In Pikeville, "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 quite 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. Additionally, effective estate planning can help reduce the effect of taxes and court fees on your final disposition to your chosen beneficiaries.
A reliable Pikeville 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 Pikeville Estates
Will: This is the centerpiece of most estate plans. A will is a document written by a person (the "testator"), typically 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. Nonetheless, 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 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 is the permission 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: Some people, for religious and other reasons, have very particular wishes regarding the disposal of their remains after they die. Some want to be buried. Others, cremated. No matter what your preferences on this matter are, it's necessary that you inform your family of them far in advance. These instructions should be included in a document that is likely to be read before your death (such as a living will), or very shortly thereafter. This excludes a will, because it's frequently weeks after a person dies until their will is read.
Do I Need a Pikeville Estates Lawyer?
A reliable lawyer in Pikeville can make the process of estate planning as straightforward as it possibly can be. He or she can help ensure that your wishes are given effect, and minimize the chances of disputes between your survivors.