Planning for your end of life is not necessarily something that you want to think about, but it is important to have some type of arrangement in place regardless of your age. Something that many people consider is whether or not any estranged relatives may attempt to acquire their property or finances when they pass away, causing conflict with closer family members and those to whom they wish to pass along their belongings.
Here are a couple of ways that California residents can help ensure that their estate goes to the intended recipients.
Have a will
A will is a legally binding document that states how to distribute your assets upon your death. This is the single most important way to make sure that someone can carry out your final wishes, including not having any estranged relatives interfering with your loved ones during a difficult time when you are not there to intervene.
Establish a trust
Like a will, a trust is a way in which you can make sure that certain monetary assets remain in the right hands. You can set up a trust so that you still have control over your assets as long as you are alive, and have the trust transferred to the trustee upon your death. Alternatively, you can transfer assets to someone else while you are still alive. There are other benefits to trusts as well, such as certain tax advantages.
The more you know about end-of-life planning, the easier things can be for your loved ones when the time comes.