While it’s not something that everyone wants to think about, an estate plan is something that everyone should have in place. When done right, estate planning in Sacramento, CA can result in a much less stressful process for those you leave behind. Knowing what you need to have in place for your estate plan can help you plan for the unexpected and be well prepared.
Managing your estate
Estate planning in Sacramento, CA can be done at any age and is especially advisable for people with children. It is good to have a plan in place to settle your assets and manage processes related to your health care.
It’s a good idea to set up a life insurance policy as part of your estate planning. This is a good idea particularly if you have children living under your roof. This will help protect your assets and give your family some security. A good option is life insurance with a 20- or 30-year term that covers the time when your children are minors.
You will also want to develop a will as part of your estate planning in Sacramento, CA. This will dictate what happens to your assets and how they should be divided up. This will take care of personal heirlooms and special mementos that you have, not to mention valuable assets and property. It will also detail who will get custody of your children in the event that something should happen to you. This is an essential part of your estate planning.
You may also wish to set up a trust that will make the transferring of your estate simpler after your passing. This often helps with taxes and prevents your estate from winding up in probate.
Managing your health decisions
Other parts of your estate planning in Sacramento, CA should indicate who makes decisions about your health in the event that you can’t do this for yourself. You should create a living will, which will provide instructions to health care providers on how to treat you when you get ill. This will let them know whether they should involve extreme measures to keep you alive.
You will also want to appoint a durable power of attorney to handle your finances and estate in the event that you are unable to do so. This should be someone you trust to handle your affairs if you are incapacitated. It is a good idea to pick a person whom you trust rather than having the court appoint someone.
Offering closure to your loved ones
A last step that you may want to take with your estate planning in Sacramento, CA is to write letters to your loved ones in case something happens to you. This will give you the opportunity to say everything you always wanted to say to your family, and gives them a last chance to hear from you.
Setting up your estate plan now is a good idea to ensure your wishes are carried out in the event that something should happen to you. Contact Yoder & Co., CPA to set up your estate planning in Sacramento, CA. We provide a variety of services related to estate planning, as well as general tax and financial services.