"Estate planning" in Lucas County refers to the decisions a person makes concerning what is to be done with their assets after their death, and the procedure of implementing those wishes.
If you want to start the process of planning your estate, you've made a good choice, particularly 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 very helpful in the long run, preventing 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 contain things that might become relevant during life. Power of attorney is a big one. Power of attorney is an arrangement in which you provide another person the ability to make decisions for you, if you become incapacitated. Also, effective estate planning can help reduce the effect of taxes and court fees on your final disposition to your chosen beneficiaries.
A competent estate planner in Lucas County can make the procedure of planning your estate go much more smoothly, and maximize the chances of your wishes actually being carried out with legal force.
Common Features of Lucas County 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: This is a document which articulates your wishes regarding your medical care, to give instructions to your family and doctors in the event that you become incapacitated. While actually 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 right 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: 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. Therefore, 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 included, since it might not be read for weeks after your death, when it will likely be too late.
Do I Need a Lucas County Estates Lawyer?
A flawed estate plan in Lucas County can result in those affected by it being confused as to your intent, which can then lead to disputes between them. A reputable attorney can often avoid this confusion by ensuring that there is as little ambiguity as possible in your will and other related documents.