In Lompoc, estate planning refers to the process of deciding what should be done with one's assets after their death.
Estate planning often requires the advice of a legal and/or financial expert, because the issues involved can be difficult, and are considered by most to be extremely important. A flawed estate plan might create conflict between your survivors, resulting in your intentions not being given effect.
In the process of estate planning, you'll probably also deal with issues that can affect you during life. These include issues like power of attorney (to ensure that your wishes are carried out even if you're unable to express them), as well as instructions to your doctors and family concerning medical care. A brilliant estate planner can also help you achieve your goals, while minimizing the effects of expenses like court fees and taxes.
A brilliant Lompoc professional experienced in estate planning can make this process a great deal easier. They can also help ensure that your estate plan does not end up in court.
Common Features of Lompoc Estates
Will: This is normally 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 normally have the effect of transferring legal ownership of the property to the named beneficiary.
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 possible, you can put that in your living will, as well.
Power of Attorney: This is an arrangement in which you give someone else, normally a trusted family member, the right to make financial and medical decisions on your behalf, in case you become unable to make or express your own decisions.
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 Lompoc Estates Lawyer?
A poorly drafted or executed Lompoc 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 assistance of an accomplished estate planning attorney can be invaluable.