Attorneys providing free wills to the police, fire fighters and EMTs

Wednesday, December 9th, 2009

Lawyers based in Wisconsin are starting to provide free estate planning for the people who serve in police, fire fighting and other emergency response teams. This is all part of their national “Wills for Heroes” program to which the State Bar Association just joined.

The program offers legal help in the writing legal living wills as well as offering services in the area of power-of-attorney privileges for the persons health and financial related matters.

The actual foundation called “Wills for Heroes Foundation” has initiated or started the official national based program after the terrorist attacks that occured on September 11 ‘th in 2001. The program sounds like a great initiative that will help those in the need that are fighting every day in the front lines.

Tags: free wills, legal wills, power of attorney, Wills for Heroes
Posted in Wills, legal wills | No Comments »

Estate Planning is for Children Too

Wednesday, September 30th, 2009

Do you know that when your children reach 18 years old, you will no longer be allowed to make medical decisions for them?  Actually, your right to see their medical records or speak to their doctor is no longer compulsory enforced.

Any parent has a fear of hearing that their child was involved in a medical emergency - whether it’s a physical catastrophe or a car accident, they would usually be notified or rushed into action.  However, under the law, your own 18-year old and above children need to name you as a health-care proxy first before you can have anything to say about their medical treatment.

Health-care proxies are documents allowing you to assign another person to make medical decisions for you if you’re unable to do it yourself.  Another document, called the living will, is a statement of medical wishes if you become ill.

Therefore, estate planning is not only for seniors.  Adult children should also have durable power of attorney as well as a health-care proxy too.  Since these are complicated documents, it’s best to speak to your family attorney.  If you don’t have one, just seek advice from any qualified estate planning attorney in your state.

Tags: adult, attorney, children, documents, Estate Planning, health-care proxy, law, living will, medical, parent, seniors, will
Posted in Estate Planning, Wills | No Comments »

Wills for Firefighters

Tuesday, September 22nd, 2009

A lot of firefighters contemplated on their own mortality as one of their colleague, Manny Rivera, who sustained fatal injuries in battling last winter blaze, died at 42 years old.

According to John Panacek, Trenton Fire Department battalion chief, “Most firefighters don’t have wills in order.  They may not anticipate dying in their 30s or 40s but in our job, it could happen tomorrow.”  Because of this concern, Panacek tapped Wills for Heroes program, which is a national initiative offering firefighters with free estate planning assistance.  This also includes police officers and other people considered as first responders.

For Mercer County, the Young Lawyers Division of New Jersey Bar Association agreed to host a particular event that would be open to these first responders having an estate below $750,000.  This will be held at Hamilton Capital Health on Sept. 26.

Panacek added, “Estate planning has been something that plenty of firefighters are putting off.  Manny’s untimely death has been a real eye-opener.”  Rivera rescued a man on Feb.9 from a fire at Washington Street.  He collapsed at the scene and remained in a coma (seven week) until finally succumbing to death.

According to the website of Wills for Heroes, there were 400 police and firefighters who died in 9/11 terrorist attacks but a lot of them have no wills or estate documents.

Tags: estate, Fire Department, firefighters, Hamilton, injuries, John Panacek, lawyers, Manny Rivera, Mercer County, New Jersey Bar Association, police, Trenton, Wills, Wills for Heroes
Posted in Wills | No Comments »

Your Will May be Fake

Thursday, August 20th, 2009

Many people are getting scammed when they seek assistance in writing their wills. A lot of solicitors can draft wills; however, these solicitors are not properly trained nor qualified to do so. In fact, there are many will-writers who don’t need to be regulated by Law Society before they offer their services.
According to a Liberal Democrat spokesperson for regulatory reform, enterprise, and business, Lorely Burt, “It’s no exaggeration that will-writing has now become a hunting ground for dishonest, incompetent, and fly-by-night operators.” Some offer a low fee but would keep adding extra charges for extra services and some involve outright scamming.

Since will-writers are not regulated, some problems also arise out of incompetence. For instance, an old lady wants to exclude her son from inheritance since he stole from her in the past. She made a will for her estate to be given to her care givers instead. But since she just used a will-writer who advertised in the local paper, her will was challenged by her son. And since it has been witnessed and drafted incorrectly, the will was declared invalid – effectively, she has no will and her son actually inherited everything after all.

Therefore, be very careful in looking for assistance to draft your will. To be safe, seek help from qualified estate planning attorneys. You can find many of them in online directories all over the web.

Tags: attorneys, directories, draft, Estate Planning, Law Society, Liberal Democrat, Lorely Burt, online, scamming, solicitors, web, will, will-writers, Wills
Posted in Wills | No Comments »

A Father’s Secret Will

Thursday, August 20th, 2009

There was a case where the father died five years ago and a daughter discovered that there was a will kept secret from her by the solicitors.  It emerged that the solicitors were holding on the father’s will and the daughter was named as a joint executor together with the stepmother.  The child was never informed about this and it came as a shock to her when she discovered it.  The father clearly left everything equally to her and her stepbrothers but she did not receive any inheritance.

There might be a case for this or there might be none.  The first point is that if the father held joint property with the stepmother, everything could have passed automatically to her anyway, regardless of the contents of the will.  However, this is unlikely in second marriages, and if the will is valid, there’s certainly a slip-up when the father died and the will’s solicitors failed to inform the daughter of her rights.

In a case like this, the daughter can consult a lawyer and file proceedings to recover assets from the estate of the stepmother - the costs of these proceedings should be covered by the solicitors.  They may also bear costs of consequential losses such as capital growth and interest accruing to the assets of the stepmother.

Tags: daughter, estate, father, inheritance, joint executor, lawyer, losses, proceedings, rights, solicitors, stepmother, will
Posted in Wills | No Comments »

Proposed Health Reform

Monday, August 17th, 2009

With all U.S. economy problems -surging bank failures, rising foreclosures, and high unemployment, you would think that the resolution for these crises would be focused on by Congress.  The legislators may have believed in a spin because they started new initiatives like cap-and-trade bill.  Now, they passed the health care reform (H.R. 3200).

Under the proposed law, there is a requirement for employers to offer a health plan and pay the premium (at least 72.5%) for their workers.  In addition, those citizens without insurance will be penalized by 2.5% tax.  Rich people will be punished further with surcharge - they wouldn’t be able to deduct the fee.

