Estate planning steps to consider for the New Year
The start of a New Year is a time for people to make resolutions for the coming year and start new positive habits. Many in California may decide to do things like get healthy in 2019, get more organized or meet certain career goals. It can also be beneficial for a person to consider his or her estate planning needs, whether that is drafting a plan or adjusting existing plans.
Many who do not have an estate plan delay in taking this important step because it is not necessary, when in fact, it can be a smart step for almost everyone. Regardless of age, health, wealth or income level, a basic estate planning step that can benefit everyone is drafting a will. This allows a person to decide what will happen to his or her assets and wealth after death.
Another basic estate planning step is to set up power of attorney and designate a person to be a health care proxy. These two documents allow a person to decide what type of health care he or she may want in the future in case of incapacitation. Other things that may provide strong protections include life insurance policies, plans for disability and more.
Every person has different needs, and as a result, each person will need to take different estate planning steps. A complete evaluation of a reader's individual situation will determine what steps he or she needs for full legal and financial protection. It may also be helpful to discuss questions and concerns with a California estate planning attorney.