"Estate planning" in Wildwood refers to the decisions a person makes concerning what is to be done with their assets after their death, and the procedure 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 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. Additionally, effective estate planning can help reduce the effect of taxes and court fees on your final disposition to your chosen beneficiaries.
A skilled estate planner in Wildwood can make the procedure of planning your estate go much more smoothly, and maximize the chances of your wishes directly being carried out with legal force.
Common Features of Wildwood 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?" Usually, 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 essential 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 normally 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, typically a trusted family member, the authority to make financial and medical decisions on your behalf, in case you become unable to make or express your own decisions.
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 important 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 frequently weeks after a person dies until their will is read.
Do I Need a Wildwood Estates Lawyer?
A reliable estate planning professional in Wildwood 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.