Parents of children with special needs face unique and often troubling obstacles when attempting to financially plan for the future. Most often, these parents substantially rely on supplemental security income (SSI) benefits through the Social Security Administration, which helps to pay for treatments and necessary special needs programs.

The dilemma faced when planning for the child’s financial future is that an outright bequeath to a child will most likely disqualify them for public assistance, and the child is also most likely unable to care for themselves. Parents are often faced with the very real possibility of having to disinherit a child in order to preserve the child’s right to receive SSI benefits and other public assistance.

The main goal of an effective financial plan for a special needs child is to provide funds for living without limiting the child’s access to available benefits. A Special Needs Trust helps parents accomplish this goal.

The development of the Special Needs Trust arose because of the need for a vehicle that would enable parents to deal with various governmental restrictions on how it disburses benefits. This planning device is generally based largely on Social Security Administration guidelines which permit payment for certain services without negatively affecting SSI benefits or eligibility status. To achieve its goal in preserving public assistance eligibility, the Special Needs Trust must be carefully structured as a fund which supplements, without supplanting, SSI provisions for the child’s needs in areas such as housing, food and clothing.

As with most trusts, a Special Needs Trust requires four essential elements: (1) a corpus (the money or assets placed in the trust); (2) a beneficiary (the special needs child); (3) a trustee who distributes the funds and has discretion over such disbursements; (4) a purpose, often set out in the trust document, which guides how the funds will be distributed. An attorney experienced in trust creation and maintenance should be used in order to ensure that the trust document accurately and effectively accomplishes its goal.

The trust document must accurately describe the relationship between the corpus, the trustee and the beneficiary. In order to maintain its discretionary nature, the beneficiary must be kept from personally receiving the body of the trust for any purpose other that set out in the document itself. The trustee’s role is the most important aspect of the Special Needs Trust. When choosing a trustee, the settlors (parents) of the trust must elect a person of trustworthy character who will fulfill his or her fiduciary duties to the beneficiary. The trustee should generally be prohibited from giving cash to the beneficiary, as doing so could cause the cash to be considered income, affecting the beneficiary’s eligibility for SSI benefits. The most important element of a Special Needs Trust is the trustee’s absolute discretion in determining the timing and amount of distributions. The discretionary status of the trust is necessary in order to keep the beneficiary eligible for public benefits. While there is no formal mechanism to ensure that trustees uphold their duty to provide for the child, if it is found that the trustee failed to inquire as to the welfare of the beneficiary they may be held personally liable for their failure to inquire into the beneficiaries status.

See, Marsman v. Nasca, 573 N.E.2d 1025 (Ma. 1991).
Without absolute trustee discretion in making distributions, the trust corpus could be deemed income of the child, disqualifying them from SSI or Medicaid benefits (in Massachusetts, individuals who are eligible for SSI benefits are automatically eligible for Medicaid benefits). It is important to keep in mind that the purpose of the trust must be to add to and not replace existing governmental benefits. The trust document must explicitly instruct the trustee only to make distributions for items which are not covered by government benefit programs.

It is not necessary that a Special Needs Trust be created with funds sufficient to provide for care of the child over their entire lifetime, but at some point over the course of the trust this goal should be achieved. An experienced attorney with financial and estate planning expertise can help design the means to achieve this goal. With the assistance of an experienced attorney, there are several steps that parents can take to work toward adequate funding. Some potential strategies include (1) using the Special Needs Trust as a pour-over trust, with the trust to receive a portion of the parents’ estate on their death; (2) directing investment income into the trust; (3) placing real property into the trust as part of its corpus; and (4) encouraging family gifts to the trust, rather than directly to the child. There are many options available to the parents of a special needs child in order to ensure that the child is able to achieve adequate assistance over the course of his or her life. An experienced estate planner can advise any concerned parent of every option available and can help to achieve the most optimal and efficient vehicle for providing assistance to the child over the course of his or her lifetime.

This article was written by Nicholas J. Deleault, who writes estate planning articles for Goldstein and Clegg, LLC

Article Source: http://EzineArticles.com/?expert=Nicholas_Deleault

In making provisions for the one’s children’s care, an important consideration would be the appointment of a suitable guardian.

By appointing an individual or couple as guardian(s), usually via a will or a deed instrument, you’re ensuring that your child’s care will not be neglected during their bereavement. It is also a proactive step towards comprehensive estate planning.

But how do you appoint a guardian? What are the qualifications of a suitable guardian?

Appointing a guardian is easy; parents who have written their wills would not have missed the provision regarding the appointment of guardians for children below 21 years of age. Legally one can appoint guardians through several channels, but the simplest and most cost-effective way is via a will. It makes more sense (to appoint in a will) instead of through a special deed document, for instance, as the cost of writing a will is inclusive of the guardianship portion.

The law doesn’t require the testator to acquire a written or official consent from appointed guardians. However, for practical reasons and to avoid future disputes, it is best that you inform and obtain, at the very least, verbal approval from your chosen guardian. Thus, the guardian is fully prepared to look after the child’s care if the sad situation arises.

However, note that an appointment is not legally binding on the guardian. Naming someone as a guardian doesn’t bind the person legally. It’s only an indication of the testator’s preference. When it’s time for the appointed guardian to assume the role, he can decline by citing valid reasons. There are no penalties.

Parents should note that the naming of guardians is crucial if they have young children who cannot fend for themselves if they’re left orphaned. If parents die without a will, or with a will that does not address the issue of guardianship, the children will most likely be put under the care of the Welfare Department or placed in an orphanage.

For parents, the challenge lies in appointing suitable guardians. From the legal perspective, there are no stipulated criteria for suitable guardians. The law doesn’t restrict anyone from appointing one’s preferred persons as guardians. It’s a matter that is close to the heart and the wrong decision will leave behind a lasting impact on the child’s care. For this reason, testators must exercise sufficient care and caution.

It is advisable for couples to discuss and come to an agreement on the choice of guardians. This is to avoid disputes when the wills are executed. If the spouses name different persons, the matter will likely be referred to the court and a final decision will be taken based on the court order.

When appointing a guardian, the focus isn’t so much on the material well – being but the ability of the person to provide adequate affection and a positive living environment for the children. It’s more important for the person to have good parental instincts and capability.

The person should ideally be someone who will be able to love and care for your children just the way you do, maybe not in exactly the same way, but will put in that much of effort in carrying out the role.

Michael Russell

Your Independent guide to Child Care—-Article Source: http://EzineArticles.com/?expert=Michael_Russell

But thankfully this story has a happier ending and in no small part due to a little piece of paper she carried with her in her purse.

Mary was 87 years old. She was single – never married and never had children.

Few people visited and she left her home rarely; just to attend church and to buy food.

Early in January 2005, she visited my office (I am an estate planning attorney) to organize her estate.

We updated her documents to include the new HIPAA language. She desired that all her money (nearly half a million dollars) go to her church. She requested I be her personal representative to carry out her wishes.

At that time she also signed her pocket living will which folds up into the size of a credit card so it could be carried in its clear vinyl cover in her wallet.

One hot summer day last year her mail-carrier became alarmed at the uncollected mail in her box and alerted the police. Breaking in, they found her dehydrated and unconscious in the corner where she had laid for an unknown number of days.

At the hospital an alert physician found my name on her pocket living will which was in her wallet and called me. I immediately went to the hospital to make sure her health care wishes were followed.

Happily, she surprised everyone and began to gain strength and was soon able to carry on simple conversations.

When she was well enough, I transferred her to an excellent nursing care facility where I could go visit her often. It was finally determined that the cause of her collapse was terminal
cancer. She died 4 months later.

But what might have happened to Mary if they hadn’t known who to contact?

What if she didn’t carry her pocket living will in her purse?

The doctors would not know who to contact
She probably would have been assigned to a state funded
nursing facility.
The court would have appointed a conservator to make
decisions.
Had I not been contacted, her Last Will and Testament
might never have been discovered
Her estate would have been declared “intestate” meaning the courts and state law would decide who would receive the inheritance. Because she had no known living relatives, the state would have inherited everything instead of her church.
The good news is that because of the little piece of paper she carried (a pocket living will) her wishes were honored.

