Estate Planning Tips from HCR Wealth Advisors

HCR Wealth Advisors is a group dedicated to developing long-standing relationships with their clients as a result of high-quality service. They help their clients understand the risks and benefits associated with investing and wealth management, in order to help to ensure that clients get the best possible outcomes. On average, brokerage firms have a three-year relationship with clients, but at HCR Wealth Advisors, many clients have been with the firm for over a decade. This is a testament to the level of service provided here. HCR Wealth Advisors has been operating successfully for over 25 years, as they have used several smart strategies to adapt to changing and modernizing markets. Recently, they provided valuable advice on estate planning – a key part of wealth management.

Estate planning can be difficult for some, as it involves a direct confrontation with mortality. Estate planning is necessary, however, as without it most of an individual’s assets would become government property following their death. As noted by HCR Wealth Advisors, there are several components that serve as the foundation for an estate plan. A will, power of attorney, and advanced care directives are all parts of this plan. A will is a legally binding statement that denotes how belongings are to be distributed following a death. In addition, a will should name a responsible person to carry out these directives in case of complications or conflict; this is to ensure that assets are distributed accordingly.

HCR Wealth Advisors

Power of attorney for an estate plan refers to both the power of attorney for healthcare as well as power of attorney for finances. These grant decision-making power to a responsible individual in the unfortunate event of incapacitation before death. Thus, if the affected party is unable to dictate their final wishes for monetary or healthcare-related decisions, there is still a responsible party present to dictate what choice is to be made. For all methods of estate planning and wealth management, HCR Wealth Advisors recommends discussing matters with an attorney to ensure that wishes are represented well and in a legally binding manner. If a legal professional is not present, the estate planning documents may not be valid.

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