Many California residents want to protect their assets for future generations and make sure that their end-of-life wishes are known. Fortunately, estate planning can offer several ways to reach these goals. While wills are important documents to include in such plans, there are other aspects of planning to also consider.
One action that could help protect assets is appointing a power of attorney agent. This person would have the ability to carry out important financial decisions on an incapacitated individual’s behalf. Having a trusted person in charge could prevent unnecessary financial losses and prevent falling behind on bills. This agent could also move forward with financial transactions that may have been in the works already, such as real estate deals or similar endeavors.
Checking beneficiaries is also an important aspect of estate planning and asset protection. Many individuals have specific loved ones in mind who they want to receive certain assets. By ensuring that the correct beneficiaries have been named to certain accounts and in the wills, parties may better ensure that their property will not wind up in the wrong hands after their deaths.
There are many facets to estate planning, and while wills play vital roles in these plans, California residents may want to ensure that they consider other planning documents as well. Parties interested in asset protection may find it useful to explore trusts and how to appoint responsible individuals to important roles. Consulting with knowledgeable attorneys could allow those interested to find accurate and applicable answers to their planning questions.