Estate Planning Basics
Estate Planning Basics in California
Focusing on people not just property creates the best estate plans. In its most basic terms estate planning in California is how your affairs will be managed in the event you are not around, either because of your death or incapacity. No one wants to think about his or her mortality but do you honestly want to leave your loved ones to sort out your affairs without your input? Worse yet, if you do not create your own estate plan the State will create one for you. Advance Health Care Directives Advance health care directives are written instructions that tell others how you want your health care managed when you are not able to do so yourself. Advance health care directives generally include:- Appointment of Health Care Representative – You appoint someone to make health care decisions for you in the event you are unable to do so yourself
- Living Will – You state how you want your end of life medical care handled
- Anatomical Donations – You give instruction should you decide to donate any of your body parts upon your death
- Manage and transfer your assets
- Create or amend trusts on your behalf
- Pay taxes and deal with the IRS
- Make gifts
- Life insurance and annuity contracts with a valid beneficiary designation
- Valid gifts made prior to death
- Assets held in joint tenancy with rights of survivorship
- Retirement plans and IRA’s with valid beneficiaries
- Assets held in living trusts