"Estate planning" in Waveland 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 knowledgeable Waveland 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 Waveland 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: This is a document which lays out instructions for your medical care, should you become so sick or badly hurt that you are unable to express your wishes. It should state under what cases you want to remain on life support. A well-drafted living will can prevent you from being kept alive in a permanent vegetative state (if that is not what you want), while ensuring that you receive medical care as long as you have a chance at recovery.

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. Typically, 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: Whatever your preference on this matter (if you have a preference) you should make it known to your family both verbally and in writing. If you have very specific wishes concerning the final disposition of your mortal remains, you should not put those instructions in your will. Or, if you do, you should also put them somewhere else. Wills are normally not read for quite some time after a person dies, and the funeral is typically long over by then, so it will be too late to follow your instructions.

Do I Need a Waveland Estates Lawyer?

A poorly drafted or executed Waveland 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.