In Conway, 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.
In addition to deciding what to do with your assets after your death, your estate plan should also include things that might become relevant during life. Power of attorney is a big one. Power of attorney is an arrangement in which you give another person the ability to make decisions for you, if you become incapacitated. Furthermore, effective estate planning can help reduce the effect of taxes and court fees on your final disposition to your chosen beneficiaries.
If you want to maximize the odds that your wishes will be followed after your death, you should do everything you can to make them legally binding. While this is not always possible, a Conway attorney will be able to make sure that, where it is allowed, it is done.
Common Features of Conway Estates
Will: This is a legal document which transfers ownership of the testator's (the person making the will) property to named beneficiaries after the testator's death. The beneficiaries can be just about anyone the testator chooses, but smaller estates, usually only include family members, and maybe very close friends. If you want, you can place conditions on gifts (say, leaving a certain amount of money to your son, but only if he graduates college before he turns 25 - this is just an example). However, a will can't actually compel anyone to do anything, and some conditional gifts won't be enforced, usually because they involve an illegal act, or require a person to marry or refrain from marrying a certain person.
Living Will: Unlike ordinary wills, a living will contains instructions concerning a person's medical care. Some recent high-profile controversies have illustrated the importance of making a living will, even for younger people. In a living will, you can give your family members and doctors instructions about your desired medical care, in case you become incapacitated (comatose or brain-dead, for example) and can't tell them yourself. Some people say that they would not want to be kept alive by artificial means if they are in a vegetative state, and there's no chance of recovery. If this is you, that's definitely something to include in a living will. Of course, if you would prefer the opposite, being kept alive as long as is medically allowed, you can put that in your living will, as well.
Power of Attorney: Power of attorney is the power to make binding decisions for another person, when that person becomes unable to make or express their own decisions. You can grant power of attorney to anyone you want, but, for obvious reasons, you should only grant it to somebody you trust, and discuss your exact wishes with them, in case they actually have to make a decision for you.
Funeral Arrangements: If you have any strong preferences regarding the disposition of your physical remains, you should make them known to your family early, and should not include funeral instructions in your will. Wills are commonly read weeks after the testator dies, so in most cases, it will be too late by then.
Do I Need a Conway Estates Lawyer?
A poorly drafted or executed Conway 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 commonly lead to costly litigation. For that reason, the help of an accomplished estate planning attorney can be invaluable.