Stuck at Home? Review Your Estate Plan
The coronavirus and the resulting stay at home order has given us all time to review many important documents, including estate plans.
That's why Ben Sowards and his staff at sowards law firm want to offer some guidance.
first up for review should be your advanced health care directive. The AHCD states who can legally make healthcare decisions for you, if you are incapacitated. Without this document, you can't make decisions- not even for a spouse, an adult child. Or an aging parent.
A will states who receives your assets when you die- but you should know almost all wills go through the long, public and expensive probate process. You can avoid this with a trust.
A trust also states who will get your assets when you die- but if done properly, it avoids probate. It can specify *when assets are received by beneficiaries and any conditions you might want to impose, especially if it involves large sums of money. You can also protect the inheritance from creditors or divorce court.
A durable power of attorney. Is a person is authorized to make financial and legal decisions for your if you can not. That includes paying your bills, filing your taxes, dealing with social security and your insurance , just to name a few.
If you are in the san jose area, and need help creating or updating any of these documents. Call sowards law or visit sowardslawfirm.com