Estate planning attorney Robert H Brumfield has asserted how COVID-19 is the most significant estate planning wake-up call of modern times. —
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The founder of the Law Offices of Robert H. Brumfield, P.C., in Bakersfield, CA, elaborated in an interview: “The COVID-19 pandemic has reminded us how unpredictable life can be and how not everything is in our control. But, through estate planning, we can control how financial and medical decisions will be made once we cannot make them.”
Brumfield said setting up a last will and testament as part of an estate plan allows someone to specify how their assets and property will be distributed once they've passed on.
"A will not only allows you to designate who will be the recipients of your property and money, but enable you to assign a guardian to look after your children or any other dependents if you cannot do so, and someone to be responsible for their finances," he said.
Brumfield asserted that a will might be insufficient for many as it only comes into effect after someone dies. One step many fail to consider is naming agents to act as powers of attorney in making medical and financial decisions.
"An advance directive - also referred to as a living will or medical power of attorney - is important in specifying the type of care you want at the end of your life. For instance, if you have a terminal illness or are in a coma, this type of will can specify whether or not you want to be placed on life support," he said.
"A durable Power of Attorney is mandatory if you cannot speak for yourself. This document allows the person you choose to make sure your property and financial aspects will be taken care of when you are unable."
Establishing a revocable living trust is another vital aspect of estate planning. "When you set up a revocable living trust," he explained, "You can transfer all your property and money into a trust and designate yourself as the trustee. A trust allows you to continue managing your assets.
"But if you are unable to do so due to illness, a co-trustee or successor trustee that you have previously assigned can manage the trust on your behalf."
He added that taking steps to place property into a trust will bypass the probate process, which can be expensive, stressful, and time-consuming for family after a loved one has passed away.
Name: Robert H Brumfield
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Organization: Law Offices of Robert H. Brumfield, P.C.
Address: 1810 Westwind Drive, Suite 100, Bakersfield, CA 93301
Phone: (661) 416-3735
Source URL: http://RecommendedExperts.biz
Release ID: 89065286