In Oskaloosa, estate planning refers to the process of deciding what should be done with one's assets after their death.
If you want to start the process of planning your estate, you've made a good choice, especially if you care about what happens to your survivors after you're gone. You should be careful, however, and make sure you have the help of a legal and financial expert every step of the way. This will likely prove very helpful in the long run, avoiding a lot of problems in the future.
While planning your estate, there are a few common 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 exactly what power they have, what you want them to do, and when the power will vest (usually, if and when you become unable to make your own decisions).
A competent estate planner in Oskaloosa can make the process of planning your estate go much more smoothly, and maximize the chances of your wishes actually being carried out with legal force.
Common Features of Oskaloosa 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 usually involves giving money and property to the testator's close family members, friends, and sometimes charitable organizations.
Living Will: A living will contains instructions about your medical care, generally for the purpose of informing your family and doctors of your preferences if you suddenly become incapacitated. A living will is very important if you have any strong preferences in this area. It should be written with the advice of a doctor, so you know the exact medical consequences of your decisions, and a lawyer, so it is virtually guaranteed to be legally binding.
Power of Attorney: Power of attorney allows you to grant someone else (usually a trusted family member or friend) the power to make certain decisions in your place, with the same legal effect as if you had made them yourself, in the event that you become unable to do so (usually due to mental or physical incapacity). If you decide to give someone power of attorney, you should make your wishes known to them in advance, so they are more likely to make the same decisions that you would make, if you were able to. And, of course, you should only give this authority to someone with whom you would trust your life because that is, in some cases, just what you're doing.
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 often read weeks after the testator dies, so in most cases, it will be too late by then.
Do I Need a Oskaloosa Estates Lawyer?
A good estates lawyer in Oskaloosa can make the estate planning process much easier. He or she can maximize the chances of your wishes being given effect. Furthermore, 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.