It’s easy to put off your estate plan. Nobody wants to think about the potential tax ramifications or about their own mortality, but it is one of the most important things that you can complete not just for your own needs, but for your family members too. Your estate plan consists of a will and other planning tools in line with possible incapacity in your own future and your death.
For incapacity purposes, it’s essential to have a power of attorney for financial matters that officially appoints an individual to manage financial assets on your behalf in the event that you cannot do so. You’ll also want to speak with your California estate planning attorney about a health care directive or power of attorney for health care.
This appoints another individual that you trust to make health care decisions when you cannot come to these conclusions on your own or are unable to effectively communicate. This person should be comfortable serving in this role and understand any specific wishes you have regarding end of life care and other major medical issues. Finally, your estate plan will determine how your assets are passed to your beneficiaries when you pass away.
Knowing how to put together the plan for your assets requires thinking about the bigger of identifying your goals. Who are you most concerned about? What people do your trust to ensure that your goals will be accomplished? What do you want to have confidence in knowing what will happen to your assets after you pass away?
Estate planning includes so many different components, but the support of an experienced and dedicated estate planning lawyer can help guide you through this process and give you the insight that you need no matter where you are at in the estate planning process.