However, some bill critics claim that this will deny medical treatment that’s supposedly for the elderly and disabled.  When you look at pages 425-432, the bill authorizes conference payments between health care providers and patients to create “advanced care directive.”  Physicians will receive higher reimbursement rate when they participate, although this is not a mandatory plan.  This medical order may include hospice care, health care proxies, living wills, and other intervention details that the patient wants before the end of his life.

For most health care providers, they want to comply and boost revenue.  Incentive payments require data sharing with government under Physician’s Quality Reporting Initiative.

Tags: bill, Congress, crises, foreclosures, health care reform, health plan, high unemployment, legislators, living will, medical treatment, physicians
Posted in Wills | No Comments »

Living Wills: Hard to do?

Saturday, August 15th, 2009

There was an idea gathering steam lately.  The G20 group of central bankers and finance ministers met in London over the week to require firm-specific contingency plans from systemic firms.  Due to the widespread chaos caused by Lehman Brothers’ bankruptcy last September, a lot of regulators are finding a way to unwind the global financial giants.  One way to do this is prepare for a “living will” to guide their orderly demise.

The concept had wide appeal.  This crisis convinced regulators and politicians of all colors to allow large financial institutions to fail without imposing huge burden on taxpayers.  This may be a possible alternative to an intrusive regulation as seen by bankers.  However, drawing up a “living will” in detail may be easier said than done.  According to Clifford Chance’s Simon Gleeson, it’s more important for legislators and regulators to establish resolution regime and cross-border crisis-management than for these individual firms to be prepared for their own demise.

Some issues posed by financial crisis may be politically challenging, and some may be intellectually difficult.  And, devising a “living wills” legal framework manages to be both.  If there’s any solution to deal with a future Lehman, it may still remain a long way.

Tags: bankers, Clifford Chance, crisis, financial giants, Lehman Brothers, living wills, London, ministers, regulators, Simon Gleeson, will, Wills
Posted in Wills | No Comments »

Procrastinating is a Bad Habit

Tuesday, August 11th, 2009

When faced with a difficult decision, people naturally procrastinate.  For instance, only 40% of people have an up-to-date will according to Visa Inc.’s recent poll.  A will is certainly not mandatory - although you don’t have to have a will when you die, you wouldn’t want to leave important decisions about your health and finances to strangers would you? Therefore, address these issues now and spare your family from dealing with them.

Consider hiring an estate planning attorney to draft and review your documents.  They can help you decide whether to create a simple will or come up with complex documents such as trusts involving large assets or complex estates.  Here are some things you need to do:

• *Before naming a power of attorney or executor, make sure they’re up to the task.
• *Name alternate executors and beneficiaries in case someone would die before you.
• *Compare trust or will beneficiaries to those named in your retirement or insurance plans to eliminate conflicts.
• *Review documents periodically, most especially when your family situation changes (death of a beneficiary, new child, divorce, or marriage).
• *Date, sign, and notarize documents as well as file them for safekeeping.

Tags: attorney, beneficiaries, documents, estate, Estate Planning, executor, family, procrastinate, strangers, trust, will
Posted in Wills | No Comments »

Transfer through Register of Wills

Tuesday, August 11th, 2009

Take this scenario: In 1993, a mother passed away.  She is a widow with only one son.  The son and his wife have been living inside the family home since 1990.  The mother did not leave a will and the son didn’t try to change the title.  Fortunately, the insurance and taxes are up to date and the mortgage is paid off completely since 2001.

Now, the son wants to change the title to his name.  But the problem is, he waited too long to do it.  Nevertheless, he can still work around it.  His first step would be to appoint himself as his mother’s estate administrator.  Then, he can transfer the property to his name.  He has to go to the office of Register of Wills and seek help.  There, he will get the necessary administrator appointment.  He has to bring his birth certificate and the death certificate of his mother to expedite the process.

Most likely, there will be an inheritance tax due commensurate for the property’s value at date of death.  Some say, however, that you can appeal to abate the mentioned penalty.  Seek the help of a lawyer to guide you through the transfer and give you advice on the best course to take.

Tags: administrator, certificate, estate, inheritance tax, insurance, lawyer, mortgage, mother, Register of Wills, taxes, title, widow, will
Posted in Wills | No Comments »

Things to Do Now

Friday, August 7th, 2009

All of us must face the reality that we are going to die.  Therefore, make sure that your final wishes have already been taken cared of.  Here’s a list of things you should do now (in no particular order) just because you need to do it before you pass away:

• *Pre-pay and pre-plan your funeral arrangements.  Just contact a local funeral home and discuss to them what you want to happen in your funeral including the costs and the ways you can pay for it.
• *Get a trust or will to take care of your estate after death.  Do not try to do this over the internet.  You’ve got to see an attorney to ensure that the trust or will is in place and to guarantee that your estate will be surely handled the right way.
• *Also get a durable and health care power of attorney in place.  These could help you avoid messy health and financial problems.
• *Write your own obituary.  It’s hard for your survivors to think of all your life details during the time of grief.  Since you know these better than they do, you’ve got to do it now.
• *If you’re receiving life insurance or retirement money, make sure that you check your beneficiary designations or notify the company if you have any changes in beneficiaries.
• *List the people that you’d like to notify of your death - these may be family, friends, pastor or priest, employer, business associates, etc.
•  

Tags: attorney, beneficiary, death, estate, funeral arrangements, funeral home, health, obituary, trust, will
Posted in Wills | No Comments »

What Do You Need?

Friday, August 7th, 2009

A Harris Interactive poll (2008) found that 55% of adults don’t have wills.  Maybe some don’t want to think about dying, but the truth is: majority doesn’t know how to start one or who to talk to.

An estate plan may be as simple as creating a will or it could also be as complex as building up a living will or trust.  You can talk with a qualified attorney to be enlightened on this but remember that it’s important to create one because you want to ensure the destiny of your assets as well as your children.  When you don’t have any of these, the state will have a free hand on where to take your money and your children along with it when you pass away.

Choose what you need.  A will is an instruction document that states your assets and the individuals or institutions where you want to give it to.  Most wills go to probate after your death.  A probate court will oversee inheritance distribution and debt payment.  A living trust sets up conditions on when and how to distribute your assets.  This will help reduce the taxes paid and avoid probate.  Finally, a living will provides an assignment of medical power of attorney given to a person you trust.

Tags: assets, attorney, death, estate plan, Harris Interactive poll, living will, probate, state, trust, Wills
Posted in Wills | No Comments »

Allan Scott’s Estate in a Family Battle

Tuesday, August 4th, 2009

As a trucking magnate, Allan Scott accumulated an estimated $600 million estate.  His two favored children will receive a big bulk of this empire.  However, there is a current rift developing within his family due to the fortune he left behind.