Visit http://www.StevenAllen.com for tips and tools on Estate Planning. To obtain a pocket living will visit PocketLivingWill. Steven W. Allen has been a practicing Estate Planning attorney for over 30 years and is the author of four books including “You Can’t Take It With You…So How Will You Leave It Behind?”. Go to Estate Planning Doctor and download a free chapter. —Article Source: http://EzineArticles.com/?expert=Steven_W._Allen

When I was in law school I was horrified to read all the cases about parents who died in accidents, leaving behind minor children but no directions as to who was to raise them. What almost always happens is that the custody battle between the grandparents results in such hard feelings that the “winner” cuts the “losing” side of the family out of the children’s lives. Imagine the shock of suddenly being an orphan and now you have lost your grandmother, grandfather, aunts, uncles and cousins on one whole side of the family. If you think about nasty custody battles in divorce cases you can imagine what happens when parents die without a current will. Imagine losing a child and the ONLY connection you have to your dead child is your grandchildren. Each side of the family wants custody and if you don’t have a will the only way custody will be settled is in court. TOTALLY UNNECESSARY!!! As a family law attorney I have seen some really ugly divorces. The LAST thing either side wants is to leave everything they own to their ex but that is what happens when a divorced parent dies. The minor children will not be able to take the life insurance policy, business, house or 1968 Camaro so it follows the child to the surviving parent who gets custody of the children and complete control over the dead parents estate. Wouldn’t you rather have a trusted family member in charge of doling out your money to the children as they need it?

I know what you are saying, “I have other more pressing things to spend money on than hiring a lawyer to do my will. I will get around to it later.” I can appreciate not wanting to spend $500 on a will (Consumer Reports says the national average is $500 for a will). So how about an easy solution that will cost a lot less than $500 and give you and your spouse your own wills and updates each year, access to lawyers 24 hours a day, whenever you need one for any reason. From now on when you have a legal question you will have a toll free number for unlimited free consultations with lawyers in every area of the law, in every state in America. If they lawyer thinks a phone call or letter will solve your problem, they will do that at no extra charge. You will fax them everything BEFORE you sign important documents so YOUR lawyer is protecting your interests. You will have lawyers to represent you for defensible moving violations in and outside of your state and if you have teenage drivers or drive like a teenager yourself you will want the protection of having a complete defense should you or any family member be charged with vehicular manslaughter or negligent homicide (think of the old man in Santa Monica who ran over those 10 people in the farmer’s market or singer Brandy who just killed someone). As long as there are no drug or alcohol allegations, you have a free defense. NO car insurance covers criminal defense if someone dies in a car accident. You have prepaid hours if you are sued, 50 hours of tax attorney time if you are audited, 25% off attorney fees for uncovered matters and nighttime and weekend emergency access to attorneys within 3 rings, again on a toll free number.

What is this amazing thing? Pre Paid Legal insurance. When I saw it I immediately bought it for my family and so can you. For less than a bottle of water a day, you and your family will have the kind of security and peace of mind that has only been available to the wealthy. If you have minor children and no will, act now! As a lawyer I am very aware of how our legal system works. You only get the legal help you can afford. I would rather be rich and guilty then poor and innocent. Until I learned about legal insurance I was convinced that there was no such thing as liberty and justice for all, only for those who could afford it. Now I know the words in the Pledge of Allegiance is true, if you have legal insurance.

Ms. Rachman has been an attorney since 1996 and has been disturbed at the fact that when it comes to justice you get what you pay for. For those who are interested in the idea of protecting your children by doing your will, get more details on my “Homework” page athttp://www.divorce-inaday.com—Article Source: http://EzineArticles.com/?expert=Belinda_Rachman,_Esq

You probably don’t want to think about having an accident or becoming critically ill, but it’s important for you to plan for these situations, especially if you have children or dependents that rely on you for financial and personal care. Something you should consider in your planning is a New Jersey power of attorney. This legal document can save your loved ones a great deal of frustration and help you receive the best care possible if you become unable to make your own medical and financial decisions because of an accident or serious illness.

Power of Attorney

A New Jersey power of attorney is a legal document that is similar to a living will, but is different in how your wishes are designated. In a living will, you specify what kind of medical care you want to receive in the event that you are critically injured or become seriously ill enough that you can no longer make your own decisions. A power of attorney is different because instead of leaving specific instructions for your care, you designate a person to make decisions about your medical care and finances if you become unable to manage them on your own. A husband may designate his wife as his power of attorney or a mother may choose her oldest soon. Having this document in writing can eliminate a lot of stress for your family members if you become injured or ill.

Medical Decisions

Once you have designated a decision maker in your New Jersey power of attorney, that person will make medical decisions for you if you become unable to make them for yourself. This person may be called upon to make decisions about life support, ventilators, feeding tubes, and other medical treatments and diagnostic procedures. If you chose someone you can trust to do the right thing, these decisions will be made in the best interests of you and your family and not in the best interest of the designated decision maker.

Financial Decisions

A New Jersey power of attorney can also designate a person to handle your finances after you become unable to manage them on your own. You don’t need to be critically ill or injured to have your designated person begin managing your finances. Elderly people often designate someone to carry out this responsibility because they have become forgetful or suffer from dementia and other conditions that make managing finances too difficult. You should designate someone trustworthy so that the right decisions will be made. Your power of attorney should make sure your bills are paid and ensure that your money is handled cautiously.

While no one wants to think about being seriously injured or rendered unable to make basic financial and medical decisions, it can happen when you least expect it. Having a New Jersey power of attorney drafted before you actually need it can save your family a lot of heartache and confusion and help ensure that your wishes are carried out by someone you trust.

Looking for the best NJ Lawyer ? Look no further, check out our New Jersey Lawyers website today!

Article Source: http://EzineArticles.com/?expert=Michael_Tasner

NOTE: The below is general information. I am not an attorney. All legal and financial decision should be made after consulting with a legal or financial professional.

There are many ways to take care of your loved ones and forward planning, in the form of revokable trusts and living wills, are one of the most secure and responsible ways to do so. Both of them can relieve your relatives of the need to make hard decisions at extremely stressful times and with a little bit of information, you will see why both of these options are important ones for you.

In terms of definition, both living wills and revokable trusts are very simple. A living will essentially puts you in a position where you create documentation that will tell your doctors what you want to happen to you in case you are in a persistent vegetative state and cannot communicate. A revokable trust, on the other hand, helps you determine the fate of your property if you should become incapacitated.

A revokable living trust has several advantages over a will. In a revokable trust, essentially, you set it up while you’re alive and you put your property in trust with yourself as the primary trustee. Most likely, you will end up declaring a secondary trustee who will manage the property should you become unavailable. The beneficiaries are the people who will receive the property when you pass on.

One advantage that a revokable trust has over a will is that it can outline the disposition of your property if you should become incapacitated, whether through accident or injury. A living will will outline your care should such a thing come to pass. Both of these documents should be witnessed by at least two people. Depending on the state, you might need to have the documents notarized as well.

With a revokable trust in place, your property will never have to go through probate, something that can take months, even years. This can ensure the continued support of your children and dependents, with no lag in between.

Both of these documents are extremely important in terms comfort for your loved ones and peace of mind for you. If the worst occurs and you do end up in a situation where they become necessary, these will be very important documents, both for yourself and your family.

To get your hands on this exact form right now, be sure to check it all out at the LegalForms360 section for revokable trust living will.

Article Source: http://EzineArticles.com/?expert=Ray_Stewart

What Does a Living Will Cover?

There are some people that think this type of will is used only to direct health care providers to withhold necessary medical treatment. While many do use one for this type of instruction, it is also a way for a person to ask for all available medical techniques and treatments should they want them. These wills are complicated because they deal with medical issues so it is always a good idea to consult with your doctor so he can clarify any treatments or techniques you are unsure of.

One thing to keep in mind is the will’s legality does not take effect until the patient has been medically determined to be terminally ill or is in a permanent vegetative state, unable to communicate medical wishes.

The Difference between a Living Will and Durable Power of Attorney

Some functions of a living will can be performed by a durable power of attorney. The document gives the attorney legal power to make any healthcare decision for a person who is unable to make those decisions for themselves, in some cases it also allows the durable power of attorney to use his/her own judgment. Unlike a living will, a durable power of attorney does not depend on a vegetative state or terminal illness in order to be used. A good example of someone who would be incapable of making their own sound medical decisions is someone with Alzheimer’s.

