It is difficult to even consider formulating an estate plan. Typically, no one wants to address the ensuing situation when life ends. Also, the matter of making the necessary decisions and taking the appropriate actions, in itself, isn’t a simple process.
The Swenson Law Firm can assist all individuals in making these decisions. When creating an estate plan, an individual must consider many issues, which necessitates asking certain important, basic questions, such as:
- What comprises my estate? What do I own? What are my assets?
- What is the fair market value of my assets?
- If I become incapacitated and unable to care for myself, who should make decisions on my behalf concerning my health and financial welfare?
- Who should manage my assets if I become unable to do so during my lifetime?
- Whom do I want to receive these assets?
- When do I want them to receive these assets?
- If necessary, who should manage my assets after my death?
- Who should be responsible for providing care of my minor children if I become unable to care for them personally?
- What are my wishes at death for my remains?
Estate planning is generally important for individuals regardless of their age or financial position. It is especially important for Baby Boomers who are now within the demographic where estate planning is of heightened importance. Thus, for these individuals as they transition from middle-age, it is especially important that a complete estate plan includes both financial and healthcare powers of attorney to ensure that they receive the proper and necessary care during the remainder of life.
While appropriate documents focused upon decision-making during life are necessary, documents are also needed to ensure that the individual’s assets are distributed properly after death. If such documents are not utilized, an individual is subject to California’s intestacy laws, which may not correspond to the wishes of a decedent as to the ultimate distribution of his or her estate. Utilizing documents such as a will allows property to pass according to the intentions of a testator or testatrix.
Once these questions are answered, individuals may desire to seek the advice and utilize the services of a qualified estate planning attorney. A lawyer may help create and draft an estate plan, while providing advice on issues relating to tax consequences, holding title to property, and estate management and administration.
Everyone needs a well-formulated and well-drafted estate plan. To learn more about useful and important estate planning tools and techniques, contact the legal team at The Swenson Law Firm. We can assist you with all of your estate planning needs.