Making a will is important, but it’s not the only thing that you should do if you want to protect your assets and leave something behind for your beneficiaries. An estate plan is not the same as a will, but your will can be an important component of your plan. A Woodland Hills will attorney can help you prepare for all possibilities.
What is Included in a Will?
Your will has two primary purposes. It can:
Tell people what you want to do with property after you pass away: Do you want to leave certain things behind for specific loved ones? Do you want to donate a large portion of your assets to charity? This document allows you to outline your wishes and choose an executor who will do their best to ensure that those wishes are honored.
Assign guardianship: If you have minor children, you need to decide what will happen to them if you pass away. You should assign a responsible guardian for them. You can assign someone who will take care of your children, but you can also assign an additional person to be their financial guardian. This person would watch over the assets you leave behind for them until they turn 18.
Should I Also Have an Estate Plan?
A will is just one part of your estate plan. You should also prepare other documents that can let your loved ones know what should happen to you if you are incapacitated and what should be done at the end of your life.
You should have a living will, also known as a healthcare directive. If you want to be treated by certain doctors or at specific hospitals, you can say so in this document. You can also let family members know what kinds of treatments you do or don’t want if you are incapacitated and unable to make decisions on your own. Do you want to be kept alive on life support? Your living will can answer questions like this for your family so that they don’t have to make as many tough choices.
You should also assign financial and medical power of attorney. The first allows someone to make financial decisions for you when you can no longer handle them yourself. A healthcare power of attorney allows someone to make decisions about your medical treatments.
Your estate plan can also include trusts. If this is a good option for you, our lawyers can tell you more about specific options and how these arrangements can work.
Schedule Your Consultation
When you are ready to write a will of your own and make other plans, contact the Law Offices of Yacoba Ann Feldman. Schedule a consultation with our team and tell us more about what you want to do. We’ll help you find the best solutions for protecting your assets and passing them down to the next generation.