A source close to the Scott family said that some relatives have been angry that Mr. Scott short-changed his grandchildren, as only three were explicitly mentioned in the last will.  The source said that “Zena’s got all the power and money so she can do whatever she likes.”  Due to this some relatives are filing a legal challenge.  On the other hand, his widow, Grace Scott, have not yet seen a copy of the will.  She said the family kept her in the dark about the inheritance.  “I’m very illiterate when it comes to this legal stuff,” she commented further.

Mr. Scott died of heart failure and left all his wealth and business in the hands of his two children, Raymond and Zena as well as lawyer and business associate Tony Johnson.  His will acknowledged that Raymond and Zena should receive a greater portion of his estate because they spent their effort, time, and goodwill to contribute a lot to the business.

Tags: Allan Scott, business, empire, Grace Scott, lawyer, legal, Raymond, Tony Johnson, trucking, will, Zena
Posted in Wills | No Comments »

Ensure your Preferred Medical Care

Tuesday, August 4th, 2009

The main problem with estate plans today is that they don’t have any documents for health care.  Another serious problem is that they don’t understand the documents they have, or worse, they have the wrong documents.  Here are some documents you need to make sure that your wishes are followed:

• *Living Will - very simple to execute as most states recognize living wills officially.  The idea behind this is to avoid certain levels or types of care (also known as “heroic measures”) in different circumstances.  A very simple living will would state “I don’t want to prolong my life through any artificial means if I contracted a terminal illness with no hope for recovery.”  Although following this statement may result to a debate (since there is no exact definition of a terminal illness), it’s still necessary to guide your relatives on what to do when you’re brain dead or in a vegetative state.
• *Do not hospitalize/resuscitate order - DNH and DNR orders are common for older people in frail conditions, most especially those in nursing homes.  These people preferred to be in the comfort of their homes rather than pass away in a hospital.
• *Power of attorney/health care proxy - a document that appoints a person or several people to make the medical decisions when they’re unable to do so.

Tags: DNH, DNR, documents, health care, health-care proxy, living will, plans, power of attorney
Posted in Wills | No Comments »

Never Procrastinate

Monday, August 3rd, 2009

When faced with a difficult decision, people naturally procrastinate.  For example, planning on your own demise is the most common thing that you delay until it’s too late.  Remember that wills are important even if they’re not mandatory.  Your affairs will be decided by the state if you don’t have a will when you die.  And worse, someone else will make your healthcare and financial decisions when you’re no longer able to make it on your own.

Here are some of the negative consequences when you don’t make a will:

• *Your preferences for burial instructions and life-support procedures may not be exactly followed.
• *The state may decide over your minor children’s guardianship.
• *A court-supervised probate may hold your estate which can result in costly fees.

To prevent these scenarios, you need to prepare any or all of the following: Will, Revocable Living Trust, Durable Power of Attorney (both financial and healthcare), and a Living Will.  Remember to date, sign, and notarize them for safekeeping as well as review them periodically most specially if there are changes in your family situation (death of a beneficiary, new child, divorce, or marriage).  To further eliminate conflicts, compare the trust or will beneficiaries to the ones named in your retirement plans or insurance.

Tags: decision, durable power of attorney, fees, financial, guardianship, healthcare, living will, planning, probate, revocable living trust, state, trust, will
Posted in Wills | No Comments »

Estate Planning Prevents Family Feuds

Monday, August 3rd, 2009

Augusta’s Randolph Wade Jr. takes his obligation to his family very seriously.  Several years ago, he prepared a will and now that he’s 70 years old, he is sure to protect the ones he left behind.  “You’ll never know when you’ll reach the road’s end,” Wade said.  “All of a sudden, it could happen.  Time and time again, I’ve seen how much chaos there will be if the will is not placed in a proper way.  Since some folks waited too long, it’s been a disaster if their loved ones will be left behind.  For me, I want all my children to be very happy.  That’s why I want to leave them in good shape.” he added.

According to a lawyer, Judith Becker, “Many fail to plan for their estate because they don’t want the subject of dying as a thought.  However, the worst thing that a person can do is to procrastinate.  It would be a huge problem for them if they do this.”  

Mr. Wade has a son and two daughters.  In addition, his wife also has one daughter.  They’ve combined all the children in the will.  All of them are named executors in a specific order.  “For blended families, planning ahead is particularly important,” he concluded.

Tags: Augusta, blended families, lawyer, planning, Randolph Wade Jr., will
Posted in Wills | No Comments »

President Barack Obama Recommends a Living Will

Tuesday, July 28th, 2009

Recently, President Barack Obama urged all Americans to prepare a living will.  These wills allow people to specifically give instructions if they become incapacitated or ill to make health decisions.  The President mentioned his own family for an example.  He said that he and Michelle Obama (First Lady) have living wills as well as his grandmother who recently died (last November).  In a health care online forum sponsored by AARP, he said “You wouldn’t want somebody else to make those decisions for you.  Therefore, I’d encourage everyone to have their own living will.”

To get one, you can obtain forms from hospitals.  Also, there’s a program of National Hospice Palliative Care Organization called Caring Connections that’s focused on improvement of end-of-life care.  They offer free downloads of living will form or advance directive at its web site for each state.

Common mistakes that people make in their living will is the failure to update it if it’s done years ago, failure to update when they change states, and not getting power of attorney for health care.  When you go to a lawyer, he or she can give you helpful advice, teach you about medical issues arising from it, or warn you about what will happen when you don’t have one.   

Tags: AARP, attorney, Barack Obama, Caring Connections, health care, living will, medical issues, Michelle Obama, mistakes, National Hospice Palliative Care Organization, power of attorney, President, Wills
Posted in Wills | No Comments »

Preparing for your Final Hours

Tuesday, July 28th, 2009

For the moment, forget about health-reform debates.  You should have a living will that specifies the kind of care for your life if you are unable to speak for yourself.  Ethicists, lawmakers, and doctors have been urging the Americans to do this but in nursing homes, less than half have done so.  Overall, less than one third of American adults also have a living will.

According to a report from Rand Corp. in Congress, many people are baffled by legalities and don’t understand the consequences and options.  In addition, patients and doctors alike are reluctant to bring up the subject of death.

Advance directives are truly for the living as well as for the dying.  Without your specific instructions, your family members may not be able to decide if they would keep you artificially alive, let you die when you have no hope for recovery, or what level of disability you would like to live with.

