In St. Pete Beach, estate planning refers to the process of deciding what should be done with one's assets after their death.
The problems that estate planning raises are sometimes very confusing. Without competent legal and financial advice, many problems can pop up, which can easily throw your entire plan into disarray, and cost your survivors a great deal of time, energy, and money.
While planning your estate, there are a few prevalent issues that most people should consider. One big one is the decision relating to power of attorney, which is an arrangement where you give one person the power to make legally-binding decisions on your behalf. You can set up an agreement telling your representative precisely what power they have, what you want them to do, and when the power will vest (typically, if and when you become unable to make your own decisions).
A knowledgeable St. Pete Beach 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 St. Pete Beach Estates
Will: A will is often the central component of an estate plan. It is a legal document which says what is to be done with a person's assets after they die. It typically involves giving money and property to the testator's close family members, friends, and sometimes charitable organizations.
Living Will: Living wills are also very crucial for most people. Basically, 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 normally 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, while important, is not to be used lightly. This is because it involves granting someone else the power to make legally-binding decisions on your behalf. Typically, your spouse will automatically have power of attorney if you become incapacitated. If you are not married, however, you need to make a document explicitly granting that authority to someone you trust (a life partner or close family member, for instance).
Funeral Arrangements: Some people, for religious and other reasons, have very specific wishes concerning 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 crucial 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 frequently weeks after a person dies until their will is read.
Do I Need a St. Pete Beach Estates Lawyer?
A knowledgeable estate planning professional in St. Pete Beach can be invaluable, and you will probably find their services to be well worth the price. They can make the whole process a great deal easier, and they can also help to minimize the chances that your estate plan will be disputed, saving your survivors a great deal of time, money, and energy.