It seems like there is news of fires, a pandemic, and hurricanes everywhere you turn. While the information is nerve-wracking and troublesome, life cannot stop as you wait and hope nothing affects you. The best thing you can do is be prepared if something unexpected were to happen to you.
How can you take control? By estate planning and getting your affairs in order before you die or become incapacitated, you will be able to save your family loads of stress and suffering.
Estate Planning Step-by-Step
When you meet with an estate planning lawyer, they will guide you through the steps you need. While it may feel uncomfortable in the beginning to discuss what will happen after you die, it will bring comfort to know you have done the responsible thing.
1. Select a Financial Power of Attorney: If you were to be incapacitated, who would care for your finances and business dealings? Who would pay your bills, mortgage, and debts?
2. Choose a Medical Power of Attorney: Do not assume that a medical power of attorney automatically goes to the next of kin. For example, if you and your spouse or child were to get in an accident together, who would be able to make medical decisions about your future? Name your medical power of attorney and write out a plan on what you wish to happen to you in the case of an accident.
3. Build a Will with Named Beneficiaries: Create a will with a lawyer who will ensure that you don’t miss anything. Name who would get your children if you and your spouse were to pass. Determine whether your home, properties, and businesses should be sold off or passed onto a loved one.
4. Create a Trust: For a more complicated asset planning after death, you can create a trust and name a trustee to take care of your affairs. This way, your assets do not automatically enter probate after passing. Instead, the trust will protect them.
We want to help you get your affairs in order. By calling on our team at Miles & Hatcher, LLP, we will walk you through the steps of estate planning. It is time to take control of what you can do by calling to schedule a free consultation: (909) 481-4080.