By Jay Greene, Esq., CPA–
Estate planning prepares us for the uncertain future of disability, incapacity, or death. A comprehensive estate plan includes a robust set of documents that ensures your wishes are honored, and your valuable assets are handled the way we want them to be.
Without a proper estate plan, the courts may appoint a conservator to make financial and medical decisions on your behalf, and your assets will be subject to the probate laws of your state when you die. As a result, your assets may be distributed to people you don’t like, or it could cost your loved ones financial and emotional stress. These problems can be avoided with the following documents:
Advance Health Care Directive
The Advance Health Care Directive is a document that specifies the type of medical care you would want should you lose the ability to make your own decisions, such as whether you want to be resuscitated or be kept on life support. This document also serves the important task of naming an agent to make medical decisions for you when you can’t.
Durable Power of Attorney
A Power of Attorney allows you to appoint someone to make financial and legal decisions on your behalf. The Durable Power of Attorney does not end if you become incapacitated.
Trusts & Wills
A Revocable Living Trust is a legal structure that allows you to avoid probate, and plan how your assets are handled during your lifetime and after your death. Certain Trusts can protect your assets from creditors and lawsuits. A Last Will and Testament also details how assets are distributed to avoid disputes over your estate, but unfortunately it does not avoid probate. Your Last Will can pour-over into your Trust, so it’s an important portion of Trust planning.
Want more information about our services? RSVP to our hybrid workshop, “Planning Ahead” on April 28, 2022. The event will be hosted via Zoom and will also be in-person at Coventry Place (1550 Sutter St, San Francisco, CA 94109). To attend in-person, please call 415-905-0215. To attend via Zoom, please visit our website (www.assetprotectionbayarea.com) or scan the QR code in our advertisement. See you there!
Statements In Compliance with California Rules of Professional Conduct: The materials in this article have been prepared by Jay Greene for educational purposes only and are not legal advice. This information does not create an attorney-client relationship. Individuals should consult with an estate planning and elder law attorney for up-to-date information for their individual plans.
Jay Greene, Esq., CPA, is the founder of Greene Estate, Probate & Elder Law Firm based in San Francisco, and is focused on helping LGBT individuals, couples, and families plan for their future, protect their assets, and preserve their wealth. To learn more and to schedule an appointment, visit https://assetprotectionbayarea.com/
Published on April 7, 2022
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