A major purpose of estate planning in California and elsewhere is sometimes misunderstood. An important goal is often to preserve the assets and make them available to improve the lives of another generation of one's family. At the same time, it important to preserve family harmony in the process of wealth transfer, which is a subject to which wills and other estate documents can be helpful if accompanied by the proper measure of information and open communications.
Wills, trusts and other documents must be shared with heirs
California estate planning is a forthright process, but it does not prevent obstacles from arising during the post-distribution phase. No matter how effective the planning measures contained in the trusts, wills and other planning tools, the lack of follow through or the inability to manage wealth by the heirs can result in various critical obstacles, including a rapid depletion of the assets. Part of the problem may be related to the heirs' lack of financial management knowledge and skills.
What not to put in your will
Anyone of sound mind can create their own will fairly easily. To make a legally binding will in California, you must put your wishes in writing and get the document signed by two witnesses—who are not required to read it. Then you sign and date it. If you draft your will be hand—known as a holographic will—then you can circumvent the witness signature requirement.
