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Real Estate

Real Estate Planning Tips

Many people think that only the wealthy need an estate plan, but if you have any assets at all, you should consider creating an estate plan to ensure your assets go where you want them to go at the end of your life. As you research estate planning San Diego CA, consider the following tips.

Write Down Your Desires

The first step in estate planning is writing down what you have and what you need. For example, make a list of your assets, including your digital assets, and who you want to be in charge of your healthcare, financial and other decisions if you were incapacitated in some way. For example, you may need to identify a healthcare and durable financial power of attorney. Guardianship for any minor children should also be decided.

Determine whether you want life-saving treatments to be performed on you if you were unable to tell the doctors yourself. Document your insurances and create a HIPPA release form so your healthcare information can be released to anyone making healthcare decisions on your behalf.

Gain and Share Knowledge

Ask your estate planning team or research any taxes, including IRD taxes, your heirs may encounter. Review trust laws and policies. Trusts ensure the proper distribution of your assets among your heirs. Whereas wills may be misinterpreted, trusts have clearly defined distribution guidelines.

Be sure you keep your heirs informed about your estate plan.

Get Some Help

Estate planning requires legal steps that may require professional counsel. Therefore, consider working with an estate attorney and financial advisor. You may also seek the advice of a tax lawyer or CPA. These professionals will ensure that your assets are distributed according to your wishes and help your heirs avoid the probate process.

Whether you are wealthy or not, consider consulting estate planning professionals and creating a detailed estate plan to ensure your end-of-life wishes are upheld.