"Estate planning" in Ruidoso 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 complicated. 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 the process of estate planning, you'll probably also deal with issues that can affect you during life. These include issues like power of attorney (to ensure that your wishes are carried out even if you're unable to express them), as well as instructions to your doctors and family concerning medical care. A good estate planner can also help you achieve your goals, while minimizing the effects of expenses like court fees and taxes.
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 Ruidoso attorney will be able to make sure that, where it is possible, it is done.
Common Features of Ruidoso 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 usually involves giving money and property to the testator's close family members, friends, and sometimes charitable organizations.
Living Will: Unlike ordinary wills, a living will contains instructions concerning a person's medical care. Some recent high-profile controversies have illustrated the importance of making a living will, even for younger people. In a living will, you can give your family members and doctors instructions about your desired medical care, in case you become incapacitated (comatose or brain-dead, for example) and can't tell them yourself. Some people say that they would not want to be kept alive by artificial means if they are in a vegetative state, and there's no chance of recovery. If this is you, that's definitely something to include in a living will. Of course, if you would prefer the opposite, being kept alive as long as is medically possible, you can put that in your living will, as well.
Power of Attorney: Power of attorney is the authority to make binding decisions for another person, when that person becomes unable to make or express their own decisions. You can grant power of attorney to anyone you want, but, for obvious reasons, you should only grant it to somebody you trust, and discuss your exact wishes with them, in case they actually have to make a decision for you.
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 often read weeks after the testator dies, so in most cases, it will be too late by then.
Do I Need a Ruidoso Estates Lawyer?
A poorly drafted or executed Ruidoso 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 often lead to costly litigation. For that reason, the assistance of an experienced estate planning attorney can be invaluable.