"Estate planning" in Woodbridge 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.
The problems that estate planning raises are sometimes very difficult. Without competent legal and financial advice, many problems can pop up, which can easily 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 matters 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 knowledgeable Woodbridge 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 Woodbridge Estates
Will: This is typically a major component in any estate plan. A will is a document in which a person lays out what they want done with their property after their death. These gifts typically have the effect of transferring legal ownership of the property to the named beneficiary.
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: If you have any strong preferences regarding the disposition of your physical remains, you should make them known to your family early, and should not include funeral instructions in your will. Wills are frequently read weeks after the testator dies, so in most cases, it will be too late by then.
Do I Need a Woodbridge Estates Lawyer?
A knowledgeable estates lawyer in Woodbridge can make the estate planning process much easier. He or she can maximize the chances of your wishes being given effect. Moreover, a good and clear estate plan is far less likely to result in litigation in the future, since disputes of this nature are almost always the result of ambiguity.