In Waterville, "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.
Estate planning can have various positive effects on the planner during life, as well. These benefits are usually somewhat intangible, revolving around the peace of mind that comes with knowing that, after your death, you family will be taken care of and that they'll know what your last wishes are. Nonetheless, most people find this very valuable. To that end, you should come up with a power-of-attorney agreement. When you grant someone power of attorney, you have given them the power to make certain decisions on your behalf. You can grant them as much or as little authority as you want. Most individuals, however, give family members or life partners power of attorney with respect to medical care, so if they become incapacitated, their wishes will still be carried out.
A competent estate planner in Waterville 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 Waterville Estates
Will: A will is often the central component of an estate plan. It is a legal document which says what is to be done with a person's assets after they die. It usually involves giving money and property to the testator's close family members, friends, and sometimes charitable organizations.
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, 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. Usually, 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: Some people, for religious and other reasons, have very particular wishes regarding the disposal of their remains after they die. Some want to be buried. Others, cremated. No matter what your preferences on this matter are, it's crucial that you inform your family of them far in advance. These instructions should be included in a document that is likely to be read before your death (such as a living will), or very shortly thereafter. This excludes a will, because it's often weeks after a person dies until their will is read.
Do I Need a Waterville Estates Lawyer?
A reputable estate planning professional in Waterville 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.