Many of us don’t want to think about what to do if something was to happen to us. But it is very important to plan ahead in many aspects of life. Estate planning is one that, even though it’s not always enjoyable, we need to plan ahead for ourselves and our loved ones. What is the process we do to even start this planning? Let’s go through what you do when you are estate planning.
Choose an Agent
It is important that you choose people in your life to help you if things come up and you are not able to take care of yourself. There are two agents that you need to find someone for. A healthcare agent and a financial agent. It may be smart to find two different people and possible backups for each one of these.
Healthcare agent – a healthcare agent is someone that you trust to make your medical decisions if you cannot. You are putting your life in this person’s hands, so make sure it is someone that you trust. Once you have figured out who you want, you will need to fill out a medical power of attorney document. This document will say who the person is and will allow you to say what your wishes are medically. To make it legally binding you have to have two witnesses or a notary public sign.
Financial agent – the financial agent is someone who makes the decisions over your finances in case you are not able to. It is very common to choose a spouse or close relative. The form is a durable power of attorney and you also need to get this signed before a notary public.
List Assets Left to Beneficiaries
It is always important to list your assets and who you want them to go to. When you list your assets and who you want them to go to, you need to be very specific so that there is no confusion when you pass away. These assets can be anything such as property, savings, stocks, Life insurance, personal possessions, or more. Whatever you want that person or people to have.
With this trust, it will have specific instructions on how you want to transfer your trust. With this, you put your assets in the trust before they are given to the beneficiary. With this trust, it will make sure that it goes to the proper beneficiaries without a problem.
Last Will & Testament
With this will, it is a guideline for who gets your estate. Who will deal with debts and taxes and if you have younger children who will they go with if you pass away? They will do the will before any assets are given. Just like everything else this needs to be signed by two witnesses to make it legally binding.
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This could be a little overwhelming trying to think ahead of who you want everything to go to and who to be in charge. The great thing though is that we can help you at Kajioka & Associates Attorneys At Law. We can walk you through it so you make sure that you get everything that you need and want if something was to happen. Call us today!