"Estate planning" in Fulton 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 normally requires professional legal and financial advice, because of the complexity and importance of the issues involved. A poorly-executed estate plan can commonly 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. Furthermore, effective estate planning can help reduce the effect of taxes and court fees on your final disposition to your chosen beneficiaries.
If you want to maximize the odds that your wishes will be followed after your death, you should do everything you can to make them legally binding. While this is not always possible, a Fulton attorney will be able to make sure that, where it is possible, it is done.
Common Features of Fulton 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 normally involves giving money and property to the testator's close family members, friends, and sometimes charitable organizations.
Living Will: This is a document which articulates your wishes concerning your medical care, to give instructions to your family and doctors in the event that you become incapacitated. While really consulting it will hopefully never be necessary, one never knows - unexpected illnesses and injuries can happen to anyone, at any time. While making a living will might require a person to acknowledge the existence of some unpleasant possibilities, it can end up saving their loved ones a great deal of grief and uncertainty.
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. Normally, 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: 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 commonly 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 Fulton Estates Lawyer?
A brilliant estate planning professional in Fulton 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 easier, 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.