Estate plans can be adjusted and customized based on your individual needs. Every person, even single people with no children could benefit from estate planning to make the process easier for those loved ones or appointed representatives who will take over when you pass away.
Estate planning involves putting in plan a place to determine several important aspects, including what kinds of medical care you’ll receive if you are unable to consent to receive care, who should manage your property, life and money choices in the event that you’re incapacitated, and who will make medical decisions on your behalf.
In addition, you can also plan for your own future with healthcare expenses such as preparing for what will happen if you need to move to a nursing home and protecting your assets both during your lifetime and after you pass away.
Estate planning also allows you to establish instructions such as who should raise your children if something happens to you before these children reach adulthood, determining who will inherit your property and money and facilitating the timely transfer of the assets you wish to pass on to your loved ones.
If you have a business, estate planning can also ensure that the business you own continues to operate or is passed on to qualify employees or stakeholders after you pass away. Reduction of costs associated with asset transfer after your death such as estate taxes and probate. These can also be accomplished with the help of a Pasadena estate planning attorney.
Finally, if you have someone with special needs in your family, estate planning can address the special needs of those who will inherit assets so that they do not lose potential access to government benefits like Medicaid. Given that there are so many different things you can accomplish with estate planning, it is important to schedule a consultation with a trusted estate planning lawyer today.