Estate planning obviously entails making preparations for the transfer of financial assets to your loved ones after you pass away. However, there are some additional details to consider, and we would like to take a look at a few of them here.
Incapacity Planning
Individuals who reach an advanced age sometimes become unable to make their own medical and financial decisions. If you do nothing to prepare for this contingency and you do in fact become incapacitated, a conservator can be appointed by the state to make decisions on your behalf.
Most of us would prefer to choose our own decision-makers. You can be proactive about doing so by executing documents called durable powers of attorney.
Final Arrangements
There are various choices that must be made regarding final arrangements after someone passes away. Well-meaning family members don’t always agree about the correct course of action.
You can address this matter by executing an authorization for final disposition. With this device, you name someone to handle the final arrangements, and you can also leave instructions for this person to follow.
Pet Planning
Many senior citizens suffer from loneliness, and owning a pet can be the perfect solution. However, you do have to make sure that you take steps to provide for the pet when you are planning your estate.
One option would be to create a pet trust for the benefit of the animal. The trustee that you select administers the funds, and after the death of the pet any resources that may remain go to a beneficiary that you name when you create the trust agreement.
To learn more about your estate planning options, we invite you attend one of our free seminars on Living Trusts, Veteran’s Special Pensions, Medi-Cal Planning, and Special Needs Trusts. For dates and locations, follow this link: FREE SEMINARS AND WORKSHOPS
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