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Estate planning may consist of more than transferring assets

Some individuals may find it intimidating to consider what will happen when they are gone, perhaps even more so to plan for it. However, having a plan in place for life's unexpected turns can be exceedingly beneficial, and exploring the available options could help you overcome similar reservations.

When thinking about a similar process, your first thought may turn to the distribution of assets upon your death. Although a plan could cover this area, there are numerous estate planning benefits that might not even require you to have an actual estate.

Exploring estate planning options

Life is full of surprises, some of which might not be what you expect. However, planning for certain scenarios in advance could help you and/or your loved ones pass through tough times with less difficulty. Some of the available options that you may wish to consider could include the following:

  • Medical directive:  You might have an idea of what you wish to happen in the event of a medical emergency, and putting a plan in place could ensure that you receive treatment according to your preferences, even when you are no longer able to convey them.
  • Power of attorney:  Following certain life changes, you could become incapable of making decisions, and designating a power of attorney in advance to help make important decisions for you, such as those pertaining to medical and/or financial concerns, might be in your best interests.
  • Trust:  If you do have assets that you wish to pass on to loved ones, it might be beneficial to consider forming a trust, which could assist in clarifying your wishes and helping loved ones avoid certain processes, such as probate.
  • Ethical will:  In the event of an untimely accident, having an ethical will in place could help you convey thoughts and/or feelings to loved ones that you may no longer be able to say.

If you have children, there may also be other options to consider, such as guardianship. Choosing a guardian for your kids could ensure they are taken care of according to your wishes in the event of an untimely death.

 Assistance in planning an estate

Perhaps after weighing the benefits of planning your estate, you are ready to move forward with the process, but you find it challenging to navigate alone. You could speak to someone with experience in such intricate matters, as well as knowledge in federal and California state laws that may apply, for guidance on every available option. Obtaining guidance could prove beneficial to choosing a path that is in keeping with your wishes for the future, not only for yourself, but your loved ones as well.

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Torrance, CA 90505

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