Last week, we started a two-part series about estate planning. To read that, post, click here. This week, we conclude our series with more estate planning tips so you can set up a trust or will.
First, address several key topics.
Ask if your family members have a last will and testament and/or a trust.
Explain that if they do not have these important legal documents, state law will determine who will receive their property—and thus it may not occur in the way they would have chosen.
In addition, someone appointed by the court, instead of a trusted person of their own choosing, might be in charge of caring for any children or pets. Spelling out their wishes in a will or trust will also prevent confusion and anxiety when they are gone.
- A financial Power of Attorney (POA) will allow them to designate an individual to manage their finances and property if they are unable to manage them. Inquire about your family members’ powers of attorney, and encourage them to decide who would be the best individuals for the job.
- Make sure that your family members have proper medical powers of attorney and advance directives in place. These documents allow people to describe their wishes. The documents explain their medical care choices in case they cannot make decisions for themselves. A medical Power of Attorney (POA) also enables them to designate a trusted person to make medical decisions for them when they are unable to speak themselves.
Insurance
- Find out whether they have insurance and the location of the insurance policies. If your family member becomes incapacitated or dies, it is important to have information about their insurance so that claims can be filed for benefits in the case of health, disability, long-term care, and life insurance, and that other types of policies, such as homeowner’s or auto insurance, can eventually be modified or terminated.
Accounts
- Ask them to compile a list of all of their accounts and property and other important personal information, including bank and investment accounts, titles to vehicles. deeds to homes, credit card accounts or loans, digital accounts (such as Facebook, Twitter, Netflix) and passwords, Social Security cards, passports and birth certificates, which will be needed to wind down their affairs once they are gone. This information should be kept in a safe place and shared only with trusted family members or loved ones.
Lists
- Prepare a list of legal, financial, and medical professionals who have worked with your family members is also important. Be sure they include medical doctors and care providers. Also, list financial advisors, insurance agents, CPAs or tax professionals, business partners, care providers, and more. The list should include the professionals’ contact information.
Consult an Estate Planning Attorney
What happens after you have this important conversation with your family members? They may realize they should contact an experienced estate planning attorney. An estate attorney will help them create an estate plan tailored to meet their needs and carry out their wishes. They might also realize they need to update a plan that no longer fits their goals and wishes. We can help them ensure there is a plan in place that will prevent unnecessary stress. We also help explain legal expenses. An attorney should explain taxes, curtail arguments between family members, and eliminate delays in passing property to loved ones. An estate plan will also provide them with the peace of mind. This comes with knowing a plan is in place for their care if they become ill. Please call today to set up a consultation (909) 608-7671.
About Skvarna Law Firm in Glendora & Upland, California
A skilled attorney can assist with your estate plan. Contact us today to learn about your options (909) 608-7671. We operate offices in Glendora and Upland, California. We provide legal services for individuals living in San Bernardino, Los Angeles, Orange and Riverside Counties. This includes the cities of Upland, Ontario, Rancho Cucamonga, Fontana, Colton, Rialto, Chino, Chino Hills, Glendora, Claremont, Montclair, Pomona, La Verne, San Dimas, Azusa, Covina, West Covina, Diamond Bar, Walnut, La Puente, Corona, Norco & Mira Loma. Visit SkvarnaLaw.com to learn more.
