Estate planning is a very broad term in Westerly, Rhode Island, referring to a person's arrangements on issues that affect them and their family toward the end of their life. These might include instructions for end-of-life care, as well as drafting a will or other document with the intent of disposing of one's property after their death.
The drafting of a will, which simply states what you wish to be done with your property after death, is typically one of the most important parts of an estate plan. Of course, it's rarely the only one. There are many other things you might want to include, depending on your objectives.
For example, a knowledgeable estate plan will include a living will, which gives your family members and healthcare professionals instructions about your medical care, to be followed in the event you become incapacitated. You should also include your funeral arrangements, and your preference with respect to organ donation.
Crucially, your plan should make arrangements for the care and custody of your children, if they are minors. However you should first discuss this matter with the person who you intend to take custody of your children in case something happens to you, to make sure they are willing and able to do so.
What Type of Estate Plan Do I Need in Westerly, Rhode Island?
Obviously, the answer to this depends on many factors, as well as your goals and preferences. However, most people, when deciding what type of estate plan they need, consider their health, age, and wealth.
If you are in good health, young, and not married, planning an estate is probably not a high priority. And at this point in your life, it doesn't really have to be, with a few possible exceptions, such as individuals who work in very dangerous jobs, or who are very wealthy.
Individuals who are, for varied possible reasons, unwilling or unable to get married, but are in committed, lifelong relationships, are perhaps most in need of a good Westerly, Rhode Island estate plan. Because couples who aren't married don't automatically get any of the legal rights (such as hospital visitation, inheritance rights, and power of attorney) that come with marriage, they have to secure these rights through other means, such as wills and power of attorney agreements.
If you are elderly, and have a considerable amount of assets in Westerly, Rhode Island, estate planning may be more important at this stage of your life than any other. While estate planning deals with some morbid and unpleasant subjects (requiring us to confront the reality of our own mortality), it is necessary if you wish to live your life secure in the knowledge that your loved ones will be provided for to the extent that your assets allow.
Do I Need a Westerly, Rhode Island Estate Planning Attorney?
Estate planning in Westerly, Rhode Island is not always complicated, but it certainly can be. In moderately-sized to large estates, with a substantial number of potential beneficiaries, it is crucial to have the assistance of an estate planning professional.