Hanford Estate Planning Attorney
Starting the process of planning for your family’s future can be overwhelming and somewhat daunting, particularly if you have a substantial estate that requires an equally substantial plan. Attempting to draft an estate plan on your own can result in unverified and insufficient information and an estate plan that could be contested. After all, you want your plan to suit your specific needs. A Hanford estate planning lawyer can help you draft a plan that accomplishes your goals.
What Is Estate Planning?
Simply put, estate planning is the establishing of a plan for your family’s future. It is the act of preparing for your eventual death by making sure your assets are distributed the way you want among your family and friends. An estate plan is a comprehensive plan for the distribution of your assets, wills, trusts, life insurance, power of attorney, and funeral arrangements, among other factors that may be included. An asset attorney makes sure everything is taken care of.
It is important to note that an estate plan is not the same as a last will and testament. A will is often a part of an estate plan, but it may not be. You may decide to leave your financial assets in a trust instead of a will. It’s ultimately your choice how you create your estate plan.
The Elements of a Sound Estate Plan
It is vital to the effectiveness of your estate plan that you work with an estate planning lawyer to cover all your Hanford assets. There is much more to estate planning than simply notarizing a will and naming heirs. It is important that you include a plan for multiple eventualities, including situations where you may no longer be mentally sound or able to make decisions for your own health. These possibilities can and should be addressed within an estate plan.
Common elements of a comprehensive plan include:
- Wills and Trusts: Even if you do not have substantial assets, it is important to include a last will and testament or a trust in your estate plan. You should name the individual who you want to inherit your assets and any stipulations that may come with that inheritance. For example, if you have already named a family member as a beneficiary for your insurance policy, you want to make sure you don’t name someone else as the same beneficiary.
- Power of Attorney: One of the most important elements of your estate plan is giving someone that you trust durable power of attorney. This allows the named person total control over your assets if you become unable to decide for yourself. It is important that you name somebody you trust to keep your interests in mind. If you don’t name somebody, the court will make decisions for you, and you may not agree with those decisions.
- Designated Beneficiaries: It is vital that you expressly name your beneficiaries in your estate plan. If you do not name specific heirs with whom you want to inherit your assets, the court will be responsible for naming the beneficiaries themselves, and you may not agree with the people they choose for you. You should also name a contingent beneficiary in the event that your preferred beneficiary turns it down or passes away.
- Letter of Intent: A letter of intent is a simple addition that outlines your exact intentions with your assets. It may be a good practice to be as specific as possible with your intentions for every asset. That way, there can be no room for interpretation or contention of the will. This letter may not be considered legally binding, but it provides the court with your intentions and can help push probate in the right direction.
Important Steps in Estate Planning
It is not an easy task to develop a detailed plan for your estate, particularly if your assets are plentiful and sought after by multiple parties. An experienced estate planning lawyer can help you put something together that you can feel comfortable with in the event of your death. There are multiple steps in the estate planning process that cannot be missed, and understanding all of them is vital to the success of your estate plan. Here are some of those steps:
- Define Your Goals: Above all, you want to make your goals and intentions as clear as possible. You don’t want a probate judge or an opportunistic family member to misinterpret your plan in a way that benefits the wrong people. No two estate plans are the same, as everybody’s individual needs are different. Some plans may be designed specifically to prevent certain people from getting anything from you.
- Document Your Assets: Before you can decide how to distribute your assets, you need to understand exactly what assets you are dealing with. You may not be fully aware of everything you have, including debt. Document everything in as much detail as possible to determine how much must go towards paying off your existing debt and what will be left for your beneficiaries.
- Health Care Directive: Nobody really knows when their time has come, so it is crucial that you remain as prepared as you can. You should consider establishing a Health Care Directive that lays out your exact wishes in the event of a medical situation. Designate someone with Medical Power of Attorney, allowing them to make decisions about your health in the event that you are unable to do so for yourself.
Reach Out to an Experienced Estate Planning Lawyer Today
It is vitally important to your future and your family’s future that you have an established estate plan in place before your time is up. With an estate plan, the court can follow your wishes as closely as you want without making baseless declarations. An experienced estate planning lawyer can work with you to ensure everything meets your specifications.
The legal team at Fishman, Larsen & Callister can help you work out a strong estate plan that leaves no room for interpretation. We are here to help when you need it most. Contact us to speak with a team member about a consultation.