There are many Torrance area families who have children with special needs. These children require a lot of care in their daily lives and will need that expert care for the rest of their lives. Families need to take the time to create an estate plan that covers the care of their special needs children to ensure they will always be taken care of.
Estate planning is a topic that Torrance residents may not find important. Planning for the end of a life or the event where a person is incapacitated are not pleasant ideas. But, without a power of attorney plan in place, a person and their assets can be vulnerable if they become incapacitated.
Although many Torrance residents understand the value of estate planning, there are still many of us who keep putting the task off. Estate planning can feel like a morbid task, but it is such an important way for a person to ensure their assets are successfully transferred to the right people and organizations. When there isn't a will or trust in place, there can be many complications, as is the case with Aretha Franklin's estate.
Estate plans are not "set it and forget it" affairs. Considering that only 40 percent of adults in America actually have an estate plan (as we wrote about earlier this month), you can imagine how difficult it might be to get people to understand that they need to update their estate plans periodically.