Irondale Estate Planning
In Irondale, estate planning refers to the procedure of deciding what should be done with one's assets after their death.
You will frequently 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 egregious 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 reliable Irondale professional experienced in estate planning can make this procedure a great deal easier. They can also help ensure that your estate plan does not end up in court.
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Common Features of Irondale 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 lays out instructions for your medical care, should you become so sick or badly hurt that you are unable to express your wishes. It should state under what cases you want to remain on life support. A well-drafted living will can prevent you from being kept alive in a permanent vegetative state (if that is not what you want), while guaranteeing that you receive medical care as long as you have a chance at recovery.
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 particular wishes regarding 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 Irondale Estates Lawyer?
A poorly drafted or executed Irondale estate plan can have major negative consequences. For instance, 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 advice of an efficient estate planning attorney can be invaluable.