Estate planning, it’s a topic that many choose to avoid because no one wants to think about death. Let’s face it, it’s not a particularly fun topic of conversation. As people get older they certainly don’t want to ponder it, and when people are young they think, “Estate planning, that’s for old people!” But the fact of the matter is, both groups, the old and the young, need to prepare for what happens after their death or the death of a core family member. Death affects an entire family in so many ways, beyond the obvious sadness and grief. This is why estate planning is so essential. When you put an estate plan in place you can feel confident that your family and finances will be taken care of, in every situation.
While there are many areas to consider in regard to estate planning, we’ve outlined five of the primary ones for you to review and consider. And whether you choose to work with our firm, The Sanchez Law Firm, or another firm, we want you to be prepared when you undertake the preparation of your estate plan, so please read the information below and get a sense of the essentials, and when you’re ready, if you so choose, we’ll be happy to help you with your estate planning needs. Now, let’s consider five of the most important issues.
Planning A Will
What is a will? A will is a legal document through which you can direct your business after your passing. A will can provide critical details about how you would like your financial matters and estate, etc. to be handled. A will can designate who shall receive your assets after you pass. Remember, if you don’t have a will in place, your assets are going to be delivered to your first family member, so if you want to designate what goes to whom, and when, you need a will in place. Simple wills are fine for some people, but when you have a family with children, you’ll need to consider a wide range of issues so it is best to consult with an estate planning attorney in City of Industry, CA.
Healthcare Power Of Attorney
Many people see the value in putting together a Healthcare Power of Attorney (HPOA), and rightly so because having an HPOA in place can ensure that you will be taken care of in the event you suffer an injury or succumb to an illness that renders you incapacitated, terminally ill, or unable to communicate your wishes. In cases of which you cannot state your wishes, the HPOA will state them for you, because the decisions are made in advance while you are living, healthy, of clear mind, and possessing the ability to effectively communicate your wishes. Whether you’re living in City of Industry, CA, or anywhere else in our beautiful state, you should contact a skilled, experienced estate planning attorney and prepare your Healthcare Power of Attorney today, so you can feel secure about your future.
Financial Power Of Attorney
We’ve already discussed the Healthcare Power of Attorney; its companion piece is the Financial Power of Attorney. As the Healthcare Power of Attorney provides a system that will ensure your healthcare issues are addressed as you wish, the Financial Power of Attorney will ensure that your financial decisions will also be addressed as you wish. From investments to the daily bills, so much of your financial accounting and financial handling will be left to the courts to decide if you fail to have a Financial Power of Attorney put in place during your life while you are healthy. Contact an experienced estate planning attorney in City of Industry, CA and get your financial house in order today.
Planning A Trust
You’ve probably heard the term, but you may not know exactly all that it entails, and why should you unless you’ve set one up. But as an estate planning attorney firm that genuinely cares about everyone, we want to make it known that you should definitely consider setting up a trust if you have any concern over how your assets will be utilized, and when they will be accessed. A trust is a legal option you have that can dictate how your assets will be managed after your passing. With a trust you can outline who receives your assets, when they will receive them, how they will receive them (in regard to increments), and you can also protect your assets from being used in a manner that you would not agree with were you managing them yourself in your lifetime. If you happen to have a large insurance policy or significant estate and/or children, setting up a trust is certainly something you should discuss with your City of Industry estate planning attorney.
When you have retirement accounts and/or life insurance policies, you’ll undoubtedly have Beneficiary Designations. It is important to note that Beneficiary Designations will supersede whatever is stated in your will, therefore it is critical that you regularly review your Beneficiary Designations to ensure they are set up to your liking. Life changes and it’s important to ensure that your Beneficiary Designations change when you have a life change, such as a divorce or new marriage, death of a child, etc. Talk to your City of Industry estate planning attorney and make sure you’re up to date.
We’re Here For You | The Sanchez Law Firm
Plan and prepare today so that you can live comfortably with no anxieties about your future. Rest assured that your healthcare and financial issues are set. At The Sanchez Law Firm, we take great satisfaction in helping our clients protect their futures and their families. We have the experience and the skill to handle all your estate planning issues. Call us today and let’s get started.