A registered nurse at Inova Hospital (Falls Church, Va.), Audrey Seeley, said “Everyone knows they will soon die, but it’s scary to think how.  I see many incapacitated patients say that they don’t care what happens to them.  But their family really does.”

Tags: American, Audrey Seeley, Congress, death, die, disability, Inova Hospital, lawmakers, legalities, living will, Rand Corp, Wills
Posted in Wills | No Comments »

Are there Expiration Dates for Estate Plans?

Monday, July 27th, 2009

There is no expiration for estate plans.  However, major life events should prompt you to review your plan and make sure that your wishes are still enforced.  Examples of these common life events include purchase of a home, death of a loved one, birth of a child, divorce, or marriage.

If you’re married, there are certain considerations that you should think about in creating an estate plan.  First, you would need revision of your trust to include your existing spouse.  Also, you may acquire a power of attorney for managing your finances if ever you’re incapacitated or unable to manage any of your financial affairs.  Therefore, a well-rounded estate plan must include a power of attorney for health care which appoints a trusted individual (typically your spouse) to make medical decisions if you’re unable to do so yourself.

While for remarriage, you need to revise your will or trust immediately.  Any gift to your ex-spouse may not be valid.  So how will the court decide who to give it to?  Therefore, you should make this change yourself so that you’re sure to carry out your wishes when you pass away.  Same goes to your children.  Appointing a guardian for the minor ones would protect them even when you’re gone.

Tags: attorney, estate plans, expiration, married, power of attorney, remarriage, trust, will
Posted in Estate Planning, Family Trust, Wills | No Comments »

Can you Bequeath Major Assets without an Attorney?

Sunday, July 26th, 2009

For the first time, Illinois residents can name the person who will receive their car and be given a right to the title in case they die.  This amendment to Illinois Vehicle Code was mandated to designate a beneficiary when applications for the titles and certificate of title were made.

However, it’s difficult to quantify the number of consumers that took advantage of this designation.  Some area car dealers in Peoria didn’t even know of this change in law or whether this option needs to be included on applications for title on new vehicles purchased.

The idea to amend the code came from a resident of Missouri, where there’s a similar policy to designate the beneficiaries on car titles.  He consulted Rep. Jay Hoffman to promote this in Illinois.  Hoffman said, “It made sense.  This would be an easy and inexpensive way to transfer your property.”

However, Stuart Borden, 10^th Judicial Circuit chief judge said that it would not be prudent to name your beneficiary this way even if it’s less costly and more convenient compared to hiring an attorney.  “With less restriction and less formality, these beneficiaries may be subject to manipulation.”  Wills often involve third parties and require signatures of witnesses to oversee the interests of the person bequeathing properties while these forms require nothing more than a signature to designate or change the beneficiary.  

Tags: attorney, beneficiary, Illinois car, Illinois Vehicle Code, Jay Hoffman, judge, Missouri, Peoria, Stuart Borden, Wills
Posted in Wills | No Comments »

Five Key Estate Planning Documents

Saturday, July 25th, 2009

Avoiding the creation of an estate plan may be due to dismissal of subjects such as taxes, incapacity, and death.  However, the fact still remains that you need to protect your wealth and your loved ones when you’re gone.  So here are five documents that you need to have while you’re still active:

*Will - these are simple instructions to distribute your assets to the beneficiaries after death.  You need to appoint an executor who will designate your assets, while you need to designate a guardian for minor children.

*Durable Power of Attorney (POA) - power of attorney is simply a legal document that will name another person who will act legally on your behalf.  A regular POA terminates upon a person’s disability or death.  However a durable POA will continue beyond disability and will only terminate upon death.

*Health Care POA - same as durable POA but it will authorize someone to decide for you in medical situations in case you’re unable to do so.

*Living Will - expresses your intentions for use of life-sustaining measures in a terminal illness.

*Revocable Living Trust - a type of trust that is often used in estate plans.  When you transfer assets to a revocable trust, your beneficiaries will receive the income or principal according to the terms of the trust.

Creating an estate plan will not be an overwhelming task if you work with experienced professionals such as a CPA, financial advisor, and an attorney,

Tags: attorney, death, estate plan, legal, power of attorney, revocable living trust, wealth, will
Posted in Estate Planning, Family Trust, Wills | No Comments »

Create your Estate Plan Today

Saturday, July 25th, 2009

Better Business Bureau reminds people that estate planning is not just for the wealthy.  They advise consumers to create an estate plan if they have something of value to pass on to their loved ones after death.  According to surveys, 55% of adults don’t want to set up an estate plan because either they don’t want to think of dying or they believe that they don’t have any assets to pass on.

However, if you don’t give your final instructions, nobody would know where your money should go or how will your children be taken cared of.  Do you want to leave these important decisions to the state?  If not, it’s important to create an estate plan and ensure that your wishes will be followed.

Creating an estate plan may be simple if you just draft a will.  But it can also be complex when you’re trying to set up a trust or a living will.  A will is something that you create to allocate your assets and establish guardianship of your children.  On the other hand, a living trust could set up conditions to distribute your assets while reducing inheritance taxes and avoiding probate.  Finally, a living will communicates a person’s desire for lifesaving measures in case there’s mental incapacity to decide on an emergency medical situation.  To help you draft these important documents, make sure that you consult an estate planning attorney.

Tags: attorney, Better Business Bureau, estate plan, estate planning attorney, living trust, living will, wealthy, will
Posted in Estate Planning, Family Trust, Wills | No Comments »

Animal Charities ask for Helmsley’s Billions

Thursday, July 23rd, 2009

A petition that concerns Leona Helmsley’s will is claiming that the office of Attorney General Andrew Cuomo issues incorrect analysis and a surrogate judge has used faulty reasoning before millions in grants were paid out by the estate’s trustees.

First of all, the major beneficiary in her will (worth $12 million) is her beloved Maltese named Trouble.  However, the dog was mentioned only once in the petition and then another in the supporting documents.

Three animal protection groups filed the petition saying that the money of Mrs. Helmsley is not being spent on dogs as mentioned in her will.  These three groups are Maddie’s Fund, American Society for Prevention of Animal Cruelty, and Humane Society.  They accused the estate trustees of Mrs. Helmsley of a “scheme to deprive welfare charities to dogs.”  Her fortune is estimated to be around $5 billion but only $1 million were earmarked for organizations taking care of animals.

