In Elk Grove, 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 extremely 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. Furthermore, effective estate planning can help reduce the effect of taxes and court fees on your final disposition to your chosen beneficiaries.
If you want to maximize the odds that your wishes will be followed after your death, you should do everything you can to make them legally binding. While this is not always possible, an Elk Grove attorney will be able to make sure that, where it is allowed, it is done.
Common Features of Elk Grove Estates
Will: This is the centerpiece of most estate plans. A will is a document written by a person (the "testator"), normally with the help of a lawyer, which says what is to be done with their property after they die. Most provisions in a will are legally binding, to the extent that ownership of the property legally passes to the named beneficiary. However, a will cannot compel a person to do anything against their wishes (though it can certainly state your preferences on the matter, phrasing them as requests).
Living Will: This is a document which articulates your wishes concerning your medical care, to give instructions to your family and doctors in the event that you become incapacitated. While really consulting it will hopefully never be necessary, one never knows - unexpected illnesses and injuries can happen to anyone, at any time. While making a living will might require a person to acknowledge the existence of some unpleasant possibilities, it can end up saving their loved ones a great deal of grief and uncertainty.
Power of Attorney: Power of attorney is the power to make binding decisions for another person, when that person becomes unable to make or express their own decisions. You can grant power of attorney to anyone you want, but, for obvious reasons, you should only grant it to somebody you trust, and discuss your exact wishes with them, in case they actually have to make a decision for you.
Funeral Arrangements: What do you want done with your body after you die? Do you want to be cremated? How about buried? Or maybe you want to be cremated, and have your remains shot into space? Whatever your preference, you won't exactly be able to tell anyone when the time comes. Thus, you should make your desires on this matter known well in advance. You also shouldn't make your will the only place where these instructions are contained, since it might not be read for weeks after your death, when it will probably be too late.
Do I Need a Elk Grove Estates Lawyer?
A poorly drafted or executed Elk Grove estate plan can have major negative consequences. For example, it might be confusing to the people who are most directly affected by it. This confusion can commonly lead to costly litigation. For that reason, the help of an accomplished estate planning attorney can be invaluable.