, and the costs of receiving care can often prove difficult to address.
If you were unable to attend the recent seminar on protecting your assets when you need nursing home care, you may have missed out on vital information that could bring you some peace of mind as you get older. Many people reach a certain point in their lives when they can't avoid the fact that their bodies — and maybe their minds — aren't so reliable anymore. It's no shame to admit needing help.
Nobody is perfect. Humans make mistakes; they're a part of learning. One area, however, you might want to be pretty meticulous about is in the creation of your estate plan. By leaving a plan that is comprehensive and that distinctly spells out your wishes, you will be giving your family an invaluable gift. Fashioning such an estate plan will go a long way toward making sure no feelings are hurt and that no disagreements ensue between your loved ones.
With a certain amount of uncertainty involved, many individuals may be hesitant to put a plan in place for the future. However, chances are, you may have preferences as to the distribution of your assets and how you wish to provide for loved ones after you are gone.
After a loved one dies, you certainly know that many tasks will need attention. However, you may find yourself among numerous other Woodland Hills residents who feel some confusion when it comes to settling the estate of a deceased individual. Though certain terms may seem familiar to you, knowing how to apply those terms and what the processes associated with them entail could seem like foreign concepts.
It can be incredibly difficult to care for a loved one with special needs, and often, California families facing this unique challenge often wonder about how they can continue to provide care long into the future. There is not way to control what happens in the years ahead, but there is a way to plan for contingencies and ensure that a loved one has what he or she needs no matter what.
Creating an estate plan can make your passing easier on your surviving family members. By getting your affairs in order well before your demise, you can ensure that family members know your wishes for healthcare, funeral arrangements, property distribution and other necessities. Of course, you will need an executor to your will to carry out these desires as you had hoped.
It is impossible to know what will happen in the future, but there are steps that you can take to protect yourself and your loved ones in the years ahead. In addition to an updated will and complete estate plan, you may also protect your interests by drafting advanced directives for your assets and health care.
You will undoubtedly face many unexpected situations over the course of your lifetime. Some of those events may bring joy to you and your family, and other incidents may cause considerable stress and uncertainty. Though you cannot plan for all potential life events, estate planning could help you address the possibility of needing long-term care at some point in the future.