Estate planning is a very broad term in Bolivar, Tennessee, referring to a person's decisions on issues that affect them and their family toward the end of their life. These might contain 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.
One of the first things an estate planner will ask you about when you come to them for assistance is what you want to put in your will. A will is a document which says who is going to get your property after your death. Once it is proven valid, a will is binding, meaning that the beneficiaries get legal ownership of whatever is left to them. Obviously, if you have any interest in what is done with your property after you die, a will is going to be at the center of your estate plan. Nonetheless, it is rarely the only part of a solid estate plan.
A clear estate plan will also contain instructions to your doctors about your preferences for end of life care, in case you become unable to express them. This is known as a "living will." It should also include instructions about funeral arrangements and organ donation.
Perhaps most especially, your estate plan should make arrangements for the care and custody of your minor children, if you have any. Of course, you should discuss this matter with the person you intend to take custody of the children beforehand, to ensure that they are able and willing to provide proper care.
What Type of Estate Plan Do I Need in Bolivar, Tennessee?
This usually depends on your individual goals and priorities, your age, health, and the nature and quantity of your assets.
For example, if you're unmarried, and in your early 20's, estate planning is probably not the most essential thing in your life. However, if you're seriously ill, and/or unusually wealthy, estate planning might be a priority for you.
If you're not married in Bolivar, Tennessee, but have a life partner, estate planning is essential. If you want your partner to be treated as your spouse, your estate plan should make arrangements to give him or her power of attorney in the event that you become incapacitated. Furthermore, your will should precisely name your partner as a beneficiary, if you want them to inherit any of your assets.
Individuals who are elderly and/or have a large amount of money in Bolivar, Tennessee are probably more in need of an estate plan than almost anyone else. Most people place a lot of value in the peace of mind that comes when they know that the people they love, or the causes they care about, will be taken care of after their death. Of course, nobody likes to confront the facts that this process always involves, but it's imperative.
Do I Need a Bolivar, Tennessee Estate Planning Attorney?
In Bolivar, Tennessee, estate planning is rarely simple, even if it's not the most perplexing thing in the world. Given the importance of what's at stake (the financial security of your loved ones), a good estate plan is essential, as is the help of an attorney who specializes in wills, trusts, and estates law.