A professor of law and philanthropy at New York University, Harvey Dale, said that this lawsuit may face significant hurdles since donors, beneficiaries, and potential beneficiaries don’t have any standing to intervene.  Maddie’s Fund president, Rick Avanzino, acknowledged that there’s difficulty in challenging trustees because their organization was not even named in the will of Mrs. Helmsley.  But still, they will push through with this lawsuit to penalize the trustees who chose to ignore the wishes and direction of their benefactor.

Tags: American Society for Prevention of Animal Cruelty, Andrew Cuomo, Attorney General, estate, Harvey Dale, Humane Society, law, lawsuit, Leona Helmsley, Maddie's Fund, petition, Rick Avanzino, Trouble, trustees, will
Posted in Wills | No Comments »

Avoid getting burned by Statute of Limitations

Wednesday, July 22nd, 2009

This is the scenario: about 10 years ago, someone was named as executor of the will of her father and stepmother.  Then, the father passed away at age 86 three years ago.  However, the child did not know who was the attorney nor was given a copy of either wills.  Several months passed and they sold their home.  The stepmother sold all the family’s belongings in a yard sale and eventually moved out of town without notifying the children.

Since the father owned a business before retiring, he had accumulated a great deal of wealth.  However, the stepmother moved to another town and ceased all communication with the family after the cremation.

First of all, you shouldn’t wait for three years after death before beginning the estate process.  The fact that you were named as executor means that you have the right to be appointed as personal representative.  So if the second wife should open the estate, you would be given notice.  Also, if the father placed all funds in the joint accounts and transferred the home to the wife, nothing would be left to pass under the will.

In this case, there is huge delay in tending to business causes.  It causes several problems because of the statutes of limitation created to end the litigation.

Tags: attorney, estate, executor, litigation, personal representative, stepmother, will, Wills
Posted in Wills | No Comments »

Jackson’s Movie Deal may strengthen his Estate

Monday, July 20th, 2009

Business executive John McClain and attorney John Branca are talking with AEG Live, the exclusive promoter of Michael Jackson’s supposed London concerts.  The late Jackson was preparing for these concerts before his sudden death on June 25; nevertheless, the videotape of his rehearsals could still be used to create a DVD or movie that would be sold to millions of fans.

Reportedly, Sony will pay $50-$60 million for the footage and this agreement would be announced any day from now.  Legal experts are saying that this deal could strengthen McClain and Branca’s control of Jackson’s estate, since they’re proving to the judge that they have the acumen in handling Jackson’s business.

At stake here is the control of King of Pop’s estate that is believed to be $200 million net of his $500 million debt.  Initially, Katherine Jackson, his 79-year-old mother was given temporary control; however, a 2002 will that Jackson signed have surfaced naming McClain and Branca as executors.  Therefore, a judge temporarily transferred control to them while the attorneys of Katherine Jackson are discussing to challenge their appointment.

The hearing is set for August 3.  Moreover, an attorney expert in legal matters including wills said that McClain and Branca clearly have an advantage since Jackson nominated them as executors in his will.    

Tags: AEG Live, attorney, attorneys, estate, John Branca, John McClain, Katherine Jackson, King of Pop, legal, Michael Jackson, Sony, will, Wills
Posted in Estate Planning, Wills | No Comments »

Estate of McNair in Limbo

Monday, July 20th, 2009

Former quarterback of Tennessee Titans, Steve McNair, left no will.  As a result, one of his son’s family (the one born before his marriage), was laying claim to their inheritance.  This could set up one lengthy legal battle.

David Callahan, Nashville attorney of Mechelle McNair (Steve’s wife), said that she’s determining the net worth of her husband.  A probate court judge in Davidson County granted her 60 days to complete this process as a response to her emergency petition.

The probate court filing states that the heirs are Mechelle McNair and her sons Trenton, 6, and Tyler, 11.  However, she can’t confirm whether the other two older sons of her husband are actually his.  Her husband died suddenly as he was shot on July 4 by a woman he was dating.

Steve McNair’s oldest son is Steven McNair Jr., Oak Grove High’s senior star wide receiver while his second son is Steven O’Brian McNair, 15-year old.  Cotina Feazell, the mother of Steven McNair Jr. did not find any records that the quarterback completed any estate planning or set up trust funds.

Attorneys say that even if the other women were not married to McNair, his sons are still eligible to the inheritance under state law.  There might be certain blood tests or other issues but all they need to do is hire an attorney to make a claim.

Tags: attorney, court, David Callahan, Estate Planning, inheritance, law, legal, probate, son, Steve McNair, Tennessee Titans, trust funds, will
Posted in Estate Planning, Wills | No Comments »

Asset Descent and Distribution in Illinois

Saturday, July 18th, 2009

Every state has its own descent and distribution law which applies if somebody passes away without a will (intestate).  Generally in Illinois, half of the estate would pass to the surviving spouse and then the other half would be equally divided to the descendants (like children, etc).

For assets with named beneficiaries already or those titled jointly will not be part of the estate of a decedent spouse; therefore, these would pass directly to the beneficiary or joint tenant.

However, if there are assets titled only to one spouse, it could create a problem.  For instance, your home (or any asset) was titled to your name only due to credit issues, or maybe you already owned the asset even before marriage, then the surviving spouse would only get half of your home and the other half would be inherited by the children.

If this is the case, the surviving spouse needs to get permission from the children before selling the house and would give half of the proceeds to the children after the sale.  Typically, this is not what spouses would intend to do; however, if one of them dies without a will, then their intention will not be admissible in court.    

Tags: beneficiaries, beneficiary, descendants, Illinois, intestate, law, will
Posted in Wills | No Comments »

Online Wills are Essential

Thursday, July 16th, 2009

In your life online, you would normally create passwords and never share them with anyone nor write them down.  That should be alright when you’re alive, but this protection of sensitive information regarding your personal savings, insurance, or asset details can wreak a lot of havoc for your heirs when you die.

With increasing parts of our lives being stored online - password-restricted bank accounts, confidential messages, automatic bill-pay arrangements, and even photos - piecing together all personal information may cause your heirs major headaches.  For instance, if your online savings account is separate from your other regular bank accounts, this account may be overlooked in disbursing your finances to the beneficiaries since all statement notifications arrive exclusively through e-mail.

The chairman of estate-planning department in Springfield Massachussets and an attorney, Hyman Darling, said, “Many times we spend several days trying to locate the information.  Very often, these accounts would not be known for some time.”

But of course, creating a will where the decedent included all details about existing assets would help a lot.  However, it would still not solve the problem of knowing the passwords of certain accounts.  As Michael Palermo (another estate planning attorney) said, “Without these log-in information, the survivors need to ask assistance from the court to gain account access from the company running the online account.  And sometimes, this is not always easy.”  Therefore, it’s important to include these passwords in your will or entrust them to a trusted relative while you’re still alive.  

