You may feel that estate planning is for an older generation and may not affect you. However, estate planning now may help limit stress later in life as your planning will already be taken care of and may just need a few minor adjustments. Our estate planning attorneys at Embry Family Law P.C. share five of our top reasons why estate planning can limit your stress.
1. Writing Down Your Final Wishes for Your Possessions and Property
You may have specific wishes about who you wish to gift your assets to after you pass away. The only way to ensure that those gifts actually go to the beneficiary is if you document those wishes through your estate plan. You should create plans for the following assets:
- Your home;
- Your bank accounts;
- Valuable possessions such as jewelry, furniture, or vehicles;
- Sentimental possessions; and,
- Stocks, bonds, or other financial assets.
Fully knowing that your wishes are accounted for and able to be adjusted as time passes may reduce some of the stress about estate planning.
2. Protecting Your Children and Beneficiaries
Your beneficiaries may be whomever you choose — your spouse, your children, extended family members, and even friends. When determining your beneficiaries while estate planning, you will protect those beneficiaries’ rights to your estate as you dictate.
Estate planning can also prepare the care of your children if they are under 18 when you pass away. This may involve determining who will be their legal guardian, how they will be financially provided for, and any other stipulations in the care of your children. With this planning, you can be fully sure that your children will be cared for after your passing.
3. Assigning Power of Attorney
When considering who your beneficiaries are, you may also consider who you wish to grant power of attorney if necessary. Power of attorney is typically granted to spouses, adult children, or other adults to make medical or financial decisions if you are unable to consent or are incapacitated.
Determining who you will grant power of attorney to now may help you in the long run. You can rest assured that with a power of attorney designation, you will have someone caring for you and making important decisions for you when necessary.
4. Creating an Advanced Healthcare Directive
You may have wishes for medical care once you get older, which can be documented through your estate planning efforts. When creating an advanced healthcare directive, you can decide if you would like lifesaving measures to be used in the event of major injury or illness, or if you wish to create a Do Not Resuscitate (DNR) order. Your advanced healthcare directive may be used if you are no longer able to consent to medical procedures and can act as a guide for your power of attorney to follow.
5. Limiting the Stress Your Family Will Undergo After You Pass Away
It may seem like once you pass away, all of the stresses in your life may vanish; however, they may actually pass on to your next of kin. With estate planning, all of your end-of-life decisions will be made and documented for your family to follow so they will not need to worry about determining what you would have wanted.
This will also help limit family conflicts over your assets following your passing as your assets will be protected and your family will be required to follow the guidelines you set for them.
San Diego Estate Planning Attorneys
Estate planning may seem like a complicated process. Luckily, your initial estate planning documents will not be set in stone and can always change as your assets, beneficiaries, and desires change.
Do you want to limit your stress about estate planning? Call our estate planning lawyers today at (619) 485-6476 or contact us online to begin your estate planning process.