Hudson estate planning attorneys can guide you through the process of drafting documents that have the power to provide tremendous peace of mind since you’ll know that your wishes have been documented in the event of your incapacity or death.
What’s Involved With Estate Planning?
Hudson area residents often wonder about what documents and processes are involved in estate planning.
Estate planning documents can include your last will and testament, a trust, power of attorney health care surrogate and living wills. The over-arching goal is to help clients to document their wishes concerning their estate – along with other issues, such as preferences for certain types of medical care and choosing guardians for your children if you pass away.
A last will and testament is a form that is used to document your wishes concerning issues such as:
- how you would like to pay any remaining debts or expenses;
- how to divide your estate, including real estate, financial and other assets;
- who shall care for your pets; and
- Who shall serve as a guardian for minor or disabled beneficiaries?
A trust can be used to address many of these same issues and others. A trust may afford you greater flexibility. Trusts can also go into effect while you’re still living, making them a versatile tool.
Living wills deal with end of life medical decisions. A form of advance directive, living wills can be used to indicate what, if any, measures (ventilator, feeding tube, etc.) you would like to utilize in order to prolong your life.
For other decisions, a health care surrogate can be appointed to make such decisions on your behalf.
Power of attorney documents are used to convey powers to another party, authorizing them to make certain financial and property decisions on your behalf. This can range from giving a person the power to sell your house while you’re serving overseas in the military to giving a person full power to make any and all legal decisions on your behalf. Due to the powerful nature of these documents, it’s always best to draft the documents with a trusted lawyer dealing in estate planning.
Hudson area residents should always trust their estate planning needs to an attorney in order to ensure that the documents are clear, unambiguous and enforceable. Otherwise, you could end up with a situation where your documents limited, invalid or they could create new legal issues, which is one thing that what estate planning is intended to help you avoid!