Many people in Newport Beach have a limited understanding of what estate planning is all about. Of course, an important component of it is to determine how your affairs will be handled after your death, but there’s a lot more to it than that. Younger people should also consider “estate planning” in terms of what will happen to them and their assets in the event that they should somehow become incapacitated.
Should you become somehow incapacitated, say due to an accident or illness, your estate planning attorney can help ensure that your wishes are clearly known. That means that even if you are unable to communicate with doctors, lawyers, or other parties, you can still have a say in what takes place.
For example, how do you feel about life support? Some people are all in favor of extending life by any means are available, while others prefer not to take any extraordinary measures. This is a hot topic in estate planning, and by working with an attorney in advance, your views on the subject will be known.
In this case, an Advance Health Care Directive is incredibly important. You can use this tool to create your own health care directives to develop a plan that meets your wishes. You will likely also want to put some considerable thought into who you would like to have power of attorney, not just over your medical needs, but also over your finances. This person will be able to take care of bills, provide for family members or pets, and otherwise keep your finances in order when you are unable to do so. A trusted estate planning attorney can help you determine who would be a good fit for this role.
While these issues certainly apply to the elderly, they are also relevant to younger adults. In some cases, the need for estate planning can be even more important, as it is more likely that there will be dependent children involved. When that happens, having guardianships and even certain trusts set up in advance can help to protect the children and ensure that their needs are being met.
A Newport Beach estate planning attorney can help individuals at all stages of life to identify and prepare for a variety of situations, whether that includes long-term medical care, providing for your children’s future, or choosing a trustworthy individual to take care of your financial obligations when you are incapacitated.