Tags: account, attorney, Estate Planning, Hyman Darling, Michael Palermo, online, passwords, will
Posted in Wills | No Comments »

Living Wills: Important in All Life Stages

Tuesday, July 14th, 2009

Mitch Albom, the author of the book Tuesdays with Morrie, brought the character of Morrie Schwartz into life.  In the book, Schwartz said “People are acting as if death is so contagious.  But in reality, it’s not contagious.  Death is so natural, as natural as life itself.”  Nevertheless, people still avoid the topics of dying and death, even if this popular biography has successfully made death seem accessible.

It’s a unique human experience to be aware of one’s own mortality.  Although for some people it’s not easy to discuss, most would not want to burden their loved ones of any significant health change or a catastrophic event.  Despite this, however, more than two-thirds of adults don’t have any living will or advance directives.

Young people are mostly the ones who have not expressed future preferences while older adults are more aware on giving instructions about health care and appointing someone to make the medical treatment decisions when they’re stricken with a serious accident or disease.

Remember that whether you’re young, middle-aged, or older, any responsible adult benefits from creating a living will.  When you’ve put your preferences and wishes on paper with the help of an attorney, it’s essential to have a meaningful conversation and discuss it with your family.

Tags: accident, attorney, death, disease, health care, living will, Mitch Albom, Morrie Schwartz, mortality, Tuesdays with Morrie, will
Posted in Wills | Comments Off

Judge Finds Widow Lacks Merit to Sue

Sunday, July 12th, 2009

A Manhattan judge ruled that a widow’s claim for a $9 million malpractice suit for her husband’s attorneys have no merit.  Marilyn Shafer, Supreme Court Justice, ruled that there was no privity between Jean Sorenson Leff, the widow, and Richard Cunningham and William Bush, the attorneys.

Shafer discounted the argument of Leff that occasional interactions between her and the attorneys, which includes her own will preparation, created an attorney-client relationship with regards to her husband’s estate planning.  Shafer wrote that “even if the plaintiff has a subjective belief of an attorney-client relationship, it’s not enough evidence that there is one.”

Due to this, a question was raised on who can sue for malpractice in New York when the attorneys make mistakes in estate planning.  The chair of wills and estates department for Schlesinger Gannon & Lazetera answered, “New York is one of the very few states left with privity doctrine.  Only the decedent has the privity and the right to sue - not even the executor or administrator of the estate could charge malpractice to the attorneys.  Fortunately, more and more states are moving to abandon that doctrine.”

Tags: attorney-client relationship, attorneys, Jean Sorenson Leff, malpractice, Manhattan, Marilyn Shafer, New York, privity, Richard Cunningham, Supreme Court Justice, William Bush
Posted in Estate Planning, Wills | No Comments »

Create Financial Plan for Happy Future

Saturday, July 11th, 2009

There are only a few people who actively plan for their financial success. Some may expect it or hope for it, but only one out of five people actually have a written plan on how they want their financial lives to work out. This is according to the recent financial literacy survey of Retirement Commission.

Author Arun Abey says that “drawing a financial plan may be a minority occupation. However, aside from being purely financial, it would also bring you a sense of wellbeing.” She further said that there’s a feeling of control and high satisfactory rating for people with a financial plan – it doesn’t matter if they’re simple wage earners or a rich accountant.

So, financial planning may also give us a notion of happiness and satisfies us as individuals. If you want to experience the same sense of purpose, you may go to financial planners or estate planning attorneys. When you go to them, you will be asked to fill out a statement of your insurances, debts, assets, and income. Generally, your adviser will also ask you about the household budget and the regular things that you’re spending on. Other estate planning details, such as family trust or will should also be included.

Tags: Arun Abey, attorneys, Estate planning attorneys, Family Trust, financial literacy, financial plan, financial planning, Retirement Commission, will
Posted in Estate Planning, Family Trust, Wills | No Comments »

Your Will Needs to Change

Friday, July 10th, 2009

Since there is a recent decline in properties and personal portfolio, these can affect your asset proportions.  Now would be a good time for you to check if the financial logic behind estate plans and wills still holds.

Rita Brown, estate planner and CPA, said “You cannot really change your will every time there’s a fluctuation in the stock market.  However, if you want your children to have a specific amount of money, and your stock portfolio today no longer allow that, then it’s time to make a change.”

A will can spell out the nomination of an executor, guardian for minor children, any specific gifts, and beneficiaries of your assets.  Software or books are available for any basic will although it’s still necessary to hire an attorney as your accounts and properties become more complex.

When you deduct all your debts from your property’s fair market value, you’ll get the value of your estate.  Also, the value determines whether the beneficiaries will be charged with capital gains taxes and whether there will be estate taxes when you pass away.

For 2009, an estate’s first $3.5 million ($7 million for couples) will be exempt from estate taxes.  Also, there’s a gift tax with $1 million lifetime exemption.

Tags: attorney, debts, estate planner, estate taxes, fair market value, Rita Brown, stock market, stock portfolio, will
Posted in Wills | No Comments »

Employee Left Half of Estate to Employer

Wednesday, July 8th, 2009

For 25 years, Jack Boyle had a job as claims adjuster for State Auto Insurance.  They gave him a good job and a good pension, so now he’s eternally grateful.

Boyle seems like a mystery man who retired in 1978 and died last year at the age of 91.  What’s astonishing is that he left $152,000 - half of his estate - to State Auto.  In his will, he wrote that he is giving the inheritance with no strings attached because of his gratitude to his employer that gave him a livelihood.  The rest of the estate went to his other family members.

Because he didn’t have children, the other half of his estate went to his brother and sister as well as five nephews and nieces.  “He was married twice but was also divorced twice,” said Clifford, 80, his brother who lives near Cleveland.

He was also surprised that his brother would donate that kind of money to his former employer.  People generally leave money to their friends and family, alma mater, or even their favorite charity organization and not to a for-profit insurance company.  “But it’s his money anyway, so it is up to him on what he would do with it,” he concluded.

Tags: Clifford, estate, Jack Boyle, job, pension, State Auto Insurance, will
Posted in Wills | No Comments »

Checklist for Parents’ Will

Monday, July 6th, 2009

As parents, you should be prepared to plan for the unthinkable.  If one or both parents die, anyone could be assigned as guardians to your children.  This means that the courts - not you - would decide their future.  So to guide you through the drafting of your will, consider the following steps:

-Pick a guardian for your children as well as their future assets.  Think about this thoroughly.  Who could be there for them who’ll share your values in the long-term?  What’s surprising is that the person may not be your close blood relative or current romantic interest.

