While a Last Will and Testament can be simple to create and requires no costs at its inception, the document will need to go through the probate court after the principal dies which can be a tedious process due to the additional costs and extended processing times. Last Will and Testament (‘Will’) – A standard document that allows the principal to indicate the beneficiaries of their estate along with the assets each party will be given following the principal’s death. This process can be accomplished through the execution of one (1) or both of the following documents: Benefits From Social Security, Medicare, Medicaid, or Other Governmental Programs, or Civil or Military Service Īfter the principal’s assets have been itemized and the beneficiaries have been selected, it will be necessary to draft an estate distribution document that outlines how the assets will be handled following the principal’s death. Estate, Trust, and Other Beneficiary Transactions.Banking and Other Financial Institutions.Signing Requirements – The principal’s signature must either be acknowledged before a notary public or witnessed by two (2) or more individuals who meet the qualifications (if witnessed, the individuals must also sign the power of attorney).If the principal becomes incapacitated, the agent may pay the principal’s taxes, manage real estate, conduct business transactions, and otherwise execute the principal’s financial preferences.ĭurable (Financial) Power of Attorney – A legal document used by the principal to appoint their financial agent and designate the financial authority bestowed upon the individual. The financial agent is an individual that acts on behalf of the principal and handles their financial affairs. To ensure that one’s financial interests are cared for during medical emergencies, residents must appoint a financial agent via the completion of a Durable (Financial) Power of Attorney. the “principal”) is encouraged to seek legal counsel to determine whether the documents are well suited for their lifestyle and financial needs. Before completing any paperwork provided in the checklist, the estate owner (a.k.a. The information available in the guide below can be used to adequately prepare an estate before death and ensure that one’s best interests are protected in medical emergencies resulting in incapacity. How to Create an Estate Plan in California (6 steps) For this, individuals can draft a Last Will and Testament or a Revocable Living Trust. Another crucial aspect of estate preparation is the execution of a document that communicates one’s preferences regarding asset distribution. To protect one’s health and financial interests in the event of incapacitation, individuals will need to complete a Medical Power of Attorney (Advanced Health Care Directive) and a Durable (Financial) Power of Attorney. A California estate planning checklist is a set of instructions that can help individuals better prepare their estate for end-of-life scenarios while also ensuring the security of their well-being during medical emergencies.
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