"Estate planning" in Mineola 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 extremely 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. Additionally, effective estate planning can minimize the impact that estate taxes and court fees will have on your final disposition to your loved ones.
A qualified estate planner in Mineola can make the process of planning your estate go much more smoothly, and maximize the chances of your wishes really being carried out with legal force.
Common Features of Mineola 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, usually because they involve an illegal act, or require a person to marry or refrain from marrying a certain person.
Living Will: This is a document which lays out instructions for your medical care, should you become so sick or badly harmed that you are unable to express your wishes. It should state under what situations 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: What if you become incapacitated, and can't make your own decisions? It would be nice if somebody knew what you would want in a given situation, and, on top of that, had the legal authority to make that decision for you. Power of attorney lets you do clearly that, granting a person of your choice the ability to make certain decisions for you, in case you, for whatever reason, can't (you can, of course, control the scope of power that you grant).
Funeral Arrangements: Some people, for religious and other reasons, have very specific wishes concerning the disposal of their remains after they die. Some want to be buried. Others, cremated. No matter what your preferences on this matter are, it's essential that you inform your family of them far in advance. These instructions should be included in a document that is likely to be read before your death (such as a living will), or very shortly thereafter. This excludes a will, because it's commonly weeks after a person dies until their will is read.
Do I Need a Mineola Estates Lawyer?
A brilliant estate planning professional in Mineola can be invaluable, and you will probably find their services to be well worth the price. They can make the whole process a great deal easier, and they can also help to minimize the chances that your estate plan will be disputed, saving your survivors a great deal of time, money, and energy.