Be Prepared
Who is the right person to manage your affairs if you become unable to care for yourself or manage your finances ?
Closely Held Business If you own a business , your estate plan is not complete until you have completed a business transition plan in case of divorce , death , disability , business disagreement or departures of key employees . The value of your business and your estate can be diminished if you fail to plan for a business exit . Life or disability insurance should be considered in your plan .
Health Care Agents and Attorneys-in-Fact Who is the right person to manage your affairs during your life if you become unable to care for yourself or manage your finances ? The person making medical decisions for you may not be the best person to manage your finances or business affairs . Selecting the best person for each role is important . Making sure they can work together is also important as the person caring for you may need to ask for money from the person managing your finances . Identifying someone in your dayto-day life could make the transition easier . If you do not have someone like that , a private fiduciary be a great resource .
End of Life Care Your health care agent may be faced with making end-of-life decisions for you and your living will or health care power of attorney will guide them and give them authority to act on your behalf . Consider what life sustaining procedures and end-of-life care you would like and communicate them to your health care agent . If you ’ re diagnosed with a terminal illness , the California End of Life Option Act went into effect on June 9 , 2016 . This law allows terminally ill adults to have more options on end-of-life matters .
Minor Children If you have children under the age of 18 you must name a legal guardian for them . Additional consideration and conversations with the surviving parent should take place when you ’ re divorced and have legal joint custody . Aligning your estate plans with your coparent for your children ’ s guardian can avoid having your child end up in the hands of the court and potentially in a stranger ’ s home . In each case , the parent should consider whether the surviving parent or guardian can sustain the child or children and if they can or should leave funds for the children ’ s needs . In the case of divorced individuals , documents can reference custody terms and have a plan B if the coparent is not able to care for the minor . Often the best caregiver for your children is not necessarily the most appropriate person to handle