If we have learned anything from this pandemic, it is that everything is easier to handle if we are prepared, whether it is by stocking food and essential items, or maintaining healthy habits. Estate planning is precisely that; being prepared for the unexpected and the worst possible case—disability or death.
Estate Planning is planning what will be done with your “assets” in case of incapacity or death. “Assets” are things like the money in your bank, your house, your jewelry, your cars, etc. You decide who will be your heir and at what age they will receive the property they inherit.
Part of estate planning is also preparing legal documents, such as powers of attorney, that are necessary for family members to access your assets. This is done in case you are disabled and need someone to make medical decisions for you (according to your wishes).
Estate planning includes naming who will be your children’s guardians, if you and your spouse can’t due to deportation, death, or incapacity. It also dictates what to do with your business (whether to sell it, dissolve it, or inherit it), and whether you want to be cremated or buried.
A man who is prepared has his battle half fought.
-Miguel de Cervantes
What Does an Estate Plan Include?
- A Trust
- Medical Power of Attorney
- Asset Power of Attorney
- Pour-over Will
- Appointment of Guardians for Minors
- Appointment of Trustees and Heirs
- Disability and Life Insurance
Any other provisions you would like to make for your children, grandchildren charities, friends, etc.