In Franklin, "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. Furthermore, effective estate planning can minimize the impact that estate taxes and court fees will have on your final disposition to your loved ones.
A competent estate planner in Franklin can make the procedure of planning your estate go much more smoothly, and maximize the chances of your wishes actually being carried out with legal force.
Common Features of Franklin 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, typically because they involve an illegal act, or require a person to marry or refrain from marrying a specific person.
Living Will: Living wills are also very essential for most people. Essentially, a living will tells everyone concerned (your next of kin, and your doctor) what type of medical care you want if you become incapacitated. It typically includes the circumstances under which a person wishes to be kept on life support, when they want to be taken off of life support, and, sometimes, instructions on when medical staff should and should not attempt resuscitation.
Power of Attorney: This is an arrangement in which you give someone else, usually a trusted family member, the authority to make financial and medical decisions on your behalf, in case you become unable to make or express your own decisions.
Funeral Arrangements: Whatever your preference on this matter (if you have a preference) you should make it known to your family both verbally and in writing. If you have very particular wishes regarding the final disposition of your mortal remains, you should not put those instructions in your will. Or, if you do, you should also put them somewhere else. Wills are typically not read for quite some time after a person dies, and the funeral is usually long over by then, so it will be too late to follow your instructions.
Do I Need a Franklin Estates Lawyer?
A poorly drafted or executed Franklin estate plan can have major negative consequences. For instance, 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 advice of an experienced estate planning attorney can be invaluable.