If you choose not to have a will or appoint a durable power of attorney your family members may end up fighting and arguing over what treatment you should or should not be receiving. Even though a doctor will consult with your family they still may be split in the decision making. Since doctors only consult with family members, if you are unmarried the will and durable power of attorney will enable them to have a say in your health care decisions.

An Attorney-In-Fact

An Attorney-in-Fact is the person you assign power of attorney. Whomever you chose as the proxy for healthcare decisions or attorney-in-fact needs to be someone you trust and is comfortable talking about medical issues. An assertive and diplomatic individual is the preferred choice because you are choosing someone to be your advocacy. They may need to argue with the doctors and even your family members, and in some cases, go to court and fight on your behalf. You need someone who is aware of the choices your have made and will support any and all instructions you have laid out.

More people are choosing to have a living will as it takes the pressure off family members when it comes to making important medical decisions. Medical decisions should never be made with your emotions, but unfortunately it happens too often. This is why a living will is a very important document to have.

Maria Sandella was the primary caregiver for her grandmother for 2 years until her passing. She also worked summers in a long-term care facility while attending college. She now works as an Application Specialist for IntercomsOnline.com, which provides wireless intercom systems that caregivers use for communications with the elderly and disabled. For more information about a caregiver intercom go to http://IntercomsOnline.com

Also read their article titled: Wireless Intercom System for Elderly or Disabled

Article Source: http://EzineArticles.com/?expert=Maria_Sandella

First, calculate your assets. You want to leave clear directions on how to get to the money that you have. Include retirement accounts, properties, checking and savings accounts, as well as any investments that you may have. Include account numbers, statements, contact numbers and addresses of each place that you have money. Don’t forget to include assets that should come from life insurance policies. Leave instructions on how to get to the life insurance. Your life insurance and retirement accounts will usually already have beneficiaries listed, but you may want to include information about these accounts so that they don’t go uncollected.

Second, decide who you want your assets to be left to. Clear direction should be given as to who shall receive each asset, or a percentage of each asset. You may choose to include instructions as to who will receive what portion if one of your heirs should pass away before you. Would the next heir receive their portion? Or would their children receive it? What about their children? Sometimes there is a long line of people waiting to divide up the assets if the person you intended the money to go to passes away before they receive it.

In your will, you should make sure that clear instructions are given if you have children. Name someone to take care of your children in the event that both parents die. Leave instructions on how you want any monies left to children under eighteen to be managed. Specify what portions can be used for college, vehicles, or insurance.

In the United States, you are required to have two witnesses when you sign your will. Both witnesses have to also witness each other signing as a witness to your signing, so they will need to be present at the same time. Generally, you don’t want the witnesses to be people that will eventually benefit from your will. Name someone that you want to carry out the wishes of your will. This person can be a benefactor of the will. In most states, you will need to have a separate notarized form to name an executor, so check with your state laws.

With all of the different laws in your state affecting your will, it is advisable to seek legal advice. Make sure that copies of your will are where the executor can access them. Keep them in separate places and make sure that your executor is informed of where you’re keeping each copy.

If you’re in Utah, contact the Salt Lake City Court Reporters of Thacker + Co for services concerning your will.

Kelly Thacker of Thacker + Co, a full-service court reporting firm in Salt Lake City, Utah. For more information on Salt Lake City Court Reporters, please visit http://www.thackerco.com

Article Source: http://EzineArticles.com/?expert=Kelly_Thacker

There are two grounds for contesting a last will and testament: lack of capacity and undue influence. Lack of testamentary capacity means that the decedent was not of sound mind when he or she made the will. To have testamentary capacity, a person must know in general terms what s/he has and who the natural objects of his bounty are. This is not a high standard, and challenges to a will based on lack of testamentary capacity are usually difficult to win in the absence of good medical evidence that the decedent was mentally incompetent.

More and more, our estate litigation attorneys receive calls from people who claim that the person who made the will was coerced into doing so by someone else, often a child or relative who lived near or with the decedent. Medical advances have resulted in the populace becoming much older. The care and burden of the elderly tends to fall on the shoulders of a child. Even though we like to believe that our parents will always be a great strength and knowledge in our lives, there comes a time when the roles are reversed and the child must take on responsibility for his or her parent. Such responsibilities might include the child taking on the role of caretaker.

In some families one sibling takes on a greater burden of the care of the ill and dependent parent than the other siblings. We have seen many examples where the child who takes on these responsibilities during the parent’s final years, months or even days becomes the sole heir of the parent’s estate. Sometimes, this is the bona fide choice of the parent who feels indebted to the child as a result of the care, and all the siblings are made aware of this arrangement and are in agreement.

Sometimes the arrangement is kept secret, however, and this is when problems arise. When an aged parent suffers from mental or physical infirmity that makes him or her dependent on a child caretaker, the potential for undue influence is present. The phrase undue influence with respect to the making of a will means that a person exerted influence over another such that it destroyed the free agency of the person whose will it is. In cases that we have handled one sibling has had the burden of the care of the parent, while other siblings have had minimal communications with the parent.

There is no way to prevent a sibling from taking an elderly parent to an attorneys’ office and inducing the parent to execute a new will, but some preventive measures can be taken to assure that the elderly parent is not subject to undue influence by the caretaker child.

First, have a family meeting and come to some type of financial arrangement to assist the sibling who has taken on the care of the parent. Memorialize the arrangement in writing. Second, confirm that the parent has a will and discuss the will together as a family. Third, videotape the parent explaining his/her testamentary intent and make sure the parent understands the terms of the will. Fourth, keep the lines of communication with all the siblings and the parent open.

Unfortunately, if undue influence occurs it can be difficult to prove. Because the parent has died, it becomes a situation where the only evidence is circumstantial rather than direct. Some of the circumstantial evidence a Court would find relevant would include: (1) the health of the person at the time s/he signed the will; (2) the observations and factual commentary of the attorney who prepared the will; (3) did the favored child contact the attorney; (4) was this a sudden change in disposition of the estate of the parent; (5) was the favored child at the attorney’s office when the will was signed; (6) did the favored child keep possession of the will; and (7) did the favored child keep the will a secret from the other siblings.

If you have any questions about the last will and testament of someone you know, please do not hesitate to call us.

Elyse Herman, is a senior associate in the Princeton based law firm of Pellettieri, Rabstein & Altman, http://www.pralaw.com

Among her specialties is estate litigation. Ms. Herman can be reached at 609 520-0900.

Article Source: http://EzineArticles.com/?expert=Elyse_C._Herman

The real value of our Last Will and Testament is our loved ones’ protection.

Why is it so many of us put off having our Last Will and Testament executed? Are we afraid to face our own mortality?

I met a well-to-do women once, who went on and on about the cemetery plot she and her husband had purchased some 15 years ago. She didn’t want to leave it up to her children to pick out a plot, because she felt they wouldn’t ‘get it right.’ She wanted a spot on top of a knoll and she paid a premium for it.

When I asked if they had also executed a Will she said something that floored me. She said, “Oh, I’d never have a Will done. That makes me think I’m going to die soon. I’ll wait until I’m old.” She was seventy-six at the time.

So she arranged for a plot on a scenic part of the cemetery, but was afraid to make out a Will because she didn’t want to think about dying. Well, she did die five years later without a Will and her family members are still in court to this day.

What good is having a Will? What’s the benefit?

The truth is when we execute a Will, it’s not for us. That’s right. Wills are for our loved ones, our spouse, our children, relatives, friends, charities and so on.

If we don’t leave a Will, upon our death all bets are off. It becomes the governments’ job to handle our business, to decide how we wanted to bless our beneficiaries.

There was this one gentleman who said he purposely was not going to have a Will done. He wanted to leave his estate in a mess so his beneficiaries would have to, as he stated, ‘fight it out’ in court.

Some common misconceptions of ‘Why I don’t Need A Will’ are listed below.

“I don’t have any assets.”

What is meaningless to you may be precious to other family members, and family members are not always congenial when it comes to dividing assets.

“My family will get the children if something happens.”

The truth is, if you die without a Will, the government will decide who cares for your children.

“Only wealthy people or married couples need a will.”

This is a common misconception among those of us who are not wealthy, that has caused a lot of grief for families who have been left behind.

