Estate planning isn’t as common as experts argue it should be, particularly among Black Americans. Here’s why it matters.
the Black community and accelerating that timeline, said Portia Wood, a Los Angeles-based estate attorney who focuses on Black, Latino and LGBTQ families.Getting started"The misconception that age is a factor, that you're supposed to be old to do estate planning, or you're supposed to be wealthy to do estate planning is just wrong," she said.
She suggests finding a culturally competent attorney to help you, one that understands the specific issues Black Americans face.What you'll need outside of a willDurable power of attorney:Health-care power of attorney: This designates someone to handle your medical decisions if you become sick and can't make them for yourself.Also called an advanced directive, a living will is a document that expresses your wishes for medical treatments you would or would not want to use to keep you alive, resuscitation and intubation.A last will and testament spells out who you want to give your assets to after you die. It also allows you to name a guardian for any minor children you may have.
Then there are trusts, which hold assets on behalf of your beneficiaries instead of those assets going directly to them. Diamond recommends them for those with higher asset levels and/or a complicated financial situation.
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