In Mount Washington, "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 the advice of a legal and/or financial expert, because the issues involved can be complicated, and are regarded by most to be extremely important. A flawed estate plan might create conflict between your survivors, resulting in your intentions not being given effect.

In addition to deciding what to do with your assets after your death, your estate plan should also contain things that might become relevant during life. Power of attorney is a big one. Power of attorney is an arrangement in which you provide 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.

A seasoned Mount Washington 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 Mount Washington 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 normally 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, typically for the purpose of informing your family and doctors of your preferences if you suddenly become incapacitated. A living will is extremely 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, while important, is not to be used lightly. This is because it involves granting someone else the power to make legally-binding decisions on your behalf. Normally, your spouse will automatically have power of attorney if you become incapacitated. If you are not married, however, you need to make a document explicitly granting that authority to someone you trust (a life partner or close family member, for instance).

Funeral Arrangements: If you have any strong preferences concerning the disposition of your physical remains, you should make them known to your family early, and should not include funeral instructions in your will. Wills are commonly read weeks after the testator dies, so in most cases, it will be too late by then.

Do I Need a Mount Washington Estates Lawyer?

A seasoned estate planning professional in Mount Washington 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.