Creating an estate plan is a vital step in securing your family’s future and safeguarding your assets. Many people in California put off this important task, finding it too complex or uncomfortable to think about end-of-life matters.
However, understanding your options can help simplify the process and give you practical steps to begin your estate planning journey in California.
Estate planning starter tips
Kicking off your estate planning journey can give you peace of mind and ensure your wishes come to fruition. To get started, consider these basic tips:
- List down what you own: Write down all your properties, bank accounts, investments and valuable items.
- Choose trusted people: Decide who should inherit your assets and someone whom you can rely on to make decisions for you.
- Look at what you owe: Write down any loans or bills you need to pay.
- Remember online accounts: Include things like email, social media and digital money in your plan.
These first steps will help you gather important information for your estate plan. Next, you’ll need to know about some key documents.
Key estate planning documents
A good California estate plan usually includes several important documents with unique functions that can protect your assets. Some common examples of these include:
- Will: This tells people how to share out your belongings after you die.
- Trust: This can help avoid probate and give you more control over your assets.
- Power of attorney: This lets someone make money decisions for you if you can’t do it yourself.
- Advance health care directive: This explains what medical care you want if you can’t speak for yourself.
Estate planning might seem like a big task, but taking it one step at a time makes it easier. It’s always a good idea to start planning early to protect your family’s future and your assets.