In Harwood Heights, "estate planning" refers to all of the decisions affecting how a person's property is going to be disposed of after their death, as well as the procedure of implementing those decisions when the time comes.
Estate planning usually requires professional legal and financial advice, because of the complexity and importance of the issues involved. A poorly-executed estate plan can often end with survivors suing each other, and prevent your intentions from being effectuated.
While planning your estate, there are a few common issues that most people should consider. One big one is the decision relating to power of attorney, which is an arrangement where you give one person the power to make legally-binding decisions on your behalf. You can set up an agreement telling your representative exactly what power they have, what you want them to do, and when the power will vest (usually, if and when you become unable to make your own decisions).
A competent estate planner in Harwood Heights can make the procedure 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 Harwood Heights Estates
Will: This is usually a major component in any estate plan. A will is a document in which a person lays out what they want done with their property after their death. These gifts usually have the effect of transferring legal ownership of the property to the named beneficiary.
Living Will: A living will contains instructions about your medical care, generally for the purpose of informing your family and doctors of your preferences if you suddenly become incapacitated. A living will is very critical if you have any strong preferences in this area. It should be written with the advice of a doctor, so you know the particular medical consequences of your decisions, and a lawyer, so it is virtually guaranteed to be legally binding.
Power of Attorney: Power of attorney allows you to grant someone else (usually a trusted family member or friend) the power to make certain decisions in your place, with the same legal effect as if you had made them yourself, in the event that you become unable to do so (usually due to mental or physical incapacity). If you decide to give someone power of attorney, you should make your wishes known to them in advance, so they are more likely to make the same decisions that you would make, if you were able to. And, of course, you should exclusively give this authority to someone with whom you would trust your life because that is, in some cases, just what you're doing.
Funeral Arrangements: You should make it very clear to the individuals handling your funeral what type of funeral you want, and what you want done with your body. You should not put these instructions in your will, because wills are often not read until days or weeks after the testator dies, by which point it may be too late to give their wishes on this subject effect.
Do I Need a Harwood Heights Estates Lawyer?
A reputable estate planning professional in Harwood Heights can be invaluable, and you will probably find their services to be well worth the price. They can make the whole process a great deal simpler, and they can also help to minimize the chances that your estate plan will be disputed, saving your survivors a great deal of time, money, and energy.