-You can choose one person to raise your child and another one to take care of your money.

-Before making the designation, make sure that your guardian will accept this responsibility.  Divorced parents should make this guardianship decision together.  They could also consider each other to be named as guardian, as the courts would most likely award it to either of them when the other party petitions for it.

-Give a certified “will” copy to your guardian and let them know where you stored the original.

-Pick an attorney who’s board-certified in estates and wills.  It would also be best if they had an advanced training or certification to claim their specialized area.

Tags: assets, attorney, courts, estate, estates, guardian, parents, plan, will, Wills
Posted in Wills | No Comments »

John Wooden Builds Retirement Nest Egg

Sunday, July 5th, 2009

UCLA basketball coach, John Wooden, admitted that he made a wrong decision when he accepted a post in Westwood.  He revealed that he didn’t ask questions and he didn’t know that the coaches were not considered as members of the faculty - they were only paid by Associated Students, the activities arm of the student body.

This means that he was not on the retirement plan of the University, and his situation persisted for 12 years.  Therefore, when he retired even after 10 national titles on record and 27 straight winning seasons, he was not given 12 years of credit for his pension.

The lesson here is to check things out before you continue a long-term career.  When he decided to retire in 1975, he was not certain of his future.  “I know my income after retirement will not be good,” Coach Wooden said.  All he wants is to ensure enough care for his ailing wife, maintain his standard of living, and still have something left for the children

Fortunately, his retirement had opened a new world of possibilities.  He has a steady book output that bears basketball coaching tips as well as life lessons and a steady income from several speaking engagements.  In fact, his last engagement has just been finished recently.

Now, he has a handwritten will and an old family trust.  These documents need to be updated because his estate had grown sharply due to book royalties and speaking fees.

Tags: basketball coach, estate, Family Trust, John Wooden, retirement, UCLA, University, Westwood, will
Posted in Family Trust, Wills | No Comments »

Possible Legal Struggle in Jackson’s Will

Saturday, July 4th, 2009

The value of Michael Jackson’s estate, mostly in holdings aside from cash, has been estimated over $500 million. However, Jackson also carried a huge debt when his career foundered recently, mostly due to accusations of child molestation.  Even if he was acquitted in 2005, his career struggled although he had just planned a comeback through a series of concerts supposed to begin this summer.

Mrs. Katherine Jackson, mother of Michael, requested to have control of her son’s real estate holdings, financial accounts, and stake in Sony/ATV Music Publishing catalog (including works of Beatles).  The will named John McClain (longtime friend) and John Branca (lawyer) as executors.  Another person, Barry Siegel, was named as co-executor; however, according to the court papers recently filed, Mr. Siegel already resigned from his position in 2003.

Michael Jackson gave full power over financial matters to the executors - this include mortgaging, leasing, or selling his property, continuation of any business enterprise, and selling or buying of assets.  It was reported that before he died, Jackson wanted to raise money coming from his belongings.  He moved costumes, jewelry, artwork, luxury cars, and other property from Neverland last year to host an auction.  However, it never took place.

Tags: auction, Barry Siegel, estate, John Branca, John McClain, Katherine Jackson, Michael Jackson, Neverland, will
Posted in Wills | No Comments »

Common Answers about Trusts and Wills

Thursday, July 2nd, 2009

There are no additional filings or fees in setting up a trust.  However, it’s likely more complicated and more expensive compared to drawing up a will.  The costs vary widely - it would depend on the complexity and size of the estate - attorneys could charge several thousands of dollars on these documents.  But for most basic estates, wills could cost about $500 each, according to Steve Akers, a managing director of a New York wealth-management firm named Bessemer Trust Co.

Anybody having possession of your will (usually your attorney) is obligated to file it in the courts upon your death.  Therefore, Akers stressed that you should leave copies of your trusts with your designated trustees or attorneys.

A common reason for choosing to set up a trust instead of a will is to avoid the court proceedings.  These wills need to be filed in probate court in order to be executed, which means that they become public documents.  Costs could be between 1-3% and administrative court fees would come out of the estate.  Use of wills are more common in states that have simpler court procedures and hearings are quick (sometimes even for 15 minutes).  While with trust, your assets will be simply transferred to designated trustees (or trustee) upon your death.

Tags: attorney, attorneys, Bessemer Trust Co., court, Steve Akers, trust, trustee, trusteees, will, Wills
Posted in Family Trust, Wills | No Comments »

Event Helps Heroes to Prepare their Wills

Tuesday, June 30th, 2009

Men and women who are putting their own lives on the line each and every day to serve and protect the people should have readied documents to protect their families’ future and assets when an unfortunate event happens to them.  This is according to the lawyers that came to Moriarty Civic Center on Saturday.

Torrance County launched “Wills for Heroes,” a public service program that offers free health care directives, power of attorney, and wills for first responders as well as their spouses.

Eleven attorneys came to draft the documents at Civic Center, many of them coming from Santa Fe and Albuquerque.  First responders were invited from the county including paramedics, police departments, and fire departments.  The service is free, with a potential savings of $600 - the average cost of creating and notarizing all the wills and other documents needed by a person and their spouse.   ”It’s a one-stop shop and the people will have legally active documents when they walk away from here,” said Matt Page, Assistant District Attorney.

“I want to create a will because I don’t want machines to keep me alive if I become incapacitated, and I also don’t want my own family to make these kinds of decisions for me,” says Susan Enchinias, Moriarty Police Officer.  

Tags: Albuquerque, assets, attorney, attorneys, heroes, lawyers, Moriarty Civic Center, police officer, responders, Santa Fe, Wills
Posted in Wills | No Comments »

Will of Michael Jackson Found

Sunday, June 28th, 2009

The family of Michael Jackson believed that he died without a will.  However, their lawyer said that he has one and suggested that there may be other wills that exist related to the late singer’s estate division.

The family attorney, L. Londell McMillan, said “I just saw his will this morning for the first time.  We’re in the process of review.  My various advisers are still looking for other additional documents.  We wish that we have known it earlier.”

This will was drawn by John Branca in 2002.  He’s the attorney of Michael Jackson from 1980 - 2006.  It’s expected that he’ll submit the will to Los Angeles Superior Court by next week.  Mr. Branca and John McClain, music executive and the singer’s long time friend, are the will’s executors.

