If you are making choices in Waterford 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 often 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 serious problems, including legal and personal conflicts between your survivors.

While planning your estate, there are a few frequent issues that most people should consider. One big one is the decision relating to power of attorney, which is an arrangement where you give one person the power to make legally-binding decisions on your behalf. You can set up an agreement telling your representative clearly what power they have, what you want them to do, and when the power will vest (normally, if and when you become unable to make your own decisions).

A brilliant estate planner in Waterford, can make this process much easier, minimizing the chances that your estate plan will end up in court, saving your survivors a huge amount of time and money.

Common Features of Waterford Estates

Will: This is the centerpiece of most estate plans. A will is a document written by a person (the "testator"), normally 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. However, 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: This is a document which articulates your wishes concerning your medical care, to give instructions to your family and doctors in the event that you become incapacitated. While really consulting it will hopefully never be necessary, one never knows - unexpected illnesses and injuries can happen to anyone, at any time. While making a living will might require a person to acknowledge the existence of some unpleasant possibilities, it can end up saving their loved ones a great deal of grief and uncertainty.

Power of Attorney: This is an arrangement in which you give someone else, normally a trusted family member, the right to make financial and medical decisions on your behalf, in case you become unable to make or express your own decisions.

Funeral Arrangements: If you have any strong preferences regarding 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 commonly read weeks after the testator dies, so in most cases, it will be too late by then.

Do I Need a Waterford Estates Lawyer?

A brilliant estate planning professional in Waterford can be invaluable, and you will probably find their services to be well worth the price. They can make the whole process a great deal easier, and they can also help to minimize the chances that your estate plan will be disputed, saving your survivors a great deal of time, money, and energy.