Estate Planning Decisions

Many people don’t take the time to think about estate planning law, mostly because they believe it does not benefits them. This is because they do not know how it helps them. Here are three advantages to consider:

On a living will, an individual can express if they would prefer not to be resuscitated or if they don’t want to be living artificially on life-support. Additionally, living wills establish a written declaration of a power of attorney, establishing a person who may legally speak on behalf of a patient who is unable to do so. Living wills are crucial pieces of documentation that are necessary for the dignity and wishes of a person who may fall unexpectedly into a life-threatening condition. If a person does not wish to live artificially on life support, a living will may be the only documentation that can secure their right to die with what they choose to be a dignified death. Unfortunately, living wills are not too common, resulting in countless Americans whose lives are extended long after they wish to live. In order to get a living will, one can either hire an attorney and have the attorney draft a living will or there are templates available that can be filled out and submitted for notarization.

In this worksheet, I went through estate-planning checklist and figured out the location of every important legal document. It is imperative to figure out someone an individual trusts, whether it is a family member or close friend who knows the answers to the difficult questions when someone dies. Some of the items on the checklist I have organized safely at my house and my father knows where my will, tax returns, personal information, and other significant legal documents are located. I hope that no one will have to use any of these legal documents for me in the future, because I have a lot of estate-planning left to do. I trust my dad if the event were to happen and I know things would be taken care of appropriately.

One decision that must be made when drafting your Will, is who to name as Executor of the Estate. An Executor is an individual, named in the Will, who will administer the estate. This involves everything from opening an estate checking account and paying the final debts of the estate (funeral bills, final utility bills, etc.) to making sure the beneficiaries receive the assets of the decedent.

Most people will not have a will, but if you do it's probably what we like to call a "John loves Mary will". Typically these wills make estate tax disasters because they require everything to be probated. Let's say your family gets into a car accident, and your will states that upon your death everything goes to your spouse. If only you die in this accident your spouse will avoid estate taxes, but anything not owned as joint tenants with go through probate.

Even if you have a will, you still need to have beneficiary designations on your retirement and life insurance accounts. Your will does not cover these assets. Make sure to check all your life insurance policies, retirement accounts and annuities.

There are two reasons, really. The first is that folks don't like to think about death. The second is that they believe their estate with automatically pass to their heirs even if they don't have a will. The former is undeniable, the latter is a misconception. If you pass away without a will, also known as intestate, a state court must decide how to allocate your assets.

Preparing a will is often an unwanted task. Many individuals consider the need for drafting a will is only for the extremely wealthy or senior citizens. Approaching a will as a form of protection for your family and loved after your death may help in creating your first version. The legal document gives instructions and details to the executor about your final wishes. The will allows you to name guardianship of minor children and details of the distribution of property and assets.

Now that you are aware of a few myths about probate, you can prepare yourself for what your loved ones will have to deal with after you pass

Not all states have the same laws regarding wills. What may be the law in one state, is not always the same in another, so when planning for the future, it is important that people understand how legal matters are handled in Alabama. For example, a lot of people choose to write their wills. This is an option, however, it will be considered invalid because Alabama law will only consider wills that handwritten. Should a will be absent or considered invalid, property and assets are at risk of being distributed according to Alabama law.

Let's say you're setting up your will. Wills get challenged sometimes, but it's fairly rare. More importantly, it'll happen after you're out of the picture.

Recommendation: You had a Will created for both of you on December 31, 1999. We recommend updating your Will. Under your current Will, there is no Living Wills, Medical Directive or Power of Attorney. Below we will discuss in depth why these documents are important to estate planning.

The Will is one of many essential elements of a solid estate plan. However, the Will only covers assets that comprise the probate estate. Other assets (non-probate assets) are not controlled by the Will. If you need to verify that your entire estate is covered, but you aren’t sure if non-probate assets have been taken into consideration, please get in touch with an experienced Arizona estate planning attorney. If you already have an attorney preparing your estate plan, make sure they are aware of both types of assets.

Remember that living wills only become active when the patient becomes terminally ill – when death is imminent and the patient can no longer communicate his/her wishes to their physician, spouse, or family. Living will DO NOT become active immediately after you sign them.

Disclaimer: The material in this presentation has been prepared by Barlay Law Group LLC and is general background information about that practice current as at the date of this presentation. This information is given in summary form and does not purport to be complete. Information in this presentation, including any information, should not be considered as advice or recommendations to anyone in relation to running and estate planning law practice and does not take into account your particular objectives, financial situation or needs. Before acting on any information you should consider the appropriateness of the information having regard to