Estate Planning Essentials
In most places, death is a subject that people don’t want to willingly discuss, especially if it relates to loved ones. However, it is important for every single person to create a plan with regards to their estate that carefully details all functions of their estate. This plan will ensure that the property you have assigned to a party successfully reaches only that party. It will also detail your medical plans, and possible funeral arrangements. Furthermore, a mistake that most people make is to only create a will. While your will is important for estate planning, you also need to consider trusts and power of attorney.
Planning Your Estate
Given the numerous items you will have to consider, and the complexity of the documents, consulting with an attorney specializing in estate planning is definitely in your best interest. You must make sure to consider items like bank accounts, life insurance policies, and other personal property.
The three essential items for your estate are the will, trusts, and power of attorney. The will acts as a legal document that provides a directive on how to distribute your estate’s property. Having a will that complies with the law ensures your property is divided according to your own wishes.
Furthermore, estate planning also requires creating trusts. Trusts can be complex and very organized, and require detailed planning. In California, a trust will distribute your funds and assets to specific people according to your own specified schedule.
Finally, power of attorney gives another person the authority to make decisions for you. In most cases, these decisions are regarding your properties and estate. You can determine who receives power of attorney, when they receive it, and for how long.