In Redwood Falls, "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.
If you want to start the process of planning your estate, you've made a good choice, particularly if you care about what happens to your survivors after you're gone. You should be careful, however, and make sure you have the help of a legal and financial expert every step of the way. This will likely prove very helpful in the long run, preventing a lot of problems in the future.
In addition to deciding what to do with your assets after your death, your estate plan should also contain things that might become relevant during life. Power of attorney is a big one. Power of attorney is an arrangement in which you provide another person the ability to make decisions for you, if you become incapacitated. Also, effective estate planning can help reduce the effect of taxes and court fees on your final disposition to your chosen beneficiaries.
A reputable estate planner in Redwood Falls, can make this process much easier, minimizing the chances that your estate plan will end up in court, saving your survivors a huge amount of time and money.
Common Features of Redwood Falls 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: This is an arrangement in which you give someone else, usually a trusted family member, the permission to make financial and medical decisions on your behalf, in case you become unable to make or express your own decisions.
Funeral Arrangements: What do you want done with your body after you die? Do you want to be cremated? How about buried? Or maybe you want to be cremated, and have your remains shot into space? Whatever your preference, you won't exactly be able to tell anyone when the time comes. Therefore, you should make your desires on this matter known well in advance. You also shouldn't make your will the only place where these instructions are included, since it might not be read for weeks after your death, when it will likely be too late.
Do I Need a Redwood Falls Estates Lawyer?
A reputable estate planning professional in Redwood Falls 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.