Does the thought of making out a Will bring our mortality to the forefront? Is our death, something we’d rather not think about? Well newsflash my friend, we’re all going to die someday and we may as well deal with it ahead of time.

A Will Is The Greatest Gift You Will Ever Leave Behind

1. Do you want to leave your loved ones and your assets at the mercy of the government?

2. Do you want to leave your family with endless red tape while they grieve?

3. Do you want a probate judge to divide up your assets or a social worker to determine custody of your children?

4. Do you want to give the IRS a “blank check” to your estate or animal control to seize your pets?

5. Do you want stepchildren or children from a previous marriage left out or your adult children to battle your spouse in court?

6. Do you want a deadbeat parent to be awarded custody of your children or your relatives fighting over family heirlooms?

7. Do you want the State to sell your possessions through probate while your loved ones grieve your death in court?

8. Do you want a stranger making decisions on your behalf when long-lost relatives petition the court for your assets?

9. Did you answer “yes” to any of the questions? Probably not. If you are a responsible adult with a family to protect, you can no doubt see the value in having a Will done.

Don’t Be Caught Dead Without A Will

None of us are planning to die today, yet none of us will get out of this life alive. In fact, there are only two guarantees in life and that’s death and taxes.

If you don’t have a properly written Will in place, your State has one for you. Do you think the government has your best intentions in mind?

Hopefully you’ll want to protect your loved ones and your assets before you die. There are methods you can use to have your Will, Health Care Power of Attorney, and Childrens’ Trust prepared by a top rated law firm, and not break the bank.

If you now have a better understanding of the necessity of having an up-to-date Will in place, but think you cannot afford an attorney, you will benefit from a Legal Services Plan. These plans provide affordable access to quality attorneys, usually on a small monthly payment basis. These plans bring affordability within reach of the ‘average Joe.’

Think About This

When It Comes To The Law: If you’re not protected from the law, you’re subjected to the law. If you don’t know your rights, you don’t have any rights.

If this topic interests you, invest a moment; check out how you can become pro-active protecting your family: http://www.ckdillon.com/Do_You_Need_An_Attorney.html

Contact me anytime at: charles@ckdillon.com.

Thanks again for reading.

CK Dillon is a Certified Identity Theft Risk Management Specialist (CITRMS). He loves to help people fight back against identity theft. It is a battle that can be won, one person at a time. Find out out more about how to ease your mind by having the affordable services of experts a toll free phone call away. http://www.ckdillon.com

Article Source: http://EzineArticles.com/?expert=Ck_Dillon

This is an amusing cartoon but in reality, it’s not funny. Because your widow will be dealing with the heartache of losing you, and the last thing she should have to cope with is the headache and expense of probate.

“My what?”you ask. “I’m not planning on dying any time soon.”

Great. I hope you don’t, because the best way to protect your wife against widowhood is for you not to die. But eventually, you will, just like the rest of us. We just don’t know when that will happen. Could be in ten or twenty years; it could be tomorrow.

It’s tough to think about, but according to the U.S. Census figures, the average age a woman is widowed is 56 years old. Your widow might be on either end of that mean average.

If your wife has relied on you to handle the finances during your marriage, the impact of having to learn all about them during a time of loss is tremendous and a huge emotional burden. If you’re not sharing financial information with her, it’s fair to assume that you don’t consider her to be an equal partner in your marriage.

Uncle Sam considers her an equal partner, especially if you live in a community property state. By legal and financial definition, your wife takes on half of the financial responsibility in your household. If you die, your widow will have to pay off your creditors, even if she doesn’t know about them.

If you don’t have a will, a revocable living trust and durable powers of attorney for medical and financial decisions in case you are incapacitated, you’re showing your wife a side of you that isn’t heroic or manly. You’re practicing avoidance behavior, thinking that if you don’t pay attention to something negative, it won’t happen. Bad things happen to good people all the time, things they couldn’t have foreseen when they left the house that morning.

Your wife, whom you say you love, may never tell you how worried she is about being widowed. She may have tried, but somehow you manage to turn her off by accusing her of nagging or being morbid.

So, she’s stuck. She can’t write your will, or create a living trust without your input. She can’t take your medical exam for an insurance policy. Denying your mortality is like an ostrich burying his head in the sand. This places your wife at risk because she can’t take any action without you.

Your wife may still love you, but she’ll think differently of you if you’re resistant to planning for how she will have to cope on her own. But she may not trust you as much or be as comfortable with you as she used to be. She’s not seeing you the same way because you’re not addressing her need to feel secure and protected in case she is widowed. That wonderful woman, without whom you might be lost, is not going to suddenly be able to take charge of the finances if she hasn’t been involved before.

You have the chance to do something truly heroic. Bite the bullet. Face your mortality. If you really love her, respond to her fears about being widowed. Set things up so she is provided for, even if you’re not going to be part of her life. Start talking about the things you’d like to cover in your estate plan. Include her in gathering the information you’ll need to start the estate planning process. Create a revocable living trust.

Don’t do these this by downloading forms from the internet. See a lawyer who specializes in estate planning. That way, you’re sure things will be done right.

Get long- term care insurance so she doesn’t spend her own golden years taking care of you. Share the financial records with her. If she doesn’t understand them, explain things to her. Make sure she knows your broker, lawyer and accountant. Urge her to meet with them whenever you do. The questions she asks are not dumb questions. They’re simply questions that haven’t been explained properly.

If you really meant those wedding vows of love, honor and cherish, here’s your chance to walk the talk. Life without you will be hard enough for the woman you love. Don’t add to her grief and loss by leaving her with a financial burden she may not know how to handle.

Real men face their mortality. That’s what makes them heroes.

Copyright (c) 2008 Helga Hayse

Helga Hayse teaches women about financial intimacy. She is the author of “Don’t Worry about a Thing, Dear” – Why Women Need Financial Intimacy. The book is based on her research and personal experience of being widowed without warning but financially and emotionally prepared to cope on her own.

http://www.financialintimacy.com

Article Source: http://EzineArticles.com/?expert=Helga_Hayse

As average Americans, we work 80,000 hours in a lifetime, or 45 to 55 years. In spite of all the resources and assets we earn, the vast majority of Americans with assets do not take the time to create a Will. National statistics indicate that 80% of Americans die without leaving a Will. There are several reasons for this: fear of death; procrastination; and misinformation (people presume that only the rich or married with children need to have Wills). Whatever the excuse, it is clear that people would benefit from having a Will.

In the absence of a Will or other legal arrangement to distribute property at death, your partner cannot receive any assets and cannot administer your estate. The result can be lengthy delays and other problems. Individuals in gay or lesbian relationships need properly drafted Wills and estate planning documents more than straight persons. The probate laws generally provide if a person dies without a Will, their property goes to family, rather than a partner they had a relationship with for years or decades.

IF YOU HAVE NO WILL:

If you leave no Will or your Will is declared invalid because it was improperly prepared or is not admissible to probate:

* State law determines who gets assets, not you

* Additional expenses will be incurred and extra work will be required to qualify an administrator
* Possible additional State inheritance taxes and Federal estate taxes

* If you have no s Civil Union , spouse, or close relatives the State may take your property

* The procedure to distribute assets becomes more complicated-and the law makes no exceptions for persons in unusual need or for your own wishes.

* It may also cause fights and lawsuits between your partner and your family

When your loved ones are grieving and dealing with death, they shouldn’t be overwhelmed with disputes over property and Financial concerns. Careful estate planning helps take care of that.

The following is a sample of a variety of clauses and items which should be included in a will for unmarried person:

1st: debts and taxes

2nd: specific bequests to partner, charity, etc

3rd: disposition to partner

4th: disposition of remainder of estate if partner is predeceased

5th: creation of trusts for partner

6th: distribution to children or trust for children

7th: other beneficiaries under 21

8th: executors

9th: trustees

10th: guardians of children

11th: no surety or bond required

12th: powers

13th: self proving will

14th: principal and income

15th: no assignment of bequests

16th: gender

17th: construction of will

18th: no contest clause

A Will must not only be prepared within the legal requirements of the New Jersey Statutes but should also be prepared so it leaves no questions regarding your intentions.

