In North Liberty, 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 encompass 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 essential things that most estate plans should include.
Besides a will, a quality estate plan will include a living will, which gives your doctors and relatives instructions concerning your healthcare in the event that you become incapacitated, funeral arrangements, and instructions on organ donations.
Perhaps most importantly, your estate plan should make arrangements for the care and custody of your minor children, if you have any. Of course, you should discuss this matter with the person you intend to take custody of the children beforehand, to ensure that they are able and willing to provide proper care.
What Type of Estate Plan Do I Need in North Liberty, Iowa?
The answer to this question depends on your individual needs, your priorities, your health, and the size and nature of your estate.
For instance, if you're unmarried, and in your early 20's, estate planning is probably not the most essential thing in your life. However, if you're seriously ill, and/or unusually wealthy, estate planning might be a priority for you.
If you're not married in North Liberty, Iowa, but have a life partner, estate planning is imperative. If you want your partner to be treated as your spouse, your estate plan should make arrangements to give him or her power of attorney in the event that you become incapacitated. Additionally, your will should clearly name your partner as a beneficiary, if you want them to inherit any of your assets.
There is another considerable group of people who would benefit from having a good North Liberty, Iowa estate plan: the elderly and those with a lot of money really need to consider making a comprehensive estate plan as soon as possible. While this necessarily includes facing some uncomfortable realities, it is essential and unavoidable.
Do I Need a North Liberty, Iowa Estate Planning Attorney?
Because estate planning can be an intricate process, the expertise of a good lawyer in North Liberty, Iowa who specializes in wills, trusts, and estates can make the process a great deal easier.