09. February 2023

What should be added in an estate planning?

If you are on the fence about creating wills and estate planning in Kelowna, you are at the right place. In the following section, we will talk about everything that you need to add to your estate plan. Once you have the right knowledge of things, you will be able to talk to your estate lawyer in Kelowna in a better way.

Why do you want to create an estate plan? The answer is simple – you want to leave your inheritances for your loved ones and you want to ensure that your loved ones are cared for in the aftermath of your death. No one knows the future and to cater to future requirements means to be prepared for whatever encounters us. Taking this important step of will and estate planning in Kelowna will spare your family from avoidable financial stress during this difficult time. Let us check more about creating an estate plan here.

How do you create an estate plan?

When it comes to estate planning, everyone has different requirements and so each plan our estate lawyer in Kelowna creates is subjective to each client. In general, the following items should be included in your estate plan:

* A will is an important element of your estate plan. In addition to determining what will happen to your assets and property, you can add the names of any guardian or minor children, and also include funeral provisions.

* Will is an essential document in your estate planning but it will still not keep out of probate. So, a living trust will help you avoid the time-consuming and expensive legal process. Unlike a will, you can also choose the time to divide the property among your heirs. The information is useful in case your loved ones are trying to mishandle the finances after your demise.

* Will and estate planning in Kelowna is not only about ensuring that all your financial and estate affairs are in order but it is also about including a durable power of attorney. By choosing an attorney for yourself, you will know that your financial decisions will be taken in case you become incapacitated and cannot make decisions on your own.

* Along with the durable power of attorney, you can also consider creating a health care power of attorney. The person you are assigning this role will make all the decisions related to your health care when you cannot take these decisions yourself.

The above-mentioned points will help you create your own power of attorney and ensure that you have a safe future. You must go for will and estate planning in Kelowna while you are still young and sane. For more information, you can reach out to us.

Jimmy Walid is the author of this website and writes articles for a long time. To know more about Wills and Estate Planning Kelowna and Estate Lawyer Kelowna please visit the website.

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Jimmy Walid