Estate Planning for Peaceful and Sorted Aging

Author: Liyo Josef

Estate Planning is a procedure that has been adopted by the person for anticipating and arranging the disposal of assets during a person's life. It is done on the basis of what the person's needs and demands are. Estate Planning is not just a matter of future needs, but it is highly advisable to opt for considering the long term benefits it provides. A good estate plan includes the following documents, Revocable Living Trust, Will/Pour-Over Will, Durable Power of Attorney, Health Care Directive and a HIPAA Authorization. A good estate plan can only be formulated after thorough discussion with your estate planner. Elder law and estate planning is further explained.

A good estate plan needs the aforementioned documents and a comprehensive knowledge about them is a must. Estate planning California is one extensive law and hence requires complete interpretation and understanding.It is further explained here:

  1. Will: A will is a declaration by a person in a legal written form, documented and signed by him or her, which specifically names one or more than one person to manage and distribute his or her estate at the event of his or her death.

  1. Revocable Living Trust: Revocable Living Trust covers three phases of the trustmaker's life. The first one being the phases in which trustmaker is alive, second, if the trustmaker is mentally incapacitated and the third one after the trustmaker dies. The essential benefit of a revocable living trust is that it provides probate whereas a will doesn't.

  1. Durable Power of Attorney: This covers the most important part of estate planning. This document decides what is to be done and what happens to your estate when you are alive but are no longer able to take your own decisions. A durable power of attorney helps you to avoid conservatorship. It is basically a manual of instructions to a trusted person, who can step in and make decisions for you when you are in a state of incapacitation.

  1. Health Care Directive: This guides your health care when you are mentally incapacitated to do it yourself. You can appoint a medical person who will make your medical decisions when you are unable to do so. This is one of the most important documents when it comes to special needs estate planning.

  1. HIPAA Authorization: This gives the people you list in the document an access to your medical records.

If you are looking for a good estate planner who is well versed with elder laws, then visit www.bromlowlaw.com where you will come to know about Laura L. Bromlow.