Estate planning is the process of planning for your untimely death. This process allows an individual to choose who will take control of all belongings when they pass away. Also, it allows the owner to divide property, possessions, and money among those they love. Estate planning in Washington DC is a necessary, albeit slightly morbid, part of planning for your future. Those who pass away without proper estate planning services leave the entire mess to their remaining family members.
There is much more to estate planning than just setting up trusts and drawing up a will. Proper estate planning in Washington, DC will encompass asset transfer, power of attorney, and plans if permanent disability occurs.
There are 6 essentials of estate planning that everyone should follow:
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Drafting a will and trusts: this will outline who gets what and where the money goes. The proper lawyer is needed to close up loopholes that are created by incorrectly wording these documents.
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Power of attorney: This individual will act on your behalf in the case of permanent disability.
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Beneficiaries: You can bequeath your possessions and money to different people or institutions. You also have to set up a beneficiary for all of your retirement accounts and insurance plans.
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Letter of intent: This individual will also be in charge of dividing up your estate in-line with your wishes. These letters may also contain the details for your funeral and other requests.
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Medical power of attorney: These individuals will make all of your health care decisions in the case that you becoming permanently disabled or in a vegetative state.
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Guardianship: Appointing a guardian to your children should never be overlooked. These individuals will be trusted with raiding your children after your untimely death.
JDKatz can help you and your family members draft up all aspects of your estate planning. Our experienced and professional attorneys will not let any detail fall through the cracks.