WHY PERIODIC REVIEW IS ESSENTIAL

Even if you have an existing Will, there are many events that occur which may necessitate changes in your Will. Some of these are:

* Domestic Partnership, Marriage, death, birth, divorce or separation affecting people named in your Will

*Significant changes in the value of your total assets or in any particular assets which you own

* Changes in your relationships

* A change in your State domicile

* Death or incapacity of a beneficiary, or death, incapacity or change in residence of a named executor, or of one of the witnesses to the execution of the Will if the Will is not self- proving

*Annual changes in tax law

MAY I CHANGE MY WILL?

Yes. A Will may be modified, added to, or entirely changed at any time before your death provided you are mentally and physically competent and desire to change your Will. You should consider revising your Will whenever there are changes in the size of your estate.

Beware, if you draw lines through items, erase or write over, or add notations to the original Will, it can be destroyed as a legal document. Either a new Will should be legally prepared by an attorney or a Codicil prepared by an attorney signed to legally change portions of the Will.

SAVE MONEY

Probate in New Jersey is not difficult. Your estate will be subject to probate whether or not you have a Will and in most cases, a Will reduces the cost by eliminating the requirements of a bond. When you meet with your attorney to draft a Will, you may also learn ideas to reduce death taxes and other expenses. Don’t pinch pennies now to the detriment of your Partner and beneficiaries. We have attempted to briefly explain in this article some of the issues, techniques, and decisions involved in Wills, Estate Planning, and Administration of an Estate. Because the matters covered are complicated and the Federal and New Jersey laws frequently change, this article can only outline some of the many legal issues you should consider.

The cost of a Will depends on the size and the complexity of the estate and the plans of the person who makes the Will.

A properly drawn Simple Will without Trust costs approximately $300.00 to $600.00. It is one of the most important documents you will ever sign, and may be one of the best bargains you will ever have.

Also, ascertain if your Will is “self-proving”, which would dispense with having to find the Will’s witnesses after death.

WHAT IS A WILL?

“A Will is a Legal written document which, after your death, directs how your individually owned property will be distributed, who will be in charge of your property until it is distributed. You should remember that the term “property” under the law includes “real estate as well as other possessions and rights to receive money or items of value.” Everyone who has at least $3,000 in assets should have a Will. You do not have to be wealthy, married, or near death to do some serious thinking about your Will.

ADMINISTRATION OF AN ESTATE

If you are named the executor or executrix, you must visit the County Surrogate to probate the Will. You will need the following items:

1. The Death Certificate

2. The Original Will

3. Names and Addresses of decedent’s next of kin and will beneficiaries

4. Minimum of $100.00 for Surrogate fees

A state inheritance tax return must be filed and the tax paid on the transfer of real or personal property within eight months after death.

OTHER ITEMS OF CONCERN TO BE PREPARED BY YOUR ATTORNEY

-Power of Attorney- to allow your partner or another person to administer your assets during your lifetime, either upon disability or now

-Living Wills/ Advance Directive- to state your wishes concerning medical care in the event of your serious illness and to allow your partner or another person to make medical decisions.

In the absence of a Power of Attorney or other legal arrangement to distribute property if you become disabled, your partner cannot pay your bills or access your assets. The result can be lengthy delays.

Reasons to have a Power of Attorney

What are these powers of attorney?

A Power of Attorney is a written document in which a competent adult individual (the “principal”) appoints another competent adult individual (the “attorney-in-fact”) to act on the principal’s behalf. In general, an attorney-in-fact may perform any legal function or task which the principal has a legal right to do for him/herself. You may wish to sign a Power of Attorney giving your partner the power to handle your affairs if you become ill or disabled.

The term “durable” in reference to a power of attorney means that the power remains in force for the lifetime of the principal, even if he/she becomes mentally incapacitated. A principal may cancel a power of attorney at any time for any reason. Powers granted on a power of attorney document can be very broad or very narrow in accordance with the needs of the principal.

Why is Power of Attorney so important?

Every adult has day-to-day affairs to manage, such as paying the bills. Many people are under the impression that, in the event of catastrophic illness or injury, a live-in partner, or child can automatically act for them. Unfortunately, this is often wrong, even when joint ownership situations exist. Even under the “new” NJ Domestic Partner Act, you cannot act on behalf of a partner if they become disabled. A Power of Attorney allows your partner or another person to administer your assets during your lifetime, either upon disability or now.

The lack of properly prepared and executed power of attorney can cause extreme difficulties when an individual is stricken with severe illness or injury rendering him/her unable to make decisions or manage financial and medical affairs. New Jersey has a detailed, expensive legal procedures, called Guardianships or conservatorships, to provide for appointment of a Guardian.

These normally require lengthy, formal proceedings and are expensive in court. This means involvement of lawyers to prepare and file the necessary papers and doctors to provide medical testimony regarding the mental incapacity of the subject of the action. The procedures also require the involvement of a temporary guardian to investigate, even intercede, in surrogate proceedings. This can be slow, costly, and very frustrating. In addition, the domestic partner can be challenged in a guardianship by the incapacitated person’s family members.

Advance preparation of the Power of Attorney could avoid the inconvenience and expense of guardianship proceedings. This needs to be done while the principal is competent, alert and aware of the consequences of his / her decision. Once a serious problem occurs, it is usually too late.

The Power of Attorney can be effective immediately upon signing or only upon disability. Some examples of legal powers contained in the Power of Attorney are the following:

1. REAL ESTATE: To execute all contracts, deeds, bonds, mortgages, notes, checks, drafts, money orders, and to lease, collect rents, grant, bargain, sell, or borrow and mortgage, and to manage, compromise, settle, and adjust all matters pertaining to real estate.

2. ENDORSEMENT OF NOTES, ETC.: To make, execute, endorse, accept, and deliver any and all bills of exchange, checks, drafts, notes and trade acceptances.

3. PAYMENT OF NOTES, ETC.: To pay all sums of money, at any time, or times, that may hereafter be owing by me upon any bill of exchange, check, draft, note, or trade acceptance, made, executed, endorsed, accepted, and delivered by me, or for me, and in my name, by my Agent.

4. STOCKS, BONDS, AND SECURITIES: To sell any and all shares of stocks, bonds, or other securities now or hereafter, belonging to me, that may be issued by an association, trust, or corporation whether private or public, and to make, execute, and deliver any assignment, or assignments, of any such shares of stock, bonds, or other securities.

5. CONTRACTS, AGREEMENTS, ETC.: To enter into safe deposit boxes, and to make, sign, execute, and deliver, acknowledge, and perform any contract, agreement, writing, or thing that may, in the opinion of my Agent, be necessary or proper to be entered into, made or signed, sealed, executed, delivered, acknowledged or performed.

6. BANK ACCOUNTS, CERTIFICATES OF DEPOSIT, MONEY MARKET ACCOUNTS, ETC.: To add to or withdraw any amounts from any of my bank accounts, Certificates of Deposit, Money Market Accounts, etc. on my behalf or for my benefit. To make, execute, endorse, accept and deliver any and all checks and drafts, deposit and withdraw funds, acquire and redeem certificates of deposit, in banks, savings and loan associations and other institutions, execute or release such deeds of trust or other security agreements as may be necessary or proper in the exercise of the rights and powers herein granted; Without in any way being limited by or limiting the foregoing, to conduct banking transactions.

7. TAX RETURNS, INSURANCE AND OTHER DOCUMENTS: To sign all Federal, State, and municipal tax returns, insurance forms and any other documents and to represent me in all matters concerning the foregoing.

You should contact your attorney to have a Power of Attorney Prepared, together with a Will, Living Will and other vital Estate Planning documents.

Gay and Lesbians- Living Will/ Advance Directives

Planning Ahead For Your Health Care:

In the absence of a Living Will or other legal arrangement if you become disabled, your partner generally has no say regarding medical care or life support. Your partner cannot access your assets. Your partner cannot receive information on your medical status or medical care. Advance directives are very personal documents and you should feel free to develop one which best suits your own needs.

All States have declared that competent adults have the fundamental right in collaboration with their health care providers, to control decisions about their own health care. States recognize in their law and public policy, the personal right of the individual patient to make voluntary, informed choices to accept, to reject or to choose among alternative courses of medical and surgical treatment. If you have a Living Will, you can designate your partner as a decision maker.

