"Estate planning" in Sullivan refers to the decisions a person makes regarding what is to be done with their assets after their death, and the process of implementing those wishes.
Estate planning typically requires professional legal and financial advice, because of the complexity and importance of the issues involved. A poorly-executed estate plan can frequently end with survivors suing each other, and prevent your intentions from being effectuated.
In the process of estate planning, you'll probably also deal with issues that can affect you during life. These include issues like power of attorney (to ensure that your wishes are carried out even if you're unable to express them), as well as instructions to your doctors and family concerning medical care. A knowledgeable estate planner can also help you achieve your goals, while minimizing the effects of expenses like court fees and taxes.
A knowledgeable Sullivan professional experienced in estate planning can make this process a great deal easier. They can also help ensure that your estate plan does not end up in court.
Common Features of Sullivan Estates
Will: This is typically 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 typically have the effect of transferring legal ownership of the property to the named beneficiary.
Living Will: A living will contains instructions about your medical care, usually for the purpose of informing your family and doctors of your preferences if you suddenly become incapacitated. A living will is quite crucial if you have any strong preferences in this area. It should be written with the advice of a doctor, so you know the specific medical consequences of your decisions, and a lawyer, so it is virtually guaranteed to be legally binding.
Power of Attorney: Power of attorney allows you to grant someone else (typically 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 (typically 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 only 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 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 frequently 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 Sullivan Estates Lawyer?
A flawed estate plan in Sullivan can result in those affected by it being confused as to your intent, which can then lead to disputes between them. A knowledgeable attorney can frequently avoid this confusion by ensuring that there is as little ambiguity as possible in your will and other related documents.