In San Jose, estate planning refers to the procedure of deciding what should be done with one's assets after their death.
Estate planning frequently requires the advice of a legal and/or financial expert, because the issues involved can be confusing, and are regarded 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 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 qualified estate planner in San Jose can make the procedure of planning your estate go much more smoothly, and maximize the chances of your wishes really being carried out with legal force.
Common Features of San Jose 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: This is a document which lays out instructions for your medical care, should you become so sick or badly harmed that you are unable to express your wishes. It should state under what situations 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: What if you become incapacitated, and can't make your own decisions? It would be nice if somebody knew what you would want in a given situation, and, on top of that, had the legal authority to make that decision for you. Power of attorney lets you do clearly that, granting a person of your choice the ability to make certain decisions for you, in case you, for whatever reason, can't (you can, of course, control the scope of power that you grant).
Funeral Arrangements: Some people, for religious and other reasons, have very particular wishes regarding the disposal of their remains after they die. Some want to be buried. Others, cremated. No matter what your preferences on this matter are, it's critical that you inform your family of them far in advance. These instructions should be included in a document that is likely to be read before your death (such as a living will), or very shortly thereafter. This excludes a will, because it's commonly weeks after a person dies until their will is read.
Do I Need a San Jose Estates Lawyer?
A seasoned estates lawyer in San Jose can make the estate planning process much easier. He or she can maximize the chances of your wishes being given effect. Additionally, a good and clear estate plan is far less likely to result in litigation in the future, since disputes of this nature are almost always the result of ambiguity.