WHY LIVING WILLS

Modern advances in science and medicine have made possible the prolongation of the lives of many seriously ill individuals, without always offering realistic prospects for improvement or cure. For some individuals the possibility of extended life is experienced as meaningful and of benefit. For others, artificial prolongation of life may seem to provide nothing medically necessary or beneficial, serving only to extend suffering and prolong the dying process. States recognize the inherent dignity and value of human life and within this context recognize the fundamental right of individuals to make health care decisions to have life-prolonging medical or surgical means or procedures provided, withheld, or withdrawn.

States recognize the right of competent adults to plan ahead for health care decisions through the execution of advance directives, such as Living Wills and durable powers of attorney, and to have their wishes respected, subject to certain limitations.

PURPOSE OF LIVING WILLS

In order to assure respect for patients’ previously expressed wishes when the capacity to participate actively in decision making has been lost or impaired; to facilitate and encourage a sound decision making process in which patients, health care representatives, families, physicians, and other health care professionals are active participants; to properly consider patients’ interests both in self-determination and in well-being; and to provide necessary and appropriate safeguards concerning the termination of life-sustaining treatment for incompetent patients as the law and public policy of this State, the Legislatures have enacted Living Will/ Advance Directives for Health Care Acts.

REQUIREMENTS OF STATUTE

The advance directive for health care (Living Will) requires a writing executed in accordance with the requirements of the state law. It must be either signed and dated in front of an attorney at law or other person authorized to administer oaths, or in the presence of two subscribing adult witnesses. If the two adult witnesses are used, they both must attest that the declarant is of sound mind and not under undue influence. A designated health care representative shall not act as a witness to the execution of the advance directive. Since this is a legal document, it must be executed properly to be valid under the statute.

HEALTH CARE REPRESENTATIVE

The declarant must designate one or more alternative health care representatives. “Health care representative” means the person designated by you under the Living Will for the purpose of making health care decisions on your behalf.

WHEN DOES THE ADVANCE DIRECTIVE BECOME OPERATIVE

An advance directive becomes operative when

(1) it is transmitted to the attending physician or to the health care institution

(2) it is determined pursuant to the Act that the patient lacks capacity to make a particular health care decision.

Treatment decisions pursuant to an advance directive shall not be made and implemented until there has been a reasonable opportunity to establish and where appropriate confirm, a reliable diagnosis for the patient which shall include the attending physician’s opinion concerning the nature, cause, extent, and probable duration of the patient’s incapacity, and shall be made a part of the patient’s medical records. For additional information or to have a “Living Will” prepared, see your attorney. In addition, be certain your Last Will and testament is up to date.

As Americans, we take it for granted that we are entitled to make decisions about our own health care. Most of the time we make these decisions after talking with our own physician about the advantages and disadvantages of various treatment options. The right of a competent individual to accept or refuse medical treatment is a fundamental right now fully protected by law.

But what happens if serious illness, injury or permanent loss of mental capacity makes us incapable of talking to a doctor and deciding what medical treatments we do or do not want? These situations pose difficult questions to all of us as patients, family members, friends and health care professionals. Who makes these decisions if we can’t make them for ourselves? If we can’t make our preferences known how can we make sure that our wishes will be respected? If disagreements arise among those caring for us about different treatment alternatives how will they be resolved? Is there a way to alleviate the burdens shouldered by family members and loved ones when critical medical decisions must be made?

Living Will:

By using documents known as advance directives for health care, you can answer some of these questions and give yourself the security of knowing that you can continue to have a say in your own treatment. A properly prepared Living Will permits you to plan ahead so you can both make your wishes known, and select someone who will see to it that your wishes are followed.

After all, if you are seriously ill or injured and can’t make decisions for yourself someone will have to decide about your medical care. Doesn’t it make sense to

• Have your partner or another person you trust make decisions for you,

• Provide instructions about the treatment you do and do not want, or

• Both appoint a person to make decisions and provide them with instructions.

Kenneth Vercammen is a Litigation Attorney in Edison, NJ, approximately 17 miles north of Princeton. He often lectures for the New Jersey State Bar Association on Probate, personal injury, criminal / municipal court law and drunk driving. He has published 125 articles in national and New Jersey publications on municipal court and litigation topics. He has served as a Special Acting Prosecutor in seven different cities and towns in New Jersey and also successfully defended hundreds of individuals facing Municipal Court and Criminal Court charges.

In his private practice, he has devoted a substantial portion of his professional time to the preparation and trial of litigated matters. He has appeared in Courts throughout New Jersey several times each week on many personal injury matters, Municipal Court trials, arbitration hearings and contested administrative law hearings.

Since 1985, his primary concentration has been on litigation matters. Mr. Vercammen gained other legal experiences as the Confidential Law Clerk to the Court of Appeals of Maryland (Supreme Court), with the Delaware County, PA District Attorney Office handling Probable Cause Hearings, Middlesex County Probation Dept as a Probation Officer, and an Executive Assistant to Scranton District Magistrate, Thomas Hart, in Scranton, PA.

KENNETH VERCAMMEN & ASSOCIATES, PC
ATTORNEY AT LAW
2053 Woodbridge Ave.
Edison, NJ 08817
(Phone) 732-572-0500
(Fax) 732-572-0030
website: http://www.njlaws.com

Kenneth Vercammen, Esq. – Elder Law bio

Kenneth A. Vercammen is the Managing Attorney at Kenneth Vercammen & Associates in Edison, NJ. He is a New Jersey trial attorney has devoted a substantial portion of his professional time to the preparation and trial of litigated matters. He has appears in Courts throughout New Jersey each week litigation and contested Probate hearings. Mr. Vercammen has published over 125 legal articles in national and New Jersey publications on criminal, elder law, probate and litigation topics. He is a highly regarded lecturer on litigation issues for the American Bar Association, NJ ICLE, New Jersey State Bar Association and Middlesex County Bar Association. His articles have been published in noted publications included New Jersey Law Journal, ABA Law Practice Management Magazine, and New Jersey Lawyer. He is chair of the Elder Law Committee of the American Bar Association General Practice Division. He is also Editor of the ABA Estate Planning Probate Committee Newsletter and also the Criminal Law Committee newsletter. Mr. Vercammen is a recipient of the NJSBA- YLD Service to the Bar Award and past Winner “General Practice Attorney of the Year” from the NJ State Bar Association

He is a 22 year active member of the American Bar Association.

-ABA General Practice Division- Chair Probate & Estate Planning Committee

-Member ABA Real Property, Probate & Trust Section

-YLD- Past Chair of Law Practice Management Committee

Article Source: http://EzineArticles.com/?expert=Kenneth_Vercammen

When Are Wills Usually Read – The Hollywood Version

We all know from Hollywood movies when wills are usually read. First, there’s some character and plot development, setting up an extremely wealthy person who is either very, very old or very, very ill.

One character emerges from the plot as a hero, full of virtue, who perhaps was very attentive and devoted to the deceased. Similarly, one character emerges as a villain, full of evil, who might have been mean and horrible to the deceased, but who may have pretended to love the deceased very much.

At some point, the old, ill, wealthy person dies, and somewhere along that point in the movie, before the plot goes much further and before any other characters are introduced, that is when wills are usually read. All the characters show up in a stuffy law office and listen to the lawyer of the deceased, almost always played by a man, drone on incessantly, reading through all the legalese of a will until he gets to the point where, unbelievably, the deceased leaves all of his vast wealth to the villain and leaves nothing to the hero. A blockbuster is born, and the rest is history.

When Are Wills Usually Read – The Real Life Version

The real life reading of a will is not nearly as dramatic as the Hollywood version. In fact, will are usually not read when someone dies. The attorney for the estate files a document saying that the deceased had a will, and copies of the will are sent to the heirs ¨C that is, the people who will inherit property under the will or who are affected by the will such as through a guardianship or trustee arrangement.

The one exception when wills are usually read out loud to a group of people in a lawyer’s office, like you see in the movies, is where the deceased specified in his or her will that it was a last wish that their will be read aloud to the group in that manner. Other than that, wills are usually not read aloud when someone dies.

Echo Wang is a contributing Editor for wills Find out which insurance pet products, treatments & solutions will continue to be perfect at any time. Our site is dedicated to providing information about insurance pet well options so you can continue to do it perfect, if want to more information, please visit When Wills Are Usually Read

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I have had one in place for several years with my friend Margarath being the person to make my decisions for me. Margarath, my Medical Directive and I have known each other since High School. She knows exactly what I want should I be in a situation where I am unable to make my own decisions in regard to medical situations. She knows when to pull the plug so to speak.

