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Your estate is comprised of your home, rental properties, vehicles, pets, personal possessions, checking and savings accounts, insurance policies, IRAs, etc. The list goes on. Estate Planning is the process of appointing someone to manage your affairs in the event you become incapacitated and/or distributing your estate upon your death.
While some will offer Estate Planning as a fill-in-the-blank procedure, it is very much a technical process that requires an intricate knowledge of the law to navigate through Probate, Taxation, and Community Property issues.
DIY Estate Planning can be challenging and oftentimes ineffective. It is best to consult an attorney to get the job done right the first time.
What Should an Estate Plan Include?
A typical Estate Plan will include the following, but each is customized to your particular needs to achieve your desired goals, whether you are a single individual or a blended family:
Appoint a trusted individual to act for you to manage your financial affairs. This person acts during your incapacity, not upon your death.
Appoint a trusted individual to make important medical decisions about your health and medical care. This person acts during your incapacity, not upon your death.
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