HCR Wealth Advisors: What is Needed To Create an Estate Plan
According to HCR Wealth Advisors, estate planning should be viewed as an opportunity since it enables one to organize and gather all of their finances in order to prevent their estate from going through probate. If one wants to start this process, then it is advisable that they look for an estate planning lawyer to come up with the required documents that will help them attain their wishes as well as goals.
Developing an estate plan is simply organizing how one wants their liabilities and assets to be treated, preserved, distributed, and managed if they die or become incapacitated. It is an essential process, which should be done earlier so that one can ensure that their loved ones are protected in the way that they would want, and their assets are being treated properly.
To create an estate plan, one needs a number of documents, including a will, an advanced health care directive, durable power of attorney for finances as well as durable power of attorney for health care. The durable power of attorney for finances gives a spouse (or another individual of one’s choice) the power over finances when one is incapacitated. On the other hand, while the durable power of attorney for health care gives someone authority over medical care if one is unable to do so.
Advanced health care directive (living will) is usually coupled with the durable power of attorney for health care. This enabled one’s advanced health care directive to choose the type of life-sustaining support or medical care (including dialysis, CPR, or tube feeding) per one’s wishes. As for a will, one can use it to clearly illustrate how their assets should be distributed among their heirs in case they pass on.
About HCR Wealth Advisors
HCR Wealth Advisors is headquartered in Los Angeles, and the firm deals with investment management and financial planning. The firm was established by Greg Heller back in 1988.
This article is provided for informational purposes only and should not be interpreted as investment advice. HCR Wealth Advisors is not affiliated with this site.