Estate planning should not be overlooked when planning for your future. Though it can be unsettling for some to plan for what happens towards the end of their life and after they pass away, it is an important step that everyone needs to take. It is important that you make sure the assets that you have worked hard to obtain throughout the course of your life are protected if you are unable to manage them towards the end of your life and for long after you are gone.
When you begin estate planning, it is important that you create a list of all of your assets and then determine what they are worth. You will have to think about who you will want to receive those assets when you pass away, whether it is a child, a sister, a spouse, etc. Another important factor to consider is at what point you want to release certain assets to your beneficiaries. For example, maybe a child is too young to receive a certain asset upon your death so you may want to include that your child will obtain the asset at age 25, or whatever the case may be.
Estate planning is more than just creating your will. You may also want to determine what services will take place upon your death. Perhaps you want to be buried in a certain cemetery and have two days of viewing, or any other combination of possibilities. This part is one of the more difficult things to think about but it can make handling your death easier for your loved ones because they know you are getting exactly what you want.
It is important that you also inform the person handling your estate plan who you want to make any medical decisions for you if you become incapacitated and can’t make these decisions on your own.
It is never too soon to begin an estate plan. In fact, the sooner the better, and you can always go to your estate planning attorney and update any information or make changes to your plan. Contact an experienced estate planning attorney today to get started.
If you need the dedicated legal representation for wills, trusts, and estate matters in California, contact the Law Offices of Yacoba Ann Feldman to schedule a consultation.