Everyone has an estate. Your estate consists of everything you own – your home, car, personal possessions, bank accounts and any other assets. Because you are unable to keep these things forever, it is important to ensure they are allocated to the people and/or organizations of your choosing. This requires providing instructions stating whom you want to receive any assets, what they are to receive and when they are to receive it. That is the definition of estate planning.
Though estate planning may sound feasible for most people to do themselves, assistance from an attorney is recommended in order to assure costly mistakes are avoided. Knowing that your family’s future is secure will also help you have peace of mind.
Most people use a will to list how they would like their assets distributed. While this is a great start in estate planning, certain financial assets such as IRAs and 401(k)s may require additional documentation. Once you have taken an inventory of all of your financial assets, it is recommended to ask your attorney to help you obtain and complete the necessary documents.
It is also important to remember that an estate plan or will may need to be updated from time to time. Significant life events such as moving, the birth of a child, divorce or even acquiring an inheritance may trigger the need for changes to be made to an existing estate plan. Amended state and federal laws may also bring about the need to amend an estate plan. It is imperative to occasionally review your plan and keep it current.
In the case that a person becomes ill or disabled, it is important to include an advanced healthcare directive or durable power of attorney in the estate plan. If the situation arises that you are unable to communicate your healthcare wishes yourself, an advance healthcare directive will communicate them for you. A durable power of attorney allows another person to make medical and financial decisions in the event you are not able to so yourself. Including these documents in your estate plan will ensure your personal decisions in these matters are clearly outlined and respected.
The Law Office of Thomas Hogan is an Estate Planning specialist who is prepared to help in your time of need. Feel free to contact us if you are in need of help with Wills or Estate Planning in Modesto CA. Call (209) 492-9335 to speak with our Modesto California Attorneys.