What You Need to Know When Planning Your Estate
Death is never an easy subject to breach. Most of us would rather not talk about it if necessary, however, a little planning goes a long way. It is important for everyone to create a plan that will ensure their property is distributed properly when they die. An estate does not only address the passing of possessions, it can also include a person’s wishes in terms of medical care and funeral planning. When planning ahead, many people focus on the will. While a will is important for planning your estate, it is only a component. You should also consider how trusts and power of attorney may be handled.
Planning your own estate is a taxing process. You must consider the many components of a trust, as well as the detailed documents involved. You will have to take into consideration bank accounts, insurance policies, and everything you own. Thus, it is in your best interest to seek out the help of an attorney who specializes in estate planning.
There are three major items you need to address in your estate: the will, trusts, and power of attorney. This will dictate how your property will be distributed. It must be written to comply with the law in order to be divided into how you intend it to be.
Creating trust is also a component of estate planning. Trusts can be complicated, so it is helpful to create them with great detail and organization. In California, a trust distributes assets to the beneficiaries according to a planned and deliberate schedule.
The power of attorney is a very sensitive component of an estate. It gives an assigned person the authority to make decisions for you, often regarding your properties and estate. You can dictate who receives power of attorney, when they receive it, and how long they keep that role.