"Estate planning" in Clarksdale 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 addition to deciding what to do with your assets after your death, your estate plan should also include things that might become relevant during life. Power of attorney is a big one. Power of attorney is an arrangement in which you give 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 Clarksdale can make the process 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 Clarksdale Estates
Will: This is a legal document which transfers ownership of the testator's (the person making the will) property to named beneficiaries after the testator's death. The beneficiaries can be just about anyone the testator chooses, but smaller estates, usually only include family members, and maybe very close friends. If you want, you can place conditions on gifts (say, leaving a certain amount of money to your son, but only if he graduates college before he turns 25 - this is just an example). However, a will can't actually compel anyone to do anything, and some conditional gifts won't be enforced, normally because they involve an illegal act, or require a person to marry or refrain from marrying a particular person.
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: What if you become incapacitated, and can't make your own decisions? It would be nice if somebody knew what you would want in a given situation, and, on top of that, had the legal authority to make that decision for you. Power of attorney lets you do precisely that, granting a person of your choice the ability to make certain decisions for you, in case you, for whatever reason, can't (you can, of course, control the scope of power that you grant).
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 Clarksdale Estates Lawyer?
A poorly drafted or executed Clarksdale estate plan can have major negative consequences. For example, it might be confusing to the people who are most directly affected by it. This confusion can frequently lead to costly litigation. For that reason, the help of an efficient estate planning attorney can be invaluable.