Estate planning can feel overwhelming. As a result, it is important to do some research before beginning the process. An estate planning attorney will help you determine what documents you will want to create, and how to ensure that they all work together for a detailed and comprehensive estate plan, but, it is important that you know what you want. Read this blog for more information regarding estate planning and the various documents you may want to create.
You are most likely aware of the importance of a will. In fact, a will is one of the most important documents one can create. It will allow you to divide your assets among friends and family. A common misconception is that only people of a certain net worth need a will. But, this is definitely not the case. Anyone who is over the age of 18 and owns any property or assets should create a will. While a will is incredibly important, you should know that it is just one part of a complete estate plan.
A trust is a contract between a third party and an estate. The person who creates the trust is referred to as the trustor. The person who receives the assets of the trust is the beneficiary. There is also a third-party involved. This third-party, known as a trustee, manages the trust on behalf of the beneficiary. Trusts can be used in a number of different situations.
A Power of Attorney
A Power of Attorney allows people to choose who will handle important financial matters for them, once they can no longer do those things on their own. This is typically granted to someone you trust, as they will be managing most, if not all, of your major financial affairs. The person you appoint to handle your finances is called the “agent” or “attorney-in-fact.”
A Healthcare Directive
Essentially, an advance health care directive will allow you to establish certain guidelines regarding your health care matters if you lack the physical or mental capacity to communicate your wishes. Once you decide you’d like to establish an advanced health care directive, you may appoint a loved one to handle these decisions if you are unable to do so on your own.
If you have any questions regarding the estate planning process, do not hesitate to contact our experienced firm today.
Contact our Firm
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Offices of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Do not delay. Estate planning is a more urgent matter than you may think. You never know what the future holds. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.