If you are making decisions in College Place about what to do with everything you own after your death, and your other affairs that should be wrapped up at that time, you are in the process of "estate planning."
Estate planning usually requires professional legal and financial advice, because of the complexity and importance of the issues involved. A poorly-executed estate plan can often end with survivors suing each other, and prevent your intentions from being effectuated.
In addition to deciding what to do with your assets after your death, your estate plan should also include things that might become relevant during life. Power of attorney is a big one. Power of attorney is an arrangement in which you give another person the ability to make decisions for you, if you become incapacitated. Also, effective estate planning can help reduce the effect of taxes and court fees on your final disposition to your chosen beneficiaries.
A competent estate planner in College Place can make the process of planning your estate go much more smoothly, and maximize the chances of your wishes actually being carried out with legal force.
Common Features of College Place Estates
Will: Wills are a very important part of almost all estate plans. In simplest terms, it answers the question "who gets what after I die?" Generally, you can leave your property to anyone you wish. If you die without a will, your property will usually be given to your closest living relative (usually a spouse or child).
Living Will: This is a document which lays out instructions for your medical care, should you become so sick or badly injured that you are unable to express your wishes. It should state under what circumstances you want to remain on life support. A well-drafted living will can prevent you from being kept alive in a permanent vegetative state (if that is not what you want), while ensuring that you receive medical care as long as you have a chance at recovery.
Power of Attorney: Power of attorney, while important, is not to be used lightly. This is because it involves granting someone else the power to make legally-binding decisions on your behalf. Usually, your spouse will automatically have power of attorney if you become incapacitated. If you are not married, however, you need to make a document explicitly granting that authority to someone you trust (a life partner or close family member, for instance).
Funeral Arrangements: Whatever your preference on this matter (if you have a preference) you should make it known to your family both verbally and in writing. If you have very specific wishes concerning the final disposition of your mortal remains, you should not put those instructions in your will. Or, if you do, you should also put them somewhere else. Wills are typically not read for quite some time after a person dies, and the funeral is usually long over by then, so it will be too late to follow your instructions.
Do I Need a College Place Estates Lawyer?
A flawed estate plan in College Place can result in those affected by it being confused as to your intent, which can then lead to disputes between them. A good attorney can often avoid this confusion by ensuring that there is as little ambiguity as possible in your will and other related documents.