For those thinking about the future of their family, can benefit from consulting with an estate planning attorney at Yee Law Group for advice. At some point, people may consider what will happen to their belongings and assets after they pass. We understand estate planning can feel a little odd and be a sensitive task. We can help you make decisions about what kinds of paperwork to include in your estate plan or will.
We have been dedicated to helping clients feel confident about how their treasures will be handled after they pass on for more than 40 combined years being in business. We have created a list of steps entailed in creating an estate plan, so the task does not feel quite as daunting or intimidating.
You may have heard the term “estate planning” but are not exactly sure that means. By following the list below, and with some help from an estate planning attorney at Yee Law Group, you are on the road to protecting the future of your legacy.
- Draft a Will
When writing your will, you want to list who shall inherit your property, belongings and other items in the event of your passing. It can be beneficial to also list a guardian to care for your children (if underage at the time), in case something unfortunate happens to the other parent as well.
- Consider a Living Trust
If you establish a living trust, it can help prevent your surviving family members from having to attend probate court, which can be a very time-consuming and potentially expensive process.
- Health Care
If you are ever unable to make medical choices for yourself, decisions can be made by the person you appoint as power of attorney for health care purposes.
- Financial Power of Attorney
The person you list to handle your finances is referred to as your attorney-in-fact or agent, but does not have to be an actual attorney. You will be giving this person a durable power of attorney for finances, so they can make decisions if you become disabled or incapacitated.
- Protecting Property of Children
An adult should be named in your estate plan who will manage any money or property that your underage children may inherit.
- Beneficiaries
Name a beneficiary for your retirement plans and bank accounts in order to skip the probate process. By doing so, the account becomes “payable on death” to the beneficiary and permits funds to be handled by him or her.
- Funeral Expenses
You can create a payable upon death account with your bank to pay for funeral expenses. This method can be preferred over a funeral repayment plan, which can be unreliable.
- Organizing Documents
Your attorney-in-fact or executor may need easy access to the following kinds of documents. Keep these in a safe place that is quick to obtain.
- Will
- Trust
- Real Estate Deeds
- Insurance Policy
- Certificates for Bonds, Stocks
- Bank Account, Mutual Fund Information
- Retirement Plan, 401K or IRA Information
- List of Debts: Credit Cards, Mortgages, Unpaid Taxes
- Final Arrangements
- Funeral Repayment Plan
By hiring an estate planning attorney at Yee Law Group, we can help answer any questions or concerns related to your last will and testament. Please call us today at 916-927-9001 to schedule your first free consultation.
