In Fall River, "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.
The problems that estate planning raises are sometimes very convoluted. Without competent legal and financial advice, many problems can pop up, which can quickly throw your entire plan into disarray, and cost your survivors a great deal of time, energy, and money.
In addition to post-death decisions, estate planning also concerns issues that might affect you during your life, such as granting power of attorney to a family member or trusted friend in case you become unable to make your own decisions regarding your finances or medical care. Moreover, effective estate planning can minimize the impact that estate taxes and court fees will have on your final disposition to your loved ones.
A skilled estate planner in Fall River can make the procedure of planning your estate go much more smoothly, and maximize the chances of your wishes directly being carried out with legal force.
Common Features of Fall River Estates
Will: This is a legal document which transfers ownership of the testator's (the person making the will) property to named beneficiaries after the testator's death. The beneficiaries can be just about anyone the testator chooses, but smaller estates, usually only include family members, and maybe very close friends. If you want, you can place conditions on gifts (say, leaving a certain amount of money to your son, but only if he graduates college before he turns 25 - this is just an example). However, a will can't actually compel anyone to do anything, and some conditional gifts won't be enforced, normally because they involve an illegal act, or require a person to marry or refrain from marrying a particular person.
Living Will: A living will contains instructions about your medical care, usually for the purpose of informing your family and doctors of your preferences if you suddenly become incapacitated. A living will is quite essential if you have any strong preferences in this area. It should be written with the advice of a doctor, so you know the precise 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 precisely 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 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 frequently 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 Fall River Estates Lawyer?
A reliable lawyer in Fall River 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.