"Estate planning" in Merrick 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.
If you want to start the process of planning your estate, you've made a good choice, especially if you care about what happens to your survivors after you're gone. You should be careful, however, and make sure you have the help of a legal and financial expert every step of the way. This will likely prove quite helpful in the long run, avoiding a lot of problems in the future.
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 skilled estate planner in Merrick can make the process 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 Merrick 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 articulates your wishes concerning your medical care, to give instructions to your family and doctors in the event that you become incapacitated. While directly 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 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 frequently read weeks after the testator dies, so in most cases, it will be too late by then.
Do I Need a Merrick Estates Lawyer?
A knowledgeable lawyer in Merrick can make the process of estate planning as straightforward as it possibly can be. He or she can help ensure that your wishes are given effect, and minimize the chances of disputes between your survivors.