HCR Wealth Advisors With Valuable Tips on Estate PlanningJuly 9, 2019 - Author: steph - No Comments
Estate planning is a necessary precaution to ensure your assets are managed and distributed in compliance with your wishes at the time of your death or incapacitation. Estate planning is necessary, but it is not easy. Planning for your death or incapacitation brings you face-to-face with your own mortality, and this is a difficult thing to consider.
However, according to HCR Wealth Advisors, estate planning can be seen as an opportunity rather than a chore. It is an opportunity to organize your finances and make certain that your family is protected. HCR Wealth Advisors is a registered investment advisory firm that serves high net worth individuals and establishes client relationships through education, trust, and service. HCR Wealth Advisors educates their clients on investment opportunities and helps them develop strategies to reach their financial goals.
According to HCR Wealth Advisors, estate planning begins with four basic documents. These documents include a will, durable power of attorney for finances, advanced health care directive, and durable power of attorney for health care. An estate planning attorney can assist you with the drafting of these documents and help you better understand the best way to accomplish your goals.
A will is a legal document that indicates who will inherit your assets and become your children’s guardian. It is necessary to have a personal representative to carry out your will and that person should be someone your trust.
A durable power of attorney for finances is a document that grants someone the authority to make financial decisions for you in case you become incapacitated. This document allows you to decide how much authority you wish to grant, and the person you grant authority to has to avoid any conflict of interest and must act in your best interest.
An advanced health care directive is a document that indicates the amount of life support you wish to receive. It also indicates your pain management and organ donation preferences. A durable power of attorney for health care is a document that gives an individual the authority to make decisions concerning your health care.
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