In Plymouth, "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 process 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 easily 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 matters 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. Additionally, effective estate planning can minimize the impact that estate taxes and court fees will have on your final disposition to your loved ones.
If you want to maximize the odds that your wishes will be followed after your death, you should do everything you can to make them legally binding. While this is not always possible, a Plymouth attorney will be able to make sure that, where it is allowed, it is done.
Common Features of Plymouth 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, usually because they involve an illegal act, or require a person to marry or refrain from marrying a certain person.
Living Will: Living wills are also very crucial for most people. Basically, 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 usually 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: 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: You should make it very clear to the people 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 commonly 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 Plymouth Estates Lawyer?
A flawed estate plan in Plymouth can result in those affected by it being confused as to your intent, which can then lead to disputes between them. A brilliant attorney can commonly avoid this confusion by ensuring that there is as little ambiguity as possible in your will and other related documents.