Proper estate planning provides an individual with choices about issues like their medical care, legal representation, and the distribution of assets after their passing. Planning allows individuals time to consider and discuss estate matters, and to prepare a detailed financial plan in order to avoid possible future conflicts. It’s important to work with an experienced lawyer when creating legal documents, but it’s still useful to be familiar with these estate planning basics.
Estate Planning Options
The first step is to consult with a qualified professional to discuss your main concerns. For example, how your assets will be distributed among family members. This is a topic that can become difficult to manage on your own, but a skilled estate planning lawyer can help you make the best choices by guiding you through your options. Working with a professional also provides you with peace of mind.
Your attorney can assist you with making the proper tax preparations, as well as filing necessary paperwork. An estate attorney can also help you to determine things like whether or not it would be best to establish a trust for your loved ones, as well as how it should be managed. These are complicated matters that a good estate planning attorney can simplify for you.
Estate Planning Basics
Some of the most important estate planning basics include creating a will, a living will, naming someone as power of attorney, and potentially setting up a trust. Note that granting someone durable power of attorney remains in effect until your death, or until you revoke their power to act on your behalf. Also, it can be difficult to discuss your healthcare wishes, but this is another important matter to settle.
Additionally, estate planning basics should account for health care coverage and costs during the remaining years of life. This includes prescription drugs, home care, and any medical bills. It’s also important to be aware of any possible changes to your eligibility for health insurance.
Making a Plan
If you’re ready to discuss your estate planning needs, you can contact Lewman Law at (925) 447-1250, or fill out our online form by clicking here. Talk to John Lewman, APC today to go over your questions and concerns, and secure a bright future for your loved ones.