How To Prepare An Estate Plan
Estate planning is not just about what happens when you die, but there are so many unpleasant situations in life which may happen anytime like injury, accident or anything else which may lead to many problems. Such situations will make it difficult to handle the daily affairs and things may not move so smoothly for you or your loving family. Preparing ahead of time will give you complete peace of mind.
You can always hire an experienced Estate planning lawyer in Hayward California and get all the Estate planning documents in place so when an unfortunate incident happens, the documents prepared by you can make things simple. It will not be a painful job as well if you take some time to ponder upon the affairs you need in an organized way.
You can discuss your estate plan with an attorney in California and make things more streamlined. Preparing the plan is easy and here what you need to do for prepare it well.
- Make a will: You need to make a will and state about who will inherit your property. Mention the name of a guardian whom you trust and someone who is capable to take care of your children if something happens to you. Choose the people whom you want to get your things. A simple will can make things easy.
- Choose a trust: If you have a property in a living trust then the family doesn’t need to go to a probate court and avoid this costly and time-consuming process.
- Health care steps: Write about the health care which you require if you are not able to take the medical decisions for yourself. You need a healthcare direction along with a power of attorney for health care. This will allow someone to make decisions on your behalf when you will not be in a condition to make decisions.
- The financial power of attorney: Your finances and property should be handled by a trustworthy person, especially if you have kids and elderly people in the family. This person will handle the finances and will be called your agent or attorney. An Estate planning attorney in California can lend a helping hand to make the power of attorney as per your wishes. If there are some rules which you do not know then an attorney can guide you well.
- Protection for your kids: Your kids can’t handle things when they are young. An adult has to manage the property till your kids become adults. This person can be the guardian of your kids as well.
- Consider taking a life insurance: If you have kids, own a house and have some debts to handle then taking a life insurance plan will be fruitful for your family.
- File the beneficiary forms: You should name a beneficiary who will handle the retirement plans and bank accounts on your behalf so the beneficiary gets the amount automatically in case of an unforeseen event. You can even transfer all the bonds, stocks and brokerage accounts upon your death.
There are many other things that you can do. You can protect your business. You must have a succession plan if you are the sole owner of the business or you should have a buyout agreement if you are doing business with others. Also, mention about your wishes that whether you want to donate your body organs or want burial or cremation of your body.
An estate planning guide will give you enough support to take such steps and plan your estate in a proper manner. Get it done quickly with the help of the best attorney in California. It will be a great help to your survivors.