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Matthew Mullhofer is a
California-based attorney who likes to remind his clients that while
much can be said about the importance of a fully organized estate
plan, a good way to begin is by compiling a simple, condensed
checklist. Here are a few suggestions that may help you begin to
make your way towards a more comprehensive discussion with an
attorney.
To begin with, every estate should
complete the following steps.
Draw Up a Will:
A will is a legal document that spells
out who will inherit your estate; it lays out your wishes and
specific directives as to how your property and assets should be
distributed after your death. Any adult, no matter their age, should
put together a will. Matthew Mullhofer says that there is no “right
age” to formally put down in writing the expression of your wishes
concerning how your property should be dispersed. A will is a
written statement that is signed and witnessed in compliance with
your state guidelines. It lists the names of your beneficiaries and
details of your possessions as of the time you created the will.
Matthew Mullhofer reminds clients that possessions and property
included in a will should be inclusive of everything you own –land,
home, vehicles, investments, bank accounts, benefits of insurance
policies, furniture, boat, shares of stock, jewelry, artwork, and so
on. This is really the only way to guarantee that your assets will
be distributed exactly as you desire.
Have an Attorney Craft a Letter of
instruction:
A letter of instruction is document
created by Matthew Mullhofer or your local attorney that addresses
financial and personal issues that must be attended to at the time
of your death. A letter of instruction is usually not as formal as a
will and the language employed can be much more direct.
One of the most important features of a
letter of instruction, reflects Matthew Mullhofer,
is that in a letter of instruction it is
possible to lay out specific personal preferences regarding medical
or funeral care as well as specifics about the care of personal
assets that other legal documents may not contain. Letters of
instruction can be used for many different things, but one of their
most helpful functions is to walk the person who must settle your
estate through that potentially difficult process step by step in
easy-to-understand language.
Remember to Put an Advance Directive in Place:
While this document may be referred to
by various names, the purpose of an advance directive is
straightforward, Matthew Mullhofer explains. Advance directives are
documents that cover important issues such as health care
directives, living wills, health care (medical) powers of attorney,
and other personalized statements. It allows you to lay out and
define your wish to be kept alive (or not) by extraordinary medical
efforts. Matthew Mullhofer has utilized this type of document for
many of his estate planning clients. Crafting an advance directive
is particularly important if you suffer from a terminal illness or
if you should become severely disabled and lose the ability to make
decisions for yourself. This document eliminates potential distress
that your loved ones might otherwise undergo.
Decide on Who Should Have Your
Power Of Attorney:
Having a Power of Attorney in place is
a core need for every estate. It designates who would have the legal
authority to act on your behalf. When you create this document, you
are acting as the principal and the person you designate as having
power of attorney is your attorney in fact. Professionals like
Matthew Mullhofer often serve as an attorney in fact for their
clients. It is important to note that when you create a
durable power
of attorney, that document will continue to be in effect
even if you become
incapacitated.
There are many details involved in
drafting each one of these legal documents. As you review your
current situation in preparation for meeting with an attorney or
estate planning professional, this overview may help. Matthew
Mullhofer believes that being adequately prepared for such an
important discussion is half of the process. |
