In Plano, "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 typically requires professional legal and financial advice, because of the complexity and importance of the issues involved. A poorly-executed estate plan can frequently end with survivors suing each other, and prevent your intentions from being effectuated.
While planning your estate, there are a few prevalent 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 precisely what power they have, what you want them to do, and when the power will vest (typically, if and when you become unable to make your own decisions).
A reliable Plano professional experienced in estate planning can make this procedure a great deal easier. They can also help ensure that your estate plan does not end up in court.
Common Features of Plano Estates
Will: This is typically 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 typically have the effect of transferring legal ownership of the property to the named beneficiary.
Living Will: This is a document which lays out instructions for your medical care, should you become so sick or badly hurt that you are unable to express your wishes. It should state under what cases 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 guaranteeing that you receive medical care as long as you have a chance at recovery.
Power of Attorney: Power of attorney allows you to grant someone else (typically 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 (typically 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: 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. Consequently, 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 included, since it might not be read for weeks after your death, when it will likely be too late.
Do I Need a Plano Estates Lawyer?
A reliable estate planning professional in Plano 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.