According to the will, it’s clear that Jackson’s desire was for his mother to take guardianship of his children.  His estate is also believed to be divided between his children, mother, and charities.  They’re not expecting to see the name of his father, Joe Jackson, because they had some troubled relationship.

Although no further details were disclosed about the will’s content, it’s believed that its mere existence greatly affects the petition made by Katherine Jackson, his mother, to become the estate’s administrator.  

Tags: attorney, estate, famiy attorney, Joe Jackson, John Branca, John McClain, Katherine Jackson, L. Londell McMillan, Los Angeles Superior Court, Michael Jackson, singer, will
Posted in Wills | No Comments »

60% of Canadians Don’t Have Wills

Saturday, June 27th, 2009

The chance of catching a fire in your house is only one-in-230; but people are lining up to get property insurance, just to be sure.  Meanwhile, the odds of death are one-in-one; despite this, over 60% of Canadians do not have a will or even a comprehensive estate plan.  This is according to Society of Trust & Estate Practitioners.

Maybe it’s an issue of facing mortality or not wanting to place a burden to the family.  Most of the time, people don’t see any immediate benefit of planning for the estate, or sometimes, they just don’t know where to start.

Everyone should make a will, regardless of your wealth.  An estate is everything you own - this includes property, investments, and real estate.  At the same time, it also includes all the debts you owe.

The objective of most people is to make sure that their family is financially secure when they die (though in some cases, beneficiaries may also include charities or non-family members).  So an effective “will” does not only make sure that it states clearly who should get what, but rather, distributes the assets tax-effectively and efficiently.  It’s also critical that your assets are managed before you are incapacitated or ill.

The first step would be to pull together a team of experts to guide you.  It’s recommended that you include a financial adviser, tax professional, and a lawyer, who can be your overall coordinator.

Tags: debts, estate, estate plan, experts, financial adviser, investment, lawyer, property, real estate, tax professional, wealth, will
Posted in Wills | No Comments »

Roles of the Testator

Wednesday, June 24th, 2009

A testator is a person who will decide on the beneficiaries of their estate. If there’s no will, the estate will just be divided according to laws of intestacy, and this may result in another outcome which is not the wish of the deceased.

For instance, significant sums of money may pass to the children instead of the surviving spouse.  Though it may be desirable to have some funds for the children, the testator can provide a limit or the final decision on the beneficiaries that he or she decides to give benefit to.

Also, the testator can select an individual to be their executor.  This individual will be responsible for administering the estate of the testator.  Testators should not only choose individuals that they trust, but most important, those whom they think can cope up with the stress of the role.  Also, the executors may need to apply for insurance in order to protect the estate.

Every testator should make sure that he or she has an accurate and up-to-date will since a well-drafted will may also be a very vital tax-planning tool.  More people can be caught up with inheritance tax or death duties, but these can be avoided easily if the testator seriously considered the creation of a will.

Tags: beneficiaries, estate, executor, inheritance tax, intestacy, testator, will
Posted in Wills | No Comments »

Preventing Family Feuds from Wills

Monday, June 22nd, 2009

It’s easy to divide your assets in preparing a will.  However, the real challenge is to prepare a document that will ensure peace after you die.  “So many wills are like ticking time bombs,” said Les Kotzer, a wills and estate lawyer.  From experience, he knows that a loosely worded will (or no will at all) typically create long-lasting family feuds.

“Too many wills are simply outdated, not worded properly, or doesn’t take into consideration specific family issues.  Quite often, this is a recipe for family battle when I review wills for clients,” he added.

He warned that people are making a big mistake in planning a will when they don’t talk about its contents to the benefactors.  “Often, the topic is considered taboo, especially when kids don’t want to seem greedy and the parents don’t want to talk about death to their kids.  But parents should be talking with their children now,” he emphasized.

This talk should include the decision on who would likely be the best executor.  For example, are you going to pick your eldest son just because he’s good at math and he’s the first born?  It may not be a good idea.  The executor has great power so it should not go to someone who will likely abuse it.

Tags: assets, estate lawyer, executor, lawyer, Les Kotzer, will, Wills
Posted in Wills | No Comments »

Legal Terms in a Will

Saturday, June 20th, 2009

You’ve probably watched this scene in a movie - a family sits in an office while an attorney reads a last will and testament from their wealthy grandfather.  And then it reads “Being of sound body and mind, I, Reginald V. Gotrocks, hereby bequeath all my fortune and possessions to one person who’s been there for me rain or shine, day in or day out…..my mailman Jim.”

The next thing that would happen is that the family may vow to contest the crazy will of the old man.  Unfortunately, if the will has been properly drafted, it’s one of the iron-clad documents in law.

The truth is that everyone of legal age should have a will.  If not, the court will never know how you intend to dispose your possessions - be it land, money, computer, or your pet cat.

It’s also important to know the legal terms in a will:

• Testator - person who owns the will
• Executor - person who’ll carry it out
• Beneficiary - recipient of the  assets
• Probate - court that will prove the will’s validity
• Bequest - gift of personal property coming from testator to beneficiary
• Codicil - written amendment to the will
• Intestate - a person have died without a will (opposite of “testate”)
• Trust - entity holding assets until later, which also allows the beneficiary to bypass probate.
• .

Tags: attorney, beneficiary, bequest, codicil, court, executor, intestate, probate, testator, trust, will, will and testament
Posted in Wills | No Comments »

You Need a Basic Will

Thursday, June 18th, 2009

It’s a pretty good advice to say that “if you are not doing anything to care for your legal affairs, then you should write a will.”  It’s a known fact that if you don’t create a will before you pass away, the state law will determine who will get your property.  Also, a judge may be the one to decide who will take care of your children.  It’s scary to think that their choice may not be whom you will choose.

You might think that it’s a daunting task to write such an important document.  However, you can confidently purchase software or use a self-help book to create a legal binding will that will:

• -Name a guardian to take care of your children (minors)
• -Name someone to manage the property that you will leave to your children
• -Leave your property to organizations or people you choose
• -Name your executor, or the person authorized to carry out the terms of your will

The safest way for you to make a will is to consult an attorney experienced in helping people create it.  The rule of thumb is that if you’re below 50 years old and don’t expect to pass on valuable assets subject to estate tax, then you can probably have a basic will.  However as you acquire more property in your old age, you’ll most likely engage in a more sophisticated planning.                                                                                                                                               

Tags: advice, attorney, basic will, estate tax, executor, property, state law, valuable assets, will
Posted in Wills | No Comments »