In Kenai, estate planning refers to the process of deciding what should be done with one's assets after their death.
You will typically need to seek the help of a professional with legal and/or financial expertise when in the process of estate planning. Simple mistakes in an estate plan can cause severe problems, including legal and personal conflicts between your survivors.
While planning your estate, there are a few prevalent issues that most people should consider. One big one is the decision relating to power of attorney, which is an arrangement where you give one person the power to make legally-binding decisions on your behalf. You can set up an agreement telling your representative precisely what power they have, what you want them to do, and when the power will vest (typically, if and when you become unable to make your own decisions).
A knowledgeable estate planner in Kenai, can make this process much easier, minimizing the chances that your estate plan will end up in court, saving your survivors a huge amount of time and money.
Common Features of Kenai Estates
Will: This is typically a major component in any estate plan. A will is a document in which a person lays out what they want done with their property after their death. These gifts typically have the effect of transferring legal ownership of the property to the named beneficiary.
Living Will: This is a document which articulates your wishes concerning your medical care, to give instructions to your family and doctors in the event that you become incapacitated. While directly consulting it will hopefully never be necessary, one never knows - unexpected illnesses and injuries can happen to anyone, at any time. While making a living will might require a person to acknowledge the existence of some unpleasant possibilities, it can end up saving their loved ones a great deal of grief and uncertainty.
Power of Attorney: Power of attorney, while important, is not to be used lightly. This is because it involves granting someone else the power to make legally-binding decisions on your behalf. Typically, your spouse will automatically have power of attorney if you become incapacitated. If you are not married, however, you need to make a document explicitly granting that authority to someone you trust (a life partner or close family member, for instance).
Funeral Arrangements: Whatever your preference on this matter (if you have a preference) you should make it known to your family both verbally and in writing. If you have very specific wishes concerning the final disposition of your mortal remains, you should not put those instructions in your will. Or, if you do, you should also put them somewhere else. Wills are normally not read for quite some time after a person dies, and the funeral is typically long over by then, so it will be too late to follow your instructions.
Do I Need a Kenai Estates Lawyer?
A poorly drafted or executed Kenai estate plan can have major negative consequences. For example, it might be confusing to the people who are most directly affected by it. This confusion can frequently lead to costly litigation. For that reason, the help of an efficient estate planning attorney can be invaluable.