Unfortunately, the pandemic has brought to light many different gaps in existing estate plans and overall financial wellbeing. The bull market bubble was burst with the global pandemic and this means that you need to take a careful look at your own estate planning There are many different components of being considered financially well.
One of the cornerstones of these is having an estate plan. While not everyone will need a complicated array of different kinds of trusts, each person should have a plan that looks at incapacity as well as all of the details around their death. One of the major reasons to do this is to reduce the burden on your family members and survivors.
A tragedy could be doubled when you fail to take into consideration the need for estate planning and leave your loved ones to deal with the courts making these decisions on your behalf. Financial decision making is another important component of estate planning and your overall financial wellbeing. If something happened to you, do you have another person who has been appointed in a financial power of attorney to make financial decisions for your family?
Far too many people have no instructions on file if and when they become seriously injured or unable to make these decisions for themselves. Articulating what you intend to happen and having a trusted relationship with a knowledgeable financial power of attorney agent can go a long way in making things easier for your loved ones and you.
Finally, don’t neglect your healthcare decisions and costs. Perhaps nothing is more personal or more complicated to manage than your individual health care. As you age, the services that you need might vary from one person to another but should always consider the core components of having a health care power of attorney and a plan for any specific end of life wishes you have.
Schedule a consultation today with a CA estate planning lawyer to discuss this plan for you. We are located in Pasadena but are here to help residents of this region figure out what a custom estate plan looks like and to begin to put that into your strategy to help give you a sense of what the future might look like.
There are many questions to be answered in the process of completing your estate planning; don’t wait to get help from us on determining those key steps for you.