In Sergeant Bluff, 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.
If you have young children, it is absolutely crucial that you make arrangements for their care, as well as their custody. Obviously, if you want someone specific to take custody of them in the event something happens, you need to discuss the matter with them, to ensure that they are actually able and willing to care for them.
What Type of Estate Plan Do I Need in Sergeant Bluff, Iowa?
Obviously, the answer to this depends on many factors, as well as your goals and preferences. However, most people, when deciding what type of estate plan they need, consider their health, age, and wealth.
Unmarried young adults usually don't think much about estate planning. In most cases, this is fine. Unless you are extremely sick or have an unusually large amount of assets, estate planning is not something to really worry about at this point in your life.
If you have a life partner in Sergeant Bluff, Iowa, but aren't married to him or her, estate planning is necessary. If you want your partner to have most of the same rights and responsibilities as a spouse, it's typically possible with good estate planning. You should grant your partner power of attorney, so they can make arrangements for you in case you become incapacitated. Moreover, you should name your partner as a beneficiary in your will, because, unlike a spouse, a life partner will not automatically inherit your property if you die without a will.
Other groups for whom estate planning is very essential in Sergeant Bluff, Iowa are people who are elderly and/or have a lot of assets. This may be the point in one's life where estate planning is most essential. While it's true that the process of making an estate plan requires a person to deal directly with the reality of their own mortality, it is extremely important if you value the security that comes with the knowledge that your family will be provided for.
Do I Need a Sergeant Bluff, Iowa Estate Planning Attorney?
Because estate planning in Sergeant Bluff, Iowa can involve some difficult legal and financial issues, it is necessary to undertake this task with the guidance of an experienced attorney who specializes in estate planning.