A conservatorship may be needed if your adult parent becomes incapacitated in some way that prevents him or her from making important life decisions. For example, you might have a parent with dementia that progresses to the point that he or she requires your constant attention and care. If your incapacitated parent has not designated a caretaker with a financial or health care power of attorney, establishing a conservatorship could be a wise move.
California families who have a much-loved furry friend will usually take it for granted that they'll outlive their pets, but if you're an elderly person, you might not be so sure. Your faithful companion could outlive you and what will happen then? Who will take care of your pet?
California estate plans cannot be static documents that you create and leave alone for decades. Doing so could result in dire consequences for an estate, leaving its planning ineffective many years later. Laws and regulations regarding taxes, estates and inheritances change over the years. As such, estate planners always need to check and make sure that their plans are up-to-date.
Some Newport Beach parents think that they should start giving money away to their children right now, as they're getting older, to avoid different estate planning and tax consequences when they die. If you're one of these parents, you're definitely on to something. If your children are as good as you are -- or better -- at handling their finances, this could be a good idea.
When a physician begins his or her estate planning process, the physician will no doubt need to create a net worth statement. This statement will also need to include a listing of life insurance policies.