In Gray, "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.
While planning your estate, there are a few common issues that most people should consider. One big one is the decision relating to power of attorney, which is an arrangement where you give one person the power to make legally-binding decisions on your behalf. You can set up an agreement telling your representative exactly what power they have, what you want them to do, and when the power will vest (usually, if and when you become unable to make your own decisions).
A reputable Gray 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 Gray Estates
Will: This is usually a major component in any estate plan. A will is a document in which a person lays out what they want done with their property after their death. These gifts usually have the effect of transferring legal ownership of the property to the named beneficiary.
Living Will: Unlike ordinary wills, a living will contains instructions regarding a person's medical care. Some recent high-profile controversies have illustrated the importance of making a living will, even for younger individuals. In a living will, you can give your family members and doctors instructions about your desired medical care, in case you become incapacitated (comatose or brain-dead, for example) and can't tell them yourself. Some people say that they would not want to be kept alive by artificial means if they are in a vegetative state, and there's no chance of recovery. If this is you, that's definitely something to include in a living will. Of course, if you would prefer the opposite, being kept alive as long as is medically permitted, you can put that in your living will, as well.
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 Gray Estates Lawyer?
A reputable estate planning professional in Gray can be invaluable, and you will probably find their services to be well worth the price. They can make the whole process a great deal simpler, and they can also help to minimize the chances that your estate plan will be disputed, saving your survivors a great deal of time, money, and energy.