From the California State Bar:
"Who needs estate planning?
You do — whether your estate is large or small. Either way, you should designate someone to manage your assets and make health care and personal care decisions for you if you ever become unable to do so for yourself. For many, such “life planning” is the most important aspect of an estate plan."
This rings very true in my experience as an estate planning attorney. Many families come to me for help in setting up their will and trust so that their children and loved ones can receive their assets when they pass away without the need for probate.
However, not many people are aware of the need for life planning, which involves anticipating for and preparing against unexpected circumstances. If a tragedy occurs and someone ends up in a coma, then a formal conservatorship proceeding may be required which can cost upwards of $10,000, or more. This can be avoided with proper planning.
While it is difficult to face our own mortality, it is always better to prepare for unexpected circumstances ahead of time. Just like life insurance, it is something that most parents should have to protect their children and family.
