In Randolph, 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 many 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.
Most importantly, an estate plan should give instructions on the care of your minor children. It should lay out who is to take custody of them, and, if possible, leave them a large sum of money to assist with this care. Of course, you should discuss this matter with the people who you want to take custody of your children, to make sure they can actually take on such responsibility.
What Type of Estate Plan Do I Need in Randolph, Vermont?
Obviously, this depends on your needs, which you will have to figure out for yourself. Some general considerations in making this decision, however, are your health, age, and the amount of assets involved.
For example, if you are in your 20's and unmarried, an estate plan probably does not need to be on your priorities, unless you are very ill, or independently wealthy.
If you have a life partner in Randolph, Vermont, but aren't married to him or her, estate planning is crucial. If you want your partner to have most of the same rights and responsibilities as a spouse, it's usually possible with good estate planning. You should grant your partner power of attorney, so they can make decisions for you in case you become incapacitated. Furthermore, you should name your partner as a beneficiary in your will, because, unlike a spouse, a life partner will not automatically inherit your property if you die without a will.
If you are very old, and have a substantial estate in Randolph, Vermont, you should definitely come up with an estate plan if you haven't already. Admittedly, this involves confronting some unpleasant and morbid subjects, but it is still very important. Estate planning is essential if you care at all what happens to your property, and, more importantly, your loved ones, after you die.
Do I Need a Randolph, Vermont Estate Planning Attorney?
Because estate planning can be a complicated process, the expertise of a good lawyer in Randolph, Vermont who specializes in wills, trusts, and estates can make the process a great deal easier.