Legal separation can introduce unique complexities to estate planning. While a separation does not terminate the legal rights of spouses to inherit from each other, it is essential to take additional steps to clarify the situation for your heirs. This blog post explores the implications of legal separation on estate planning in California and provides actionable steps to safeguard your assets and enforce your final wishes.
Edie Ceccarelli, a 114-year-old woman from Mendocino County, California, was recently confirmed as the world’s third oldest person. Her longevity is a testament to her good health and strong spirit, but it also highlights the importance of estate planning.
Planning for digital assets is important for several reasons. First, without a plan, digital assets may get lost in the Internet ether and not pass to your loved ones after your death due to the simple fact that their existence is unknown. Second, planning now means your family will not have to worry about hunting for these items upon your death while also grieving a beloved family member.
Five years ago, cryptocurrency was probably not on your radar. Today, it may be an important investment in your portfolio. You could even own some nonfungible tokens (NFTs), which are powered by the same blockchain-based technology. You should ensure that they are included in your estate plan so you can preserve them for your heirs.
If you do decide on a trust, you can avoid a lengthy probate process. Another frequently underrated reason is the added privacy a trust offers.
