In Berwyn, 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.
In addition to deciding what to do with your assets after your death, your estate plan should also include things that might become relevant during life. Power of attorney is a big one. Power of attorney is an arrangement in which you give another person the ability to make decisions for you, if you become incapacitated. Also, effective estate planning can help reduce the effect of taxes and court fees on your final disposition to your chosen beneficiaries.
A competent estate planner in Berwyn 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 Berwyn Estates
Will: Wills are a very important part of almost all estate plans. In simplest terms, it answers the question "who gets what after I die?" Generally, you can leave your property to anyone you wish. If you die without a will, your property will usually be given to your closest living relative (usually a spouse or child).
Living Will: This is a document which lays out instructions for your medical care, should you become so sick or badly injured that you are unable to express your wishes. It should state under what circumstances you want to remain on life support. A well-drafted living will can prevent you from being kept alive in a permanent vegetative state (if that is not what you want), while ensuring that you receive medical care as long as you have a chance at recovery.
Power of Attorney: What if you become incapacitated, and can't make your own decisions? It would be nice if somebody knew what you would want in a given situation, and, on top of that, had the legal authority to make that decision for you. Power of attorney lets you do exactly that, granting a person of your choice the ability to make certain decisions for you, in case you, for whatever reason, can't (you can, of course, control the scope of power that you grant).
Funeral Arrangements: Whatever your preference on this matter (if you have a preference) you should make it known to your family both verbally and in writing. If you have very specific wishes concerning the final disposition of your mortal remains, you should not put those instructions in your will. Or, if you do, you should also put them somewhere else. Wills are typically not read for quite some time after a person dies, and the funeral is usually long over by then, so it will be too late to follow your instructions.
Do I Need a Berwyn Estates Lawyer?
A good estates lawyer in Berwyn 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.