Estate Planning in Eureka, California
Estate Planning at a Glance
Estate planning involves creating a plan that begins once you create it and continues even after you pass away. This plan helps you manage your wealth and assets, allowing you to leave money for your family, pay less on taxes, give direction for the care of your children, or dictate business decisions. It’s a way of protecting yourself and your estate in the event that you’re unable to speak for yourself or continue making those decisions. Estate planning often involves many of the following documents.
Power of Attorney
A power of attorney is a legal document that gives another individual the right and responsibility to make financial and medical decisions on your behalf. Power of attorney can be specified in regard to property management, or for personal-care decisions. Power of attorney should be used if you’ll be out of the country for an extended period of time or you become severely ill.
A living will follows the same basic principles as a general, final will. Wills help the state to know what your last wishes are, and how you’d like them fulfilled. In this case, however, your living will is in effect while you’re alive. This legal document tells the court how you’d like to be taken care of in the event that you become too ill to be able to communicate.
A life insurance policy is a legal contract that provides security for your family after your death. Each life insurance policy is different, but each contract should dictate how much money your family will receive upon your death and how much money you’ll have to pay each month during your life. Speak with your insurance company and find out what policy options you have.
Trusts are similar to wills in many ways; however, they go into effect as soon as they’re finished, meaning you don’t have to wait until you pass away for the process to begin. There are multiple types of trusts, mainly a testamentary trust or a living trust, both of which can be helpful in estate planning. Ask one of our experts for more information about creating a trust.
Many business owners or partners create a plan for their estate in order to carefully plan for the future. This is extremely intelligent, as it ensures security for the business and its employees in the event that something were to happen to you, the owner. Contact our office if you own or are a partner in a business and we’ll help you start your estate planning today.