Harrison Estate Planning
In Harrison, estate planning refers to the procedure of deciding what should be done with one's assets after their death.
You will usually 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 significant 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 contain things that might become relevant during life. Power of attorney is a big one. Power of attorney is an arrangement in which you provide 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.
A seasoned Harrison 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 Harrison Estates
Will: This is the centerpiece of most estate plans. A will is a document written by a person (the "testator"), normally with the help of a lawyer, which says what is to be done with their property after they die. Most provisions in a will are legally binding, to the extent that ownership of the property legally passes to the named beneficiary. Nonetheless, a will cannot compel a person to do anything against their wishes (though it can certainly state your preferences on the matter, phrasing them as requests).
Living Will: A living will contains instructions about your medical care, typically for the purpose of informing your family and doctors of your preferences if you suddenly become incapacitated. A living will is extremely critical if you have any strong preferences in this area. It should be written with the advice of a doctor, so you know the particular medical consequences of your decisions, and a lawyer, so it is virtually guaranteed to be legally binding.
Power of Attorney: This is an arrangement in which you give someone else, normally a trusted family member, the permission to make financial and medical decisions on your behalf, in case you become unable to make or express your own decisions.
Funeral Arrangements: What do you want done with your body after you die? Do you want to be cremated? How about buried? Or maybe you want to be cremated, and have your remains shot into space? Whatever your preference, you won't exactly be able to tell anyone when the time comes. Thus, you should make your desires on this matter known well in advance. You also shouldn't make your will the only place where these instructions are included, since it might not be read for weeks after your death, when it will likely be too late.
Do I Need a Harrison Estates Lawyer?
A flawed estate plan in Harrison can result in those affected by it being confused as to your intent, which can then lead to disputes between them. A seasoned attorney can commonly avoid this confusion by ensuring that there is as little ambiguity as possible in your will and other related documents.