Evaluating Estate Planning

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.

With the revocable living trust, Claire will be able to have her assets put in the trust, and in the future, if she becomes incapacitated, then her trustee can manage things for her, instead of her beneficiaries, or a guardian of the court. A revocable living trust will also allow upon death, privacy of Claire, her beneficiaries and her property. If the revocable trust is designed to become irrevocable upon death it will benefit the beneficiaries in ways that they can design and put several irrevocable trusts in place to protect them and other beneficiaries (Garber, 2017). Claire’s son John, could possibly contest this Living Trust since he is a beneficiary, however if the planner accurately followed State laws, physician assessment guidelines, and uses careful design, chances that John could successfully contest would be slim. John could also contest the Will or the Living Trust if he feels that her capacity level was not accurately assessed during the time of designing and signing the legal documents, hence the reason for witness testimonies along with their signatures to safeguard from such challenge (Garber,

Research also suggest that only twenty-five percent of Americans have a living will but change their minds what it should say. There is only twenty-eight percent of home health care patients, sixty-five of nursing home patients, and eighty-eight percent of hospice patients have some sort of advanced care planning. (Jones 2011) Fewer than fifty percent of the terminally or severely ill patients have living wills or anything of that sort. (Kass-Bartelmes 2003) Those numbers are ridiculously

Whether you have a lot of wealth and property or a modest income and home, we could help you design a will that protects your future and ensure you wishes are observed during and after your life. We'll provide you with personal attention and help you see to every detail as you plan for your family's future.

Speak with an estate attorney as soon as possible if you are looking to get a little bit of help creating a will. You'll want to work with an estate attorney because they can help make sure that your wishes are met after you pass and help you discover ways to maximize your family's

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.

The main point of this video is the magnitude of participating in estate planning. One important aspect is making a will. The You Tube video I chose was from a law firm called, “Argon Law”. The speaker emphasized the advantages and disadvantages of making a will, so your wishes for the distribution of your assets at death/tragedy will be meet. “This includes Assets held by companies, assets held in trusts, and proceeds of life insurance are a few of the processes you must think about. One important statement he made. The law allows for your spouse, child or dependent to challenge your will after you die.”(Gallagher, 2014).

Your binder should be reviewed periodically and updated to reflect the changes that happen in your life. If it's not, you may find down the line that your estate plan no longer reflects your wishes as well as it should. Keeping it updated along the way assures that your plan is ready when you need it most.

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.

It can seem like an honor, at first. When people make out their wills, they typically name a trusted person as their executor, who then has a legal responsibility to distribute their property according to the wishes of the deceased, and make sure all debts and creditors are paid.

A Will assists your family members and a solicitor during periods of unexpected ailment. In the Will, you can appoint a trusted person to make significant decisions on medical care or funeral expenditures. Moreover, you can include the name of the individual whom you would wish to be an executor of your bequest. An executor is an important person in the allocation of the inheritance, and he or she will work together with a solicitor, to ensure appropriate execution of your desires.

However, a will is only useful when a person is on their deathbed and is used to declare your desire to have or not have not have life-saving measures taken if there is a slim chance of recovery. A power of attorney on the other hand covers all health care decisions and lasts only as long as you are incapable of making decisions on your own. It is often a good idea to have both a will and medical power of attorney to ensure every possible situation is

In addition, the legality of living wills is still being challenged in about 25 percent of all cases, decisions are made -– by family or physician – that are contrary to the patient’s wishes as stated in their living will (i.e.

Asset Distribution: No matter how many times you've expressed your wishes in conversation with your family, a will is the only legally enforceable means of ensuring that your property goes to the beneficiaries you want. Without it, the state will distribute your assets according to a formula that doesn't take into account your actual relationships, or lack thereof.