In Dyersville, Iowa, "estate planning" refers to the process by which a person makes arrangements related to their property after their death. It can (and should) also include personal issues that might come up immediately before and after a person's death.
The creation of a will (the document laying out what is to be done with your property after your death) is an essential element of an estate plan, but it is typically not the only element. There are many other necessary things that most estate plans should include.
A clear estate plan will also contain instructions to your doctors about your preferences for end of life care, in case you become unable to express them. This is identified as a "living will." It should also include instructions about funeral arrangements and organ donation.
For anyone who has children who are still minors, it is very essential to make arrangements for their custody and care, just in case the unthinkable occurs. You should think of a family member or extremely close friend who you know would be willing and able to take care of your children, and designate them as the person who would take custody. Of course, it's necessary to discuss this matter with that person before you truly do it.
What Type of Estate Plan Do I Need in Dyersville, Iowa?
The answer to this question varies largely on your goals and priorities, as well as your age, health, and the amount of assets you have.
If you are in good health, young, and not married, planning an estate is likely not a high priority. And at this time in your life, it doesn't really have to be, with a few possible exceptions, such as individuals who work in very hazardous jobs, or who are very wealthy.
There is one group of unmarried people for whom estate planning in Dyersville, Iowa is absolutely necessary: adults who are not married, but have a life partner who they'd like to provide for in the event of death. There are many rights that automatically attach with marriage, such as the right to inherit if a spouse dies without a will, the right to make medical decisions for the other spouse if they become incapacitated, etc. If you and your partner are, for whatever reason, unable or unwilling to get married, you will have to take various steps to secure these rights, such as authorizing power of attorney, and writing them into your will.
Individuals who are elderly and/or have a considerable amount of money in Dyersville, Iowa are probably more in need of an estate plan than almost anyone else. Most people place a lot of value in the peace of mind that comes when they know that the people they love, or the causes they care about, will be taken care of after their death. Of course, nobody likes to confront the facts that this process always includes, but it's crucial.
Do I Need a Dyersville, Iowa Estate Planning Attorney?
In Dyersville, Iowa, estate planning is rarely simple, even if it's not the most confusing thing in the world. Given the importance of what's at stake (the financial security of your loved ones), a good estate plan is essential, as is the help of an attorney who specializes in wills, trusts, and estates law.