"Estate planning" in Eaton 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 deciding what to do with your assets after your death, your estate plan should also include things that might become relevant during life. Power of attorney is a big one. Power of attorney is an arrangement in which you give another person the ability to make decisions for you, if you become incapacitated. Additionally, effective estate planning can help reduce the effect of taxes and court fees on your final disposition to your chosen beneficiaries.
A knowledgeable estate planner in Eaton, can make this process much easier, minimizing the chances that your estate plan will end up in court, saving your survivors a huge amount of time and money.
Common Features of Eaton Estates
Will: This is the centerpiece of most estate plans. A will is a document written by a person (the "testator"), typically with the help of a lawyer, which says what is to be done with their property after they die. Most provisions in a will are legally binding, to the extent that ownership of the property legally passes to the named beneficiary. However, a will cannot compel a person to do anything against their wishes (though it can certainly state your preferences on the matter, phrasing them as requests).
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 important if you have any strong preferences in this area. It should be written with the advice of a doctor, so you know the exact medical consequences of your decisions, and a lawyer, so it is virtually guaranteed to be legally binding.
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 precisely 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: 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 contained, since it might not be read for weeks after your death, when it will probably be too late.
Do I Need a Eaton Estates Lawyer?
A poorly drafted or executed Eaton 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 frequently lead to costly litigation. For that reason, the assistance of an efficient estate planning attorney can be invaluable.