Leading estate planning lawyer founder of the Law Offices of Robert H. Brumfield, P.C., in Bakersfield, CA reveals a series of essential documents to have in hand for estate planning. For more information please visit https://www.brumfieldlawgroup.comBakersfield, California, United States - December 27, 2022 — Estate Planning can be as straightforward or as complex as a person decides but needs to be backed up by a series of documents, California elder law attorney Robert H.
Brumfield has advised.For more information please visit URL definition, estate planning is collectively a series of tasks prepared to manage a person's assets in the event of death or incapacitation. "It is not only the ability of a person's assets to be utilized or distributed to beneficiaries but will address other personal matters as well," commented the Founder of the Law Offices of Robert H. Brumfield, P.C., in Bakersfield, CA.A person's estate plan usually includes documents such as the last will, a durable power of attorney to deal with financial affairs, and a living will (also known as a health care directive) that addresses decisions due to a person's incapacitation.
Optionally it can include a variety of trusts depending on whether you have children and a spouse.Mr Brumfield advised that any decisions involving an estate plan should ideally be guided by advice from an attorney specializing in that field to ensure clarity. Assets are usually defined by real estate, car, savings, pensions, insurance, and debt, which the estate plan will address.Establishing a living will helps address issues around health decisions and end-of-life medical intervention. If you ever become incapacitated, then a living will comes into play and reflects your written wishes.
These can address decisions around 'not to resuscitate' orders or palliative care. He said a last will and testament clarify who your assets will be distributed to after your death. This document usually names an executor to manage the estate who also ensures that your stated intentions are carried out. They are not only responsible for the distribution of assets to named beneficiaries but also have the burden of settling any outstanding debts in your name.Mr Brumfield said it might be advantageous to establish a durable power of attorney.
This document gives someone of your choice, such as a loved one or attorney, to enact financial decisions. One option is to appoint two people to these areas and assign a backup executor if your first choice cannot.Attorneys can also advise on setting up trusts that reflect a person's circumstances. A living trust, for example, can be used to designate part of an estate while you're alive.
A testamentary trust can be created for children or relatives that are disabled and that will inherit assets at a particular time in life.Those concerned about how the assets will be spent after their death can seek the advice of an attorney who may suggest a trust that only allows an asset to be spent in a certain way – such as money being allocated only for education or university fees or to medical costs. The trust helps protect assets from being quickly squandered after death.Mr. Brumfield said that an estate plan should be treated as a 'living document' and regularly reviewed so that it remains updated to reflect changing circumstances, such as marriage, divorce, births, and deaths.
"An estate plan prepared now, with clear directives, will give you peace of mind in the long run," he concluded.Source: URL