Executing an estate plan is the most important component of ensuring that your wishes are followed. However, there are also several things you can do to protect yourself and your assets.
Begin by making a list of all assets and debts and letting your family members, as well as your chosen personal representative, know where they can find this list. This list should include all of your property, including safe deposit boxes, bank accounts, stocks, bonds, real estate, and other assets. Furthermore, it is wise to include the names and contact information of anyone to whom you currently owe money. Some of your assets may not necessarily pass through your estate, but it is valuable to provide information on where these can be found to your personal representative and family, such as a life insurance policy. This ensures that they can receive these assets as you intended as quickly as possible.
You should also make a list of all of your professional advisors, including retirement planning associates, attorneys, CPAs, financial advisors, and anyone else. Providing your family members with this list can help enhance communication among all parties.
Finally, communicate with a Pasadena estate planning lawyer about creating a durable power of attorney. This allows you to appoint someone else to make property management decisions on your behalf if you are unable to make them yourself. You should also create an advanced health care directive, which allows you to appoint an agent to make health care decisions on your behalf if you are unable to do so. This document addresses your wishes with regard to organ donation, life-sustaining treatment, funeral arrangements, or burial instructions. Our Pasadena estate planning attorneys have extensive experience in this field and are capable of helping you structure an individualized plan.
Your lawyer can also provide guidance on the basic components of an asset protection plan, which is recommended to protect your property from creditors or lawsuits.
