"Estate planning" in Jackson 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.
The problems that estate planning raises are sometimes very confusing. Without competent legal and financial advice, many problems can pop up, which can quickly throw your entire plan into disarray, and cost your survivors a great deal of time, energy, and money.
In addition to post-death decisions, estate planning also concerns issues that might affect you during your life, such as granting power of attorney to a family member or trusted friend in case you become unable to make your own decisions regarding your finances or medical care. Moreover, effective estate planning can minimize the impact that estate taxes and court fees will have on your final disposition to your loved ones.
A skilled estate planner in Jackson 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 Jackson 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 essential if you have any strong preferences in this area. It should be written with the advice of a doctor, so you know the precise medical consequences of your decisions, and a lawyer, so it is virtually guaranteed to be legally binding.
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: What do you want done with your body after you die? Do you want to be cremated? How about buried? Or maybe you want to be cremated, and have your remains shot into space? Whatever your preference, you won't exactly be able to tell anyone when the time comes. Consequently, you should make your desires on this matter known well in advance. You also shouldn't make your will the only place where these instructions are included, since it might not be read for weeks after your death, when it will likely be too late.
Do I Need a Jackson Estates Lawyer?
A poorly drafted or executed Jackson estate plan can have major negative consequences. For instance, 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 advice of an efficient estate planning attorney can be invaluable.