In Lake County, "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 process 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).
The last thing a person wants to think about is the possibility that, after their death, their survivors are fighting over some part of their estate plan that's ambiguous or otherwise contentious. If you want to prevent this, or at least make it far less likely, you should have the help of a Lake County attorney every step of the way.
Common Features of Lake County Estates
Will: A will is often the central component of an estate plan. It is a legal document which says what is to be done with a person's assets after they die. It usually involves giving money and property to the testator's close family members, friends, and sometimes charitable organizations.
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 crucial if you have any strong preferences in this area. It should be written with the advice of a doctor, so you know the specific medical consequences of your decisions, and a lawyer, so it is virtually guaranteed to be legally binding.
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: You should make it very clear to the people 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 Lake County Estates Lawyer?
A poorly drafted or executed Lake County 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 often lead to costly litigation. For that reason, the help of an experienced estate planning attorney can be invaluable.