If you are making decisions in Oshkosh 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."
You will frequently need to seek the help of a professional with legal and/or financial expertise when in the process of estate planning. Simple mistakes in an estate plan can cause egregious problems, including legal and personal conflicts between your survivors.
In addition to post-death decisions, estate planning also concerns issues that might affect you during your life, such as granting power of attorney to a family member or trusted friend in case you become unable to make your own decisions regarding your finances or medical care. Furthermore, effective estate planning can minimize the impact that estate taxes and court fees will have on your final disposition to your loved ones.
A reputable Oshkosh professional experienced in estate planning can make this procedure a great deal easier. They can also help ensure that your estate plan does not end up in court.
Common Features of Oshkosh Estates
Will: This is the centerpiece of most estate plans. A will is a document written by a person (the "testator"), usually with the help of a lawyer, which says what is to be done with their property after they die. Most provisions in a will are legally binding, to the extent that ownership of the property legally passes to the named beneficiary. Nonetheless, a will cannot compel a person to do anything against their wishes (though it can certainly state your preferences on the matter, phrasing them as requests).
Living Will: A living will contains instructions about your medical care, generally for the purpose of informing your family and doctors of your preferences if you suddenly become incapacitated. A living will is very essential if you have any strong preferences in this area. It should be written with the advice of a doctor, so you know the precise medical consequences of your decisions, and a lawyer, so it is virtually guaranteed to be legally binding.
Power of Attorney: Power of attorney allows you to grant someone else (usually a trusted family member or friend) the power to make certain decisions in your place, with the same legal effect as if you had made them yourself, in the event that you become unable to do so (usually due to mental or physical incapacity). If you decide to give someone power of attorney, you should make your wishes known to them in advance, so they are more likely to make the same decisions that you would make, if you were able to. And, of course, you should exclusively give this authority to someone with whom you would trust your life because that is, in some cases, just what you're doing.
Funeral Arrangements: If you have any strong preferences concerning the disposition of your physical remains, you should make them known to your family early, and should not include funeral instructions in your will. Wills are often read weeks after the testator dies, so in most cases, it will be too late by then.
Do I Need a Oshkosh Estates Lawyer?
A reputable estates lawyer in Oshkosh can make the estate planning process much easier. He or she can maximize the chances of your wishes being given effect. Furthermore, a good and clear estate plan is far less likely to result in litigation in the future, since disputes of this nature are almost always the result of ambiguity.