In Carterville, 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 quite 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. Additionally, effective estate planning can help reduce the effect of taxes and court fees on your final disposition to your chosen beneficiaries.

A skilled estate planner in Carterville can make the process of planning your estate go much more smoothly, and maximize the chances of your wishes directly being carried out with legal force.

Common Features of Carterville Estates

Will: This is a legal document which transfers ownership of the testator's (the person making the will) property to named beneficiaries after the testator's death. The beneficiaries can be just about anyone the testator chooses, but smaller estates, usually only include family members, and maybe very close friends. If you want, you can place conditions on gifts (say, leaving a certain amount of money to your son, but only if he graduates college before he turns 25 - this is just an example). However, a will can't actually compel anyone to do anything, and some conditional gifts won't be enforced, normally because they involve an illegal act, or require a person to marry or refrain from marrying a particular person.

Living Will: A living will contains instructions about your medical care, usually for the purpose of informing your family and doctors of your preferences if you suddenly become incapacitated. A living will is quite 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: This is an arrangement in which you give someone else, typically a trusted family member, the right to make financial and medical decisions on your behalf, in case you become unable to make or express your own decisions.

Funeral Arrangements: Some people, for religious and other reasons, have very specific wishes concerning the disposal of their remains after they die. Some want to be buried. Others, cremated. No matter what your preferences on this matter are, it's important that you inform your family of them far in advance. These instructions should be included in a document that is likely to be read before your death (such as a living will), or very shortly thereafter. This excludes a will, because it's frequently weeks after a person dies until their will is read.

Do I Need a Carterville Estates Lawyer?

A flawed estate plan in Carterville can result in those affected by it being confused as to your intent, which can then lead to disputes between them. A knowledgeable attorney can frequently avoid this confusion by ensuring that there is as little ambiguity as possible in your will and other related documents.