Many people believe that their estate plans will help their loved ones understand their wishes. While a well-executed plan can certainly achieve that goal, some people may make mistakes when creating their wills and other documents that result in difficulties for family members. As a result, it is wise to go over plans to ensure that no errors exist.
One issue that some individuals in California may not consider is needing to update their plan if they moved to the state from somewhere else. Some parties may have created a plan before moving, and they may think that it will still be valid after the move. However, laws regarding estate planning differ from state to state, and a plan created in one state may not be valid under the laws of another, which means it is important to update a plan after moving.
Another problem that could occur is individuals thinking they do not need a plan to avoid taxes. Certainly, estates worth up to a certain amount are exempt from federal estate taxes, but probate fees, state estate taxes and other costs could still affect the value of the estate. Having an estate plan in place can help mitigate those expenses, even if federal estate taxes do not apply.
In many cases, it is not having the right information that leads to mistakes with wills and other estate planning documents. Fortunately, California residents can ensure that they have the right information by working with estate planning professionals. Attorneys experienced in this area of law can help interested parties ensure that their plans are valid under state law and help reach desired goals.