Late last year I suffered a catastrophic health event and while my own Advanced Medical Directive didn’t come into play while I was hospitalized for my stroke, it could have. I did make it known that I had one because I did not want to relinquish my own control and I was very distraught about my situation when I was in the ER and did not like the doctor who was treating me in the ER.

You may wonder why I didn’t choose my husband or another close relative and it’s quite simple. If I am ever in a situation where my Advanced Medical Directive comes into play, I do not want my husband put in a situation where he will feel responsible for having to make the ultimate decision and then have to live with the “what if’s” that can be associated with that decision.

Choosing someone like Margarath was the best choice for me. This may not be your situation. You have to weigh your own situation as well as who you feel would best represent you in a medical crisis.

One mistake I did make was not letting my husband know that I had this document in place. This did create hurt feelings for him and I should have told him when I set the directive up.

If you are not clear on what an Advanced Medical Directive is and the importance it can play in your life, check with your attorney or estate planner. You can even do a web search to find out more valuable information on this very important document.

The Wall Street Journal has a state by state requirement list for Advanced Medical Directives that is worth checking out to find out what your state requires for this document.

Cherrie Fishlowitz believes that each of us can become a better human being simply by allowing ourselves to find the good in all of our experiences regardless of how bad they may seem to be at the time.

At some point in our lives we all must come to the realization that we must be responsible for our own actions and decisions. Because who we are is based on the sum total of our experiences we owe it to ourselves and those around us to find a positive in each negative.

While we may not immediately be able to grasp the good it’s there, we just have to find it. The experience of finding it is what helps us to become a better person.

Contact Cherrie directly with your comments or questions, or visit her website at http://www.GVCandles.com

Article Source: http://EzineArticles.com/?expert=Cherrie_Fishlowitz

Probate court is a special court that addresses matters governed by equity law. The primary function of this court is to oversee equitable disbursement of the estates of individuals who are deceased. However, it also oversees hundreds of legal matters including adoption, guardianship, marriage and name changes.

In 1784, probate courts came into existence in the United States, with the first established in Massachusetts. Its judiciary role is to provide distribution of estate assets and enforce equity law. Depending on the jurisdiction of the probate court, it may also be referred to as Court of Ordinary, Court of Equity, Orphans Court or Surrogate Court.

Equity law refers to an order which directs an individual to act or to refrain from acting. It differs from laws regulated by courts in that court regulated laws pertain to doctrines or statutes, while equity law is enforced by general guides known as “maxims of equity.”

Within the United States, each state is governed by probate laws adopted by their state government. Therefore, the probate process varies from state to state. Nearly all states require an estate to be administered by an appointed Executor. This person can be appointed through a Will or if a person dies intestate (leaving no valid Will), the court will appoint one. Usually this is a family member, but if the decedent has no living relatives the court will appoint an outsider to handle the case.

Although probate laws vary from state to state, nearly all require an estate to be overseen by an appointed Executor or Administrator. The estate executor is responsible for filing necessary documents including inventory, accounting and tax forms, and distribution of assets to beneficiaries and heirs.

The Executor reports to a probate judge and provides evidence that everything in the estate has been accounted for and settled. The judge reviews the case to ensure provisions in the decedent’s Last Will and Testament have been adhered to and creditors and taxes have been fully reimbursed. Once the judge signs off on the case, inheritance assets can be distributed to heirs.

Due to the intense amount of man-hours required to investigate an estate, assets are frequently tied up in the probate process for a minimum of six months. One way to avoid probate is to file a revocable living trust.

Probate court isn’t limited to only estate administration. It is responsible for overseeing all cases which require the enforcement of equity law. Additional functions of probate court include guardianship arrangements, adoptions, birth recordings, birth certificates, name changes and marriage licenses. In essence, probate court addresses daily living (and dying) issues.

Additionally, probate courts oversee civil actions relating to probate. Common civil actions include contest of the Will, determination of heirs, and presumption of death. Civil actions are the only cases presented in probate court that require a jury trial.

Simon Volkov is a private note investor who specializes in helping individuals quickly liquidate their assets. From forthcoming Inheritance windfalls to Probate, Simon Volkov offers a host of solutions for those in need of cash. Learn more about probate, real estate and investment opportunites by visiting http://www.SimonVolkov.com.

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In the situation where both parents are deceased, the ultimate decision of guardianship is made by the Circuit Court of the County in which the children reside at the time of your death. Children aren’t property. You can’t pass on their custody to anyone. You can only recommend that the Court appoint the guardian you prefer. You have input into the Court’s decision through your Last Will and Testament. The court will normally give first consideration to those people you name in your Last Will and Testament as guardian of your children.

In cases of divorced parents, should the custodial parent die, then the surviving natural parent, with or without your consent, will normally be granted guardianship of the children of the parties. It is a rare situation where the Court will appoint a guardian other than a natural parent who is still alive. The same is true in cases of divorced parents where the custodial parent has remarried and then subsequently dies. Unless the step-parent has adopted the child, the Court will normally give first consideration to the natural parent. In this situation, appointing a separate guardian of the money of the child is advisable. It is essential that a Lawyer be consulted when preparing a Last will and Testament, particularly if you desire someone other than your ex-spouse to be guardian.

In considering a guardian for your children there are may factors to consider: age and health of the potential guardian, resources, character and values, personalities, geography. You should always check with the potential guardian to insure that they want this tremendous responsibility. It is imperative that parents living together agree on the choice of guardian. If one parent names someone from his family and the other someone from hers, a nasty fight is almost inevitable. Although the children’s grandparents may be willing to accept responsibility of raising the children, they might lack the health or energy for the job later on. Most parents look toward their brothers and sisters as potential guardians. In naming a guardian you should consider naming only one guardian, that is, your sister rather than your sister and her husband. The reason is that joint guardianship can create problems if the couple should separate. If things work out they can always adopt the child.

Take time to give thought to a guardian for your children. List the pros and cons of each candidate. After making a decision, consult your attorney, hopefully me, for the preparation of the appropriate documents. Enjoy the satisfaction of knowing your children will always have a home.

Steven J. Scheinin
Attorney at Law
305 W. Chesapeake Avenue
Suite 107
Towson, Maryland 21204
410-828-9363
http://www.scheinin.com
mailto: ezinearticles@scheinin.com

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The first two may be unlikely, but more often than you may think, a stranger may make life or death decisions for you. There is a simple way to avoid this situation, but many people put if off for various reasons. What is it? A living will.

A living will is your written declaration which clearly states your wishes regarding the treatments you want or do not want in the event of a terminal illness or serious accident. It allows you to decide who you would want to make this decision if you are unable to do so.

In such a situation, most people would want to ease the burden placed upon their family and friends if they could. A living will makes it easier for your family and friends when they are faced with a crisis situation. It allows them to follow your wishes, which eases the pressures on them and helps avoid family disputes.

A living will has nothing to do with your property after your death, but protects your right to be treated in a particular manner before your death. It also does not deny you medication for pain although some paid medications may hasten death in certain medical circumstances.

After choosing to create a living will, the most important decision is deciding upon your personal health care representative. This should be a person you trust and who is emotionally stable to relay your wishes. Although many times this person is a family member, it does not have to be so. It could be your best friend, a companion or a religious person. Whoever it is, it is someone you trust to follow your wishes. It is also a good idea to have an alternate health care representative in case your first choice is unavailable.

Just as seasons and styles change, your relationship with your health care representative may change. A living will is flexible and may be changed at any time so long as you are mentally competent. It is also a good idea to review your estate planning documents such as a living will, power of attorney and last will and testament every few years to ensure they reflect your current wishes and situation.

So often our life is filled with missed chances. So do not delay. The next step is yours. Speak to your family, your family doctor or your religious advisor. Telling someone your wishes or writing them down on a piece of paper is a good start, but it is not legally binding. Decide what your choice would be and contact an attorney to help you convey your decision.

