HCR Wealth Advisors Emphasize the Significance of Estate Planning
One of the services that HCR Wealth Advisors offers is estate planning. This is the process of organizing and structuring a person’s assets so that these can be preserved and managed properly during incapacitation or death. The primary goal of estate planning is the distribution of assets to its rightful beneficiaries in the most timely and tax-efficient way in deference to the wishes of the deceased.
Unfortunately, many people do not think of estate planning because no one wants to ponder over and plan for their demise. But death is an inevitable part of life, so it is important to start planning with a reliable company like HCR Wealth Advisors in order to protect your assets and your family’s interests.
HCR Wealth Advisors noted that there are four basic documents that need to be drafted in preparation for estate planning. The first is the will, which is a document that contains your wishes on how you want your assets to be divided to your heirs upon your time of death. If your children are underage, this shall also contain your appointed legal guardian. A personal representative who is in charge of the entire estate shall also be named in this will.
The second document is called a financial power of attorney. This grants a person, usually the spouse, the authority to make the financial decisions on your behalf. This is in case you become permanently incapacitated. HCR Wealth Advisors noted that your attorney-in-fact should be someone that you fully trust to act in your best interest. This person must be able to keep accurate and organize records, be skilled in keeping your property separate from theirs and be adept in avoiding conflicts of interest.
The third document is an advance healthcare directive, also popularly known as the living will. This document states your preferences regarding the management of your medical care in terms of life-support and organ donation. In relation to this is the fourth document called the durable power of attorney for health care, which grants an individual to oversee the execution of your health care directives.
HCR Wealth Advisors once again reminds that this person must be trusted and reliable enough to make tough decisions as they shall be working hand in hand with your doctors in your final moments. HCR Wealth Advisors strongly recommends that you touch base with estate planning experts, including an attorney, so that you can protect yourself, assets, and family by having all the necessary documents at hand should something untoward happens. Creating an estate plan is a smart decision because failure to plan is a costly decision and the burden is usually felt by the family you will leave behind.
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