In Waukon, 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 usually not the only element. There are many other essential things that most estate plans should include.
Besides a will, a quality estate plan will contain a living will, which gives your doctors and relatives directions regarding your healthcare in the event that you become incapacitated, funeral arrangements, and instructions on organ donations.
For anyone who has children who are still minors, it is very critical 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 essential to discuss this matter with that person before you actually do it.
What Type of Estate Plan Do I Need in Waukon, 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.
Unmarried young adults generally don't think much about estate planning. In most cases, this is fine. Unless you are very 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're not married in Waukon, Iowa, but have a life partner, estate planning is essential. 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. Furthermore, your will should precisely name your partner as a beneficiary, if you want them to inherit any of your assets.
There is another large group of people who would benefit from having a good Waukon, 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 involves facing some uncomfortable realities, it is essential and unavoidable.
Do I Need a Waukon, Iowa Estate Planning Attorney?
Because estate planning in Waukon, Iowa can involve some difficult legal and financial issues, it is crucial to undertake this task with the guidance of an experienced attorney who specializes in estate planning.