Estate Planning In Newark, Delaware
In Newark, Delaware, "estate planning" refers to the process by which a person makes arrangements related to their property after their death. It can (and should) also include personal issues that might come up immediately before and after a person's death.
Generally, the first thing a person thinks about when they think about estate planning is a will. A will dictates what occurs to a person's property after they die. In general, you can leave your property to whomever you want, and attach almost any condition to such gifts. In the vast majority of estate plans, a will is the central component. It is rarely the only one, however.
A clear estate plan will also contain instructions to your doctors about your preferences for end of life care, in case you become unable to express them. This is known as a "living will." It should also include instructions about funeral arrangements and organ donation.
Crucially, your plan should make arrangements for the care and custody of your children, if they are minors. Nonetheless you should initially discuss this matter with the person who you intend to take custody of your children in case something happens to you, to make sure they are willing and able to do so.
What Type of Estate Plan Do I Need in Newark, Delaware?
The answer to this question varies largely on your goals and priorities, as well as your age, health, and the amount of assets you have.
If you are in good health, young, and not married, planning an estate is likely not a high priority. And at this time in your life, it doesn't really have to be, with a few possible exceptions, such as individuals who work in very hazardous jobs, or who are very wealthy.
There is one group of unmarried people for whom estate planning in Newark, Delaware is absolutely crucial: adults who are not married, but have a life partner who they'd like to provide for in the event of death. There are many rights that automatically attach with marriage, such as the right to inherit if a spouse dies without a will, the right to make medical decisions for the other spouse if they become incapacitated, etc. If you and your partner are, for whatever reason, unable or unwilling to get married, you will have to take several steps to secure these rights, such as authorizing power of attorney, and writing them into your will.
Individuals who are elderly and/or have a large amount of money in Newark, Delaware are probably more in need of an estate plan than almost anyone else. Most people place a lot of value in the peace of mind that comes when they know that the people they love, or the causes they care about, will be taken care of after their death. Of course, nobody likes to confront the facts that this process always involves, but it's crucial.
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Do I Need a Newark, Delaware Estate Planning Attorney?
Estate planning in Newark, Delaware is not always convoluted, but it certainly can be. In moderately-sized to large estates, with a significant number of potential beneficiaries, it is crucial to have the assistance of an estate planning professional.
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Life in NewarkNewark, Delaware is a city in New Castle County, and is located just miles away from Wilmington, the largest city in Delaware. As of a 2006 estimate by the Census Bureau, Newark has a population of just over 30,000 people.
Newark was founded by Scots-Irish and Welsh settlers in the late 1600s. However, the town was not officially chartered until 1758, when King George II issued a charter.
Throughout its history, Newark, Delaware has been a center for education, and educational institutions have played an important role in its development over the last few hundred years.
A grammar school was established in the town in 1765, as the Newark Academy. 3 signers of the Declaration of Independence were among the school's first graduates. Newark is also home to the University of Delaware, which was founded in 1833 as Newark College. Today, the University of Delaware is well regarded for many of its programs, particularly in the life sciences.
Newark, Delaware attorneys have to be ready to handle a wide variety of cases, given the unique demographics of the college town. Newark, Delaware has a large number of college students, as well as affluent families. The legal issues that these two groups are likely to face are very different from one another. Accordingly, Newark, Delaware lawyers have to be very well-rounded, making it very likely that they can handle just about any legal issue you might face.