Here are the essential documents youâ€™ll need for estate planning:-
Last Will and Testament
A last will or a trust may sound expensive and complicated and always assumed as something only for rich people. This is an incorrect statement. It is one of the significant components of estate planning, even if you donâ€™t have substantial assets.
As the name implies, it is a written legal document that states how you would like to distribute your assets after your death. This written document gives you the power to decide which is good for your partner and children after your death. It names an executor â€“ someone who will be in charge of following your instructions on behalf of you. It allows you to name guardians if you have minor children.
It is a legal document that sets forth your healthcare instructions or wishes with a nomination of individual who can carry out your wishes in the event that you become terminally ill and need to be on a life support system. You can name a trustee â€“ may be your spouse, family member, or Carlsbad estate planning attorney to manage your property.
Financial Power of Attorney
It is one of the important documents as it allows you to designate someone to manage your estate, including financial decisions and retirement plans. A power of attorney can give you the peace of mind that someone you trust will be authorized to make a financial decision on behalf of you after your death or you are no longer capable.
Like a Will, a living trust is a legal document that outlines what happens to your estate after your death. While a Living Trust helps to bypass the process of probate, a Will becomes effective only after you die, and it has been entered into probate. It allows your executor to carry out your instructions at your death, and also if you could not manage your financial and health care affairs due to incapacity.
Estate planning is not that as easy as it seems to be. A small mistake in your estate planning can make your loved oneâ€™s life miserable and fight legal battles after your death. Working with a probate attorney from a reputed estate planning law firm in Carlsbad CA helps ensure that all of your documents are prepared accurately and according to the law.
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Article Added on Monday, March 23, 2020
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