In Brattleboro, Vermont, estate planning is the process of determining what you want done with your property after your death (which is, of course, a very personal decision), and then setting up the legal and financial arrangements to ensure that your wishes are carried out.
While the drafting of a will (the document that dictates what is to be done with the decedent's property after death) is usually the central component of any estate plan, there are several other elements which you may want to include, depending on your goals, and your financial situation.
Besides a will, a quality estate plan will include a living will, which gives your doctors and relatives instructions concerning your healthcare in the event that you become incapacitated, funeral arrangements, and instructions on organ donations.
For anyone who has children who are still minors, it is very crucial to make arrangements for their custody and care, just in case the unthinkable happens. You should think of a family member or very close friend who you know would be willing and able to take care of your children, and designate them as the person who would take custody. Of course, it's critical to discuss this matter with that person before you actually do it.
What Type of Estate Plan Do I Need in Brattleboro, Vermont?
Obviously, this depends on your needs, which you will have to figure out for yourself. Some typical considerations in making this decision, however, are your health, age, and the amount of assets involved.
If you are young and unmarried, estate planning probably doesn't need to be on your radar, unless you are very ill, independently wealthy, or perhaps if you work in a very dangerous job, such as the military.
If you are unmarried, but have a life partner in Brattleboro, Vermont, estate planning is crucial, if you wish for your life partner to be treated as if he or she were your spouse (to the extent possible). In such a situation, the estate plan should make arrangements to give your life partner power of attorney in case you become incapacitated. Your will should also clearly include your partner (if you wish for them to inherit any of your assets).
Individuals who are elderly and/or have a large amount of money in Brattleboro, Vermont 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 essential.
Do I Need a Brattleboro, Vermont Estate Planning Attorney?
In Brattleboro, Vermont, estate planning is rarely simple, even if it's not the most complicated 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.