Estate planning is shorthand for dealing with the “three D’s” — disability, divorce and death.
The first critical part of estate planning is not about deciding who gets what in case of death, says an article on washingtonblade.com.
Before then, you are much more likely to need someone to help manage your life in the event of disability, it says.
This occurs when, as a result of an illness or accident, you are unable to make decisions for yourself. Most people want to designate who will make such decisions. The documents that delegate decisions to the people you choose are powers of attorney.
Medical powers of attorney typically grant broad medical decision-making rights to people you believe will be able to make those decisions under pressure.
A financial power of attorney grants rights to people you trust to manage all of your assets while you cannot.
If you have questions about estate planning, feel free to contact us for a consultation at (626) 696-3145.
