In Westminster, "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 confusing. 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 reputable Westminster 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 Westminster Estates
Will: Wills are a very important part of almost all estate plans. In simplest terms, it answers the question "who gets what after I die?" Generally, you can leave your property to anyone you wish. If you die without a will, your property will usually be given to your closest living relative (usually a spouse or child).
Living Will: Living wills are also very critical 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: Power of attorney allows you to grant someone else (usually a trusted family member or friend) the power to make certain decisions in your place, with the same legal effect as if you had made them yourself, in the event that you become unable to do so (usually due to mental or physical incapacity). If you decide to give someone power of attorney, you should make your wishes known to them in advance, so they are more likely to make the same decisions that you would make, if you were able to. And, of course, you should exclusively give this authority to someone with whom you would trust your life because that is, in some cases, just what you're doing.
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 often 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 Westminster Estates Lawyer?
A flawed estate plan in Westminster can result in those affected by it being confused as to your intent, which can then lead to disputes between them. A reputable attorney can often avoid this confusion by ensuring that there is as little ambiguity as possible in your will and other related documents.