Nicholas Giuditta, an attorney in Cranford, NJ, has been assisting people in making their estate decisions for twenty years. For more information about living wills or estates, you may contact him at 908-709-1999 or visit his website at http://www.giudittalaw.com

Article Source: http://EzineArticles.com/?expert=Nicholas_Giuditta

There are three key roles to identify when thinking about a trust: grantor, trustee and beneficiary. The grantor is the person that sets up the trust and places assets into the trust. The trustee is the person that holds the property and administers the trust according the trust document. The trustee has a duty under the law to administer the trust for the benefit of the beneficiaries according to the trust document. The beneficiary is the person that receives the benefit of the assets that are held in trust. It is not uncommon for the grantor to initially serve as the trustee and beneficiary. A trust is created when the grantor gives property to a trustee to hold for the benefit of the beneficiary. The terms of the trust are normally recorded in a signed writing called a trust document.

There are two general types of trusts: revocable and irrevocable trusts. A revocable trust may be changed or terminated by the grantor at anytime. A revocable trust is the most flexible type of trust and most often used in the basic estate plan. In contrast, once an irrevocable trust is created the trust may not be changed or terminated by the grantor without court approval. This article will focus on revocable trusts unless otherwise noted.

Trusts are a powerful estate planning tool that provide a grantor with benefits ranging from tax advantages to potential creditor protection for beneficiaries. The most common reason cited for setting up a trust is to avoid probate. Property held in trust will not be govern by a decedent’s Last Will and Testament and will not go through probate. Trust property will be transferred according to the terms of the trust document. Normally, trust property will either be transferred outright to the beneficiaries or to the new trustee without going through probate. As trust property does not have to go through probate, trust property avoids the expenses and delays that may be associated with probate. Many people find this a very appealing.

Equally as important,a trust may provide the grantor with some control over how the grantor’s money is spent by the beneficiary. A grantor may designate certain ages at which the trust property will be distributed. For instance, a trust may pay out 1/2 of the trust property when the beneficiary reaches age 26 and the remainder when the beneficiary reaches the age of 30. This allows the grantor to choose an age when the grantor believes that the beneficiary will be mature enough to handle the money.

A trust document may also give the trustee the discretion to make distributions to the beneficiary. This is helpful when a person is concerned that a beneficiary is not responsible enough to handle their inheritance. For example, a trustee may be given the discretion to disperse trust property only for the health and maintenance of the beneficiary. This would allow the trustee to make distributions if the beneficiary needed money for a medical emergency but deny a request for money to buy a new Porsche. In the alternate a trust may be set up to pay for educational expenses. The Trustee can manage the trust property to ensure that the beneficiaries do not waste the trust property.

Further, if the trust documents contains a spendthrift provision, a trust may be used to provide creditor protection to the beneficiaries. Under Ohio, a trust with a spendthrift provision will not be considered an asset of the beneficiary (other than the grantor) and will not be subject to the beneficiary’s creditors. This protection is limited. The creditor will be able to reach any distribution made to the beneficiary and the creditor will have the same power the beneficiary has to reach the trust property. For example, if grantor creates trust with a spendthrift provision for the benefit of the grantor’s child and the grantor’s child goes through a divorce, the trust property should not be considered an asset of the child during the divorce. This is a very powerful tool. It should be noted that a grantor cannot receive the same type of creditor protection as a beneficiary of the trust.

Finally, trust my be used to save estate taxes. There are a variety of ways that trusts can be used to save estate taxes. For example, a trust may be set up to utilize a married decedent’s lifetime credit or to save on estate tax. Note that the placing property in a revocable trust does not exclude the property from your estate.

For more information visit: http://www.mylaw101.com

Article Source: http://EzineArticles.com/?expert=Kevin_Mcallister

Baby boomers are seeing more family infighting over the money and possessions that their loved ones left behind. They are quarreling, not so much for the money, but to protect what they believe were the wishes of their parent. Common scenarios: “Father would never have wanted a Will like the one that my stepmother is trying to put forward. He must have been unduly influenced, or he lacked mental capacity. On the other hand, the party who is holding up the Will believes “Of course this is what your Father wanted.” So one can see how estate battles are justified and rationalized by both parties.

A skilled attorney can help families resolve estate disputes once they arise in the least destructive way possible. And the best thing is to keep these disputes from arising at all. Working with an attorney and instituting a good planning can head them off before your death, or the loss of a parent or loved one.

Here are some tips and steps you can take to allow you as the Will maker to rest in peace:

• Communication and clarity when drafting a Will and with all family members is key to avoiding estate disputes. Many disputes can be avoided when the Will maker’s intent is clear to all heirs. Some family situations are more volatile than others.
• Consider videotaping the Will execution as a means to avoiding competency challenges
• If you are just about to remarry, get a premarital agreement
• Consider appointing a neutral party for your Power of Attorney. The children may feel it is unfair if one party is favored over another. They may feel this individual is trying to take advantage of their parent. A person who holds that Power does have accounting obligations. If all parties don’t agree with the decisions made, bad feelings can arise, which might result in a guardianship application.
• Wills tend to be contested when a single family member receives substantially more, or substantially less, than other family members of equal standing. In cases where an unequal distribution is necessary or desired by the will maker, such as a child caring for a sickly parent, open communication is encouraged as to why the assets are being spread unequally.
• Think about setting up Trusts. You may consider putting the money and assets in a trust during the lifetime of that second spouse. The spouse earns the income from the trust but does not receive the seed money. Upon the spouse’s death, the trust will be distributed among the children
• Inform your executors about what they should do to avoid getting themselves in an estate dispute. Oftentimes disputes can arise, not from the Will or challenging the Will, but from what the executor does to administer the Will.


“I see how everything that was set up worked just the way my dad wanted it,” said a son, who did not wish to disclose his name. If the provisions are properly drafted, and effective communication has taken place among your family members, then hopefully you are not going to have any disputes. A good attorney is crucial in making sure this process goes smoothly for all concerned.

Article Source: http://EzineArticles.com/?expert=Pat_Marrison


]]> http://freelegalinfo.net/steps-to-take-to-avoid-estate-disputes-when-you-remarry/feed/ 0 http://freelegalinfo.net/what-are-living-wills/ http://freelegalinfo.net/what-are-living-wills/#comments Thu, 05 Jun 2008 12:06:16 +0000 admin http://freelegalinfo.net/?p=252 By Alice Lane

You never expect it to happen to you or your loved ones but there are no guarantees in this life and bad things happen to good people all of the time. When something bad happens and hard decisions have to be made in extremely tough times, everyone wishes they had talked about this topic so they knew what to do. The topic is what to do if someone is kept alive on life support with no apparent sign of ever returning to a normal life or even a state of awareness. This can happen due to an accident, a chemical imbalance brought on for a myriad of reasons, a stroke, or any number of possibilities too numerous to mention here. One never knows when there may be a need for a living will that would make the tough decision of pulling the plug or not, based on the person’s wishes, not your own. The Terri Schiavo case was an example of not having a living will and her loved ones disagreeing on what Terri would have wanted. The Supreme Court had to decide for Terri and it drove home the point that it would have been easier if Terri would have decided who was responsible for the decision and what she would have preferred.

Now it is not always possible to have one unless you sit down with your loved ones and make them up. If you are going into a Momence Illinois hospital for just about any procedure, they should ask you if you have a living will, especially if you are going for surgery or any time you will under anesthesia. You then have the opportunity to fill one out right there. It is not a bad idea and it is a thoughtful gesture. If you are in a state of unconsciousness and unable to make a decision on what to do about your health, you want to put yourself into the hands of the ones who love you the most and with whom you discussed this topic.

It is not an easy topic to discuss and unless a person is going in for something as dramatic as a triple bypass in Illinois or a brain surgery in Iowa, the topic may just not come up. A living will has nothing to do with your possessions or any of those things that a will covers; it is a legal document outlining the kind of medical treatments you prefer if you are to become seriously or terminally ill. If you are unable to make decisions about your health because you are incapacitated, then in a living will you could have already expressed your desires for your personal, emotional, spiritual and medical needs and there won’t be any question at this time as to what you would want to do if you could make the decision. Even if you are going into a Bourbonnais healthcare for a routine procedure it may be ok to have already drawn a living will up.

The living will isn’t necessarily only for you. When going into a Momence Illinois hospital for a surgical procedure it may also be for your loved ones should something go wrong. There are obvious cases when you will fill one out due to the seriousness of the situation like for a triple bypass in Illinois or a brain surgery.

Even if