Making sure you have your medical care and physical assets in order can be just as important during your lifetime as it is thereafter. Therefore, you must understand your options.
Living Wills vs. Living Trusts
A living will is written to make sure your wishes are followed should you be unable to make decisions for yourself. If you are seriously injured in an accident or fall terminally ill, a living will gives instructions on the types of treatment you wish or do not wish to receive.
A living trust, on the other hand, is used to designate a specific person who is in charge of managing your assets during your lifetime and ensuring the proper transfer of assets after death.
Updating Your Terms
Throughout your lifetime, you will likely need to make a change or two to your trust. If this is the case, you will need to work with a professional to discuss adjustments. After properly making changes, you will need to have a living trust restatement California to replace your existing trust with the updated terms.
Beneficiaries and Power of Attorneys
Determining the individual(s) that will inherit your funds and property is a decision that is best made by you to ensure your assets go to the right people when the time comes. You can name beneficiaries in wills, trusts, life insurance policies and other financial documents. There is an option to add stipulations to the terms which will ensure the beneficiaries do not receive the assets until a stated time.
A power of attorney document will ensure the designated individuals oversees that your plans are carried out if you are unable to take care of things yourself. These individuals can be in charge of medical directives or financial management while you are living.
There are a lot of legal options to get your affairs in order, so talking to a trusted professional to help you make decisions could be a great place to start.