Many people think of estate plans and they think of “rich people.” They think that these are only needed by people with a lot of assets and money to pass down, but this is not actually the case. An estate plan has many functions, and you can probably benefit from having one yourself. You should meet with a Woodland Hills power of attorney lawyer to learn more.
Do I Need an Estate Plan?
Yes, even if you do not have a lot of assets. An estate plan can benefit just about anybody. It allows you to choose beneficiaries who will receive your property and assets when you’re gone, which is convenient enough, but it’s also so much more than that. There are more than a few useful things that you can do with an estate plan.
How Can I Benefit From Having an Estate Plan?
First, you and your family may be able to avoid much of the probate process if you have a proper estate plan. When someone passes away without a will and a plan, the courts have to decide who gets all of their assets. It costs money and it’s time-consuming, and then your stuff may not even go to your preferred person.
These plans also allow you to take advantage of tools like trusts that can make it easier to pass on assets. Even if you do not have extraordinary wealth, you may find these tools useful.
Can My Estate Plan Include End-of-Life Plans?
Yes, this is actually an important part of any estate plan. You can make two important steps when making the rest of your preparations. You can:
Choose who gets power of attorney: Your power of attorney allows someone to make legal decisions for you when you are unable to. There’s also a healthcare power of attorney that allows someone to make your medical decisions. You can give these powers to one person or to two separate loved ones.
Make a living will: Your living will tells people what kind of care you would want and how far they should go to keep you alive if you are incapacitated. You could say which doctor you would want to go to, mention whether you would want to be kept alive on life support, and leave other instructions for whoever has your healthcare power of attorney.
Pick guardians for minor children: If you have young children who will need to be looked after, your plan can be used to assign a guardian for them. Just be sure to discuss this decision with your preferred candidates first. Being a guardian is a lot of responsibility so you want to make sure that someone is up for it. The same goes for who you pick to receive your power of attorney.
Schedule Your Consultation
When you are ready to make your own estate plan, contact the Law Offices of Yacoba Ann Feldman. Our experienced attorneys are ready to help you divide up assets, make a trust, or do anything else that you need to do to protect what you have and leave something behind for loved ones.
