The Estate Planning Checklist
Estate planning is not a one and done event. It's critical to create, and periodically update documents the communicate your wishes to your loved ones if you die or become incapacitated.That's why the estate planning attorneys at Rusconi, Foster and Thomas are offering this checklist:
1. The Advanced Healthcare Directive (AHCD)
First, is the Advanced Healthcare Directive. The AHCD allows the person you name to make medical decisions for you if you are incapacitated.It also lays out end-of-life decisions regarding treatment
2. The Durable Power of Attorney
Next, is the Durable Power of Attorney. A financial POA allows someone else to manage your finances, including paying your bills, if you become incapacitated. This power can be as narrow or as broad as you'd like.
3. Your Will
Third is your will. Your will explains where you want your assets to go after you die. A will should have an executor. And if there are minor children involved, you need to name a guardian.
4. A Revocable Living Trust
Next is the revocable living trust. You can place all of your assets, including your bank accounts, into a trust. When you die, the successor trustee you named automatically takes control. No need for long or costly probate.
5. Retirement Account Beneficiaries
And finally, don't forget to update your IRA and other retirement account beneficiaries. You want to make sure the right person gets the money.
If you are in South County, you can get expert legal help right here at home. Contact us today.
Rusconi, Foster & Thomas, APC
We're located in Morgan Hill, California serving Santa Clara, San Benito, Santa Cruz, and Monterey Counties since 1956.