In Cottonwood, 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.
Estate planning can have various positive effects on the planner during life, as well. These benefits are usually somewhat intangible, revolving around the peace of mind that comes with knowing that, after your death, you family will be taken care of and that they'll know what your last wishes are. Nonetheless, most people find this very valuable. To that end, you should come up with a power-of-attorney agreement. When you grant someone power of attorney, you have given them the power to make certain decisions on your behalf. You can grant them as much or as little authority as you want. Most individuals, however, give family members or life partners power of attorney with respect to medical care, so if they become incapacitated, their wishes will still be carried out.
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 Cottonwood attorney will be able to make sure that, where it is permitted, it is done.
Common Features of Cottonwood Estates
Will: This is the centerpiece of most estate plans. A will is a document written by a person (the "testator"), usually 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: Living wills are also very critical for most people. Essentially, a living will tells everyone concerned (your next of kin, and your doctor) what type of medical care you want if you become incapacitated. It typically includes the circumstances under which a person wishes to be kept on life support, when they want to be taken off of life support, and, sometimes, instructions on when medical staff should and should not attempt resuscitation.
Power of Attorney: Power of attorney allows you to grant someone else (usually a trusted family member or friend) the power to make certain decisions in your place, with the same legal effect as if you had made them yourself, in the event that you become unable to do so (usually due to mental or physical incapacity). If you decide to give someone power of attorney, you should make your wishes known to them in advance, so they are more likely to make the same decisions that you would make, if you were able to. And, of course, you should exclusively give this authority to someone with whom you would trust your life because that is, in some cases, just what you're doing.
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 typically not read for quite some time after a person dies, and the funeral is usually long over by then, so it will be too late to follow your instructions.
Do I Need a Cottonwood Estates Lawyer?
A flawed estate plan in Cottonwood can result in those affected by it being confused as to your intent, which can then lead to disputes between them. A reputable attorney can often avoid this confusion by ensuring that there is as little ambiguity as possible in your will and other related documents.