Make A Will
When it Comes Down to Wills and Trusts Don't Be Naive - Family Dynamics
Change Quickly
By Lance Winslow Platinum Quality Author
Indeed, most families believe that when their parents die that the kids
will get along, divide up everything, and everything will be fine, and in
a few rare cases that's true, but that is not the common occurrence. What
usually happens is one of the offspring's is upset with the deal,
wants their money given to them in a lump sum, or another offspring that
is put in charge of distribution, likes to take a little bit more than
they're supposed to, and they always have all sorts of justifications for
doing so. And if you think this can happen in your family, the
statistics are very much against you.
In fact, it usually happens in families that think it won't, even more
than families that believe it might. What I'd recommend to you, and I
can't stress this enough, is that you get everything in order, make sure
the Wills, and Trusts are updated, and also realize that the laws
change often enough, meaning you had better stay up with things, or you'll
end up paying way more taxes than you had anticipated, and in
the end there will not be very much to divide up anyway.
You see, when it comes to trusts and Wills, you can be naive, and you must
understand that family dynamics can change very quickly.
Especially when you start adding in spouses, grandkids, and the lawyers,
and let me tell you, probate is no fun; you don't want to go there.
It is extremely important that you get with a financial planner, antitrust
attorney, and work out all the details and put it all into writing.
What you do now could save you hundreds of thousands of dollars, or even
millions of dollars depending on the size of the estate and the
associated taxes, and problems later. Just because your family gets along,
and that you've always gotten along, doesn't mean those family
dynamics will be intact after the folks die. Please consider all this.
Lance Winslow is the Founder of the Online Think Tank, a diverse group of
achievers, experts, innovators, entrepreneurs, thinkers, futurists,
academics, dreamers, leaders, and general all around brilliant minds.
Lance Winslow hopes you've enjoyed today's discussion and topic.
http://www.WorldThinkTank.net. Have an important subject to discuss,
contact Lance Winslow.
Article Source: http://EzineArticles.com/?expert=Lance_Winslow |
Make Will
Advance Planning - The
Advantages Of Living Wills
By Sharon Hurley Hall Platinum Quality Author
Nowadays, there are many treatments which offer patients with serious or
terminal illnesses the chance to live longer. However, in some cases,
these treatments may offer little or no chance of full recovery. They may
have side effects that could be considered worse than the illness or leave
the person in a condition he or she would find unbearable. You may feel
strongly that you do not want to go through this
treatment to make you live longer. However, in the future you may not be
physically or mentally able to make the decision or talk to your doctors
about what you want, for example, if you were in a deep coma or suffered
serious dementia. That's why you should consider an advance directive.
What is an Advance Directive?
An advance directive (often known as a Living Will or 'Advance Refusal')
allows you to state which treatments you would or would not want if you
became seriously ill in the future and could not say what you wanted to
happen. Some people confuse the issue of refusing treatment under an
advance directive with voluntary euthanasia. The two issues, although
related, are separate. If you make an advance directive you are asking
doctors not to give you certain medical treatments. Voluntary euthanasia
is when you ask the doctor to deliberately end your life and is illegal in
the UK.
What does a Living Will cover?
Through advance statements, patients have a legal right to decline
specific treatment, including life-prolonging treatment. Patients cannot
use advance statements to insist on the provision of certain treatments
but they may authorise or refuse treatments.
Who is responsible for preparing an Advance Directive?
Drafting an advance statement is the patient's responsibility. If
necessary seek advice from your general practitioner or health
professional. It is the patient's responsibility to ensure that the
existence of an advance statement is known to those who may be asked to
comply with its provisions.
What if I can't express my wishes myself?
No person has a legal right to accept or decline treatment on behalf of
another adult. However, the BMA recognises that the nomination of a health
care proxy by the patient may be another helpful development in
communicating the patient's views when the individual is no longer capable
of expressing these.
Do doctors have to do what I say?
Doctors with a conscientious objection to curtailing treatment are not
obliged to comply with an advance statement but must be ready to step
aside. The British Medical Association (BMA) strongly supports the
principle of an advance statement.
How do I get a Living Will?
Talk to your financial planner about drawing up your Living Will at the
same time as preparing your Will. It is strongly recommended that patients
review their advance statements at regular intervals, and destroy rather
than amend the statement.
Want more tips on freelance writing, blogging and promotion? Visit Get
Paid To Write Online for FREE information and resources which will kick
start your writing career. Sharon Hurley Hall is a professional freelance
writer, ghostwriter and blogger. Contact her now for well-written, timely
web content writing.
Article Source: http://EzineArticles.com/?expert=Sharon_Hurley_Hall |
Online Wills
Your Indispensable Guide to Writing Wills
By Stephen G Hunt
When it comes to writing a will, many people are cowed by the perceived
complexity of the process and the volume of legal jargon involved.
Furthermore, contemplating death is not a pleasant experience and this is
why many people delay writing a will until eventually it is too late.
Investing the time and effort to write a will, or the money if you get
someone else to do it for you, is absolutely worthwhile for the stress
that it will save your loved ones later.
The result of somebody dying without making a will is called intestacy,
and in this scenario the fate of your money and possessions will end up at
the mercy of the Administration of Estates Act of 1925. Consequently some
things may end up in the hands of highly undesirable people. Furthermore,
if you don't have any relatives your estate will effectively be gobbled up
by the state.
Many married couples fall into the trap of believing that even without a
will, everything will be automatically transferred to their partner upon
death. It is in actuality quite misguided to expect the law to do
everything for you, as well as foolish considering that you can have your
wishes defined with precision by a will. In actual fact, in the case of
married couples with children without a will the spouse only stands to
inherit personal items and an initial £250,000, while the rest is divided
into two halves. One half is handed over to the children when they
reach the age of 18, while the other can be benefited from by the spouse
but cannot be spent, and the proceeds must be passed on to the children -
e.g. a house can be lived in by the surviving spouse but must be passed on
to the children on their death, or money goes into a savings account,
allowing the spouse to make use of any money accrued through interest but
leaving the initial savings intact for the children to inherit in future.
Couples that merely live together are on even more shaky ground, as upon
one partner's death the other has no automatic right to inheritance
without a will. As more and more modern couples are eschewing marriage,
this makes the importance of wills even greater.
Something else you would be ill-advised to leave to the courts is the
decision as to who would look after children in the event of both parents
passing away. Setting this out in a will gives the reassurance that
children will be looked after by a trustworthy guardian.
Your hands are severely tied without a will - if you do not have one then
you will be unable to leave a donation to a charity or bequeath a
treasured possession.
By now you should be convinced that writing a will is a necessity. If so,
then your first consideration should probably be whom you nominate to
perform the various roles relating to your will. Executors are the people
invested with the responsibility of carrying out the instructions of the
will, so it is vital that you elect someone trustworthy. Naturally the
executor should also be expected to outlive the maker of the will.
Executors will ideally also be well-informed about financial matters, but
many people prefer to choose a close acquaintance or relative and permit
them to enlist the help of legal experts when necessary. Another
protagonist in the process is the trustee, which is somebody who is there
to safeguard part of an estate for the beneficiary to whom it will
ultimately be conferred. An example of when a trustee would be called upon
is where a property is left for a child too young to bear the burden of
taking control of it. Other people needed are witnesses, who are required
by law to oversee the signing of the will, as the name might suggest. The
criteria that must be met by a witness are quite stringent - they cannot
be a beneficiary or the spouse or civil partner of a beneficiary, nor can
they be younger than 18 years old.
Once you have identified all of these people, the next thing you need to
do is draw up a list of everything you own. Writing everything down will
allow you to better visualize the extent of your estate and how best to
divide it among your beneficiaries. Make sure that you are thorough and
don't allow anything to slip your mind.
This list will also help the person you choose to write your will to
identify any areas where tax could be saved. If you want a solid,
incontrovertible and legally-binding will then you should hire a legal
expert to do this for you. The average fee for such a service is around
£200, which may sound steep, but due to the complexity and importance of
will writing, it is probably a worthwhile investment. If possible,
find a solicitor who is well-versed in the pertinent fields of law, such
as tax. However, make sure that you check first whether or not you qualify
for Legal Aid either because of your financial situation or because you
are over 70 years of age.
You may encounter do-it-yourself will forms sold either online or at the
post office or at stationers. While they may be enticing because of the
money saved, in reality people attempting to write wills for themselves
are very susceptible to mistakes, which will cause a lot of hassle further
down the line, and will be costly to amend. Others may be simply
bamboozled by the dense technical jargon. Some purport to enable you to
knock up a will in a matter of minutes, but wills are surely something
which deserves far more care and attention than that.
For these reasons, it is advisable to hire a solicitor. It may be a lot
more expensive but the peace of mind and alleviation of stress are more
than worth it. To find a specialist will solicitor in your area go to the
Law Society, which has an excellent Find a Solicitor service.
If you do hire a solicitor, ask them to send you a copy of their fees
sheet so that you know what you will be paying in advance. Also demand a
copy of their public liability insurance certificate.
With respect to other issues such as funeral arrangements and what you
want to be done with your body, these are best left in a separate document
called a wish list. If you keep this distinct from your will then it will
be less cumbersome to modify later.
About the author: Stephen G Hunt is part of the News Team at Claims
Financial.
Claims Financial are consumer law experts specializing in reclaiming
unfair charges and offering free online legal advice.
Article Source: http://EzineArticles.com/?expert=Stephen_G_Hunt |
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Wills and Probate
Living Wills, Trusts, and Probate
By Gregory Gay
A living will conveys the difference between life in the 20th century and
life in the 21st century. More rights are available to a person signing a
living will in current times than that of a decade ago. Thus, everyone
needs to have the proper living will in hand.
You need a trust, so that assets you haven't conveyed won't become subject
to probate. The personal representative in charge of the probate is
entitled to receive compensation from the estate assets for his or her
services. You don't want the personal representative to receive more
compensation than warranted, and you don't want his or her attorney to get
involved in compensation from a formal estate
administration. In probate, a personal representative must take possession
of all the deceased person's property. Thus, you do not want this person
to seize control of your possessions and distribute them to the wrong
people.
A new law took effect, which states that there cannot be non-judicial
modification of a trust. You want to have an updated trust, so that the
trustee and other living beneficiaries don't modify it. Another reason for
having a trust is to ensure that your car will go to the proper person and
place. You wouldn't want a beneficiary named in your Last Will and
Testament to apply for the motor vehicle certificate title and gain
unlawful ownership of your vehicle.
Wills UK
Importance of Living Wills
By Marcus Peterson
The concept of a living will was first put forward by Louis Kustner in the
year 1969. Available statistics indicate that less than a quarter of the
American population has a living will. However, an overwhelming number of
people have responded to the idea of having one created. This can be
attributed to the awareness, interest and even outrage generated by the
Teri Schiavo incident, which managed to occupy the front pages of
newspapers across the country for several weeks. A controversy was created
when the court passed the final verdict, ordering her life support systems
to be removed. It has been argued that what happened to Teri Schiavo was
unfair and that she should have had a say in her medical treatment. This
event acted as an eye opener to several people.
The significance:
The significance of a living will cannot be underestimated. It acts as a
custodian of a patient's self esteem while he or she is fighting a losing
battle with a disease. It helps to relieve family members, who are already
in an emotional turmoil, from the dilemma of making extremely difficult
decisions for their near and dear ones who are suffering from an incurable
disease. Differences of opinion among family and friends of a victim can
lead to disputes and contribute to unpleasantness.
Living wills can also prove to be a blessing in disguise for the doctors.
Very often, doctors find it hard to discuss with their patients the grave
nature of their health or the slim chances of recovery. A living will
helps to facilitate a smooth dialogue between both the parties.
A living will can be made keeping in mind both religious and financial
considerations. It sometimes serves as the only connection between a
person who is oblivious to the world around him and his caretakers.
Living Wills [http://www.i-LivingWills.com] provides detailed information
on Living Wills, Importance Of Living Wills, Living Will Forms, Free
Living Will Forms and more. Living Wills is affiliated with How to Write a
Will.
Probate Will
Contesting Wills
By Kevin S Longworth Platinum Quality Author
Contesting Wills is becoming increasingly common, due in part no doubt to
the increased media exposure of some court cases and the increased level
of awareness that this brings. These cases often create distress and
heartache for the families of the deceased and may lead to family members
falling out with each other.
But why the surge in these court cases?
There are various challenges that can be made to a Will, the most common
being that an individual feels that reasonable provision has not been made
for them by the deceased, that the deceased was not of sound mind when
they made the Will or that the deceased was influenced by a third party
when deciding upon the content of their Will.
And the increased wealth of individuals, partly due to the boom in
property prices, widens the playing field for claims to be made involving
Wills.
In theory people are entitled to leave their possessions to whoever they
wish however in practice these wishes may be subject to challenge. This
means that an estate may not always be distributed in the way it was
intended as there could be a risk, for example, that a dependant or family
member might make a valid claim against the estate for a proportion of it.
Wills can be challenged in a number of ways although one of the most
common methods is through the Inheritance (Provision for Family and
Dependants) Act 1975, which allows certain people to be given 'reasonable
provision' from a Will. Individuals making such claims need to satisfy the
court that they were financially dependent on the deceased before death
and that an inadequate provision has been made for
them.
In addition, a will can be contested on the basis that:
• it was a forgery
• it was the result of undue influence: for example, a third party exerted
pressure on the person making the will to include clauses that they would
otherwise not have included
• lack of testamentary capacity: it is essential that the person making
the Will understands the purpose of making a Will, the extent of the
assets which they have to gift under their Will, and that they appreciate
the people that they ought to consider when deciding the distribution of
their assets.
• lack of due execution: for example, the Will was not witnessed properly.
So how can you minimise any risk of legal action involving your estate?
You should always consider your moral obligations to any dependants you
have, including family members. Always make sure you have two witnesses to
your will and if you have a mental illness, or you are elderly, you should
have your doctor act as a witness. Make sure that witnesses to your Will
are independent and never have a beneficiary, their spouse or partner
witness your Will as this will invalidate any gift to that person made in
your Will.
Finally, ensure you are making your Will of your own volition and that no
one is putting undue pressure on you to make a particular gift or to leave
the bulk of your estate to him or her. If you are in doubt, consider
discussing your Will with your beneficiaries so that they know what you
are planning to happen to your assets on your death.
It is crucial to seek professional legal advice to ensure all these
considerations are taken into account and to make sure your will is
properly drafted. This will help to minimise the risk of your will being
contested when you die and of creating additional problems if your estate
requires probate before it can be administered.
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