Most people in Millvale have preferences about what should be done with their property after they die. This is why the procedure of estate planning exists - it allows people to make a broad range of decisions related to this issue.
You will frequently need to seek the help of a professional with legal and/or financial expertise when in the process of estate planning. Simple mistakes in an estate plan can cause egregious problems, including legal and personal conflicts between your survivors.
In addition to post-death decisions, estate planning also concerns issues 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. Furthermore, effective estate planning can minimize the impact that estate taxes and court fees will have on your final disposition to your loved ones.
A reputable Millvale professional experienced in estate planning can make this procedure a great deal easier. They can also help ensure that your estate plan does not end up in court.
Common Features of Millvale Estates
Will: This is usually 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 usually have the effect of transferring legal ownership of the property to the named beneficiary.
Living Will: A living will contains instructions about your medical care, generally for the purpose of informing your family and doctors of your preferences if you suddenly become incapacitated. A living will is very essential if you have any strong preferences in this area. It should be written with the advice of a doctor, so you know the precise medical consequences of your decisions, and a lawyer, so it is virtually guaranteed to be legally binding.
Power of Attorney: This is an arrangement in which you give someone else, usually a trusted family member, the authority to make financial and medical decisions on your behalf, in case you become unable to make or express your own decisions.
Funeral Arrangements: If you have any strong preferences concerning 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 Millvale Estates Lawyer?
A poorly drafted or executed Millvale estate plan can have major negative consequences. For instance, 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 advice of an experienced estate planning attorney can be invaluable.