Council on Aging - Answers 2022 - 54

COUNCIL ON AGING - SOUTHERN CALIFORNIA
What is an Estate Plan?
n By Daniel R. York
An estate plan is a collection of your written
instructions for managing your belongings and
managing your care while you are alive. At your
death, your documents instruct how to manage
your assets and distribute to those loved ones
who remain. Your estate plan may also provide
instructions for your funeral and final interment
or burial. Your personal plan is just as important
during your life as after your death. Your loved ones
will rely on these instructions if you become too
ill to communicate or to manage your resources.
They provide instructions for the care of you, your
spouse, and perhaps others that are dependent on
you including pets.
This collection of papers is like a toolkit. Not
everyone needs a trust. Your needs may require
some but not all of the following. Ask an attorney
if a trust is right for you.
n Living trust
n Power of attorney for finances
n Advance health care directive
n Will
n Life insurance policies
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n Annuities
n Retirement plan documents such as: IRA, 401k, 403b
What if I don't have an estate plan?
Without properly written documents, your
incapacity or death can result in lack of authority to
manage your affairs. Without estate plan authority,
your family may be forced to rely on the probate
court for authority to manage your funds and
designate a conservator (manager) while you are
alive. After your death, the court may be required
to oversee the final payment of your bills and
distribution of what funds remain according to state
rules rather than your written wishes. Lack of estate
planning creates uncertainty, stress, delay, and
increased costs for families.
Once I have an estate plan, when is it time
to update it?
Given all the potential areas that can change,
you may wonder when it's time for a checkup. Use
the steps below to help you decide if you need to
update your plan.
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FINANCE & LEGAL

Council on Aging - Answers 2022

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