In Homer, Alaska, "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.
The drafting of a will, which simply states what you wish to be done with your property after death, is usually one of the most necessary parts of an estate plan. Of course, it's rarely the only one. There are many other things you might want to include, depending on your objectives.
Besides a will, a quality estate plan will contain a living will, which gives your doctors and relatives directions regarding your healthcare in the event that you become incapacitated, funeral arrangements, and instructions on organ donations.
Perhaps most notably, your estate plan should make arrangements for the care and custody of your minor children, if you have any. Of course, you should discuss this matter with the person you intend to take custody of the children beforehand, to ensure that they are able and willing to provide proper care.
What Type of Estate Plan Do I Need in Homer, Alaska?
Obviously, the answer to this depends on many factors, as well as your goals and preferences. But, most people, when deciding what type of estate plan they need, consider their health, age, and wealth.
If you are young and unmarried, estate planning likely doesn't need to be on your radar, unless you are very ill, independently wealthy, or perhaps if you work in a very hazardous job, such as the military.
Individuals who are, for various possible reasons, unwilling or unable to get married, but are in committed, lifelong relationships, are perhaps most in need of a good Homer, Alaska estate plan. Because couples who aren't married don't automatically get any of the legal rights (such as hospital visitation, inheritance rights, and power of attorney) that come with marriage, they have to secure these rights through other means, such as wills and power of attorney agreements.
Other groups for whom estate planning is very necessary in Homer, Alaska are people who are elderly and/or have a lot of assets. This may be the time in one's life where estate planning is most necessary. While it's true that the process of making an estate plan requires a person to deal directly with the reality of their own mortality, it is very important if you value the security that comes with the knowledge that your family will be provided for.
Do I Need a Homer, Alaska Estate Planning Attorney?
In Homer, Alaska, estate planning is rarely simple, even if it's not the most perplexing thing in the world. Given the importance of what's at stake (the financial security of your loved ones), a good estate plan is essential, as is the help of an attorney who specializes in wills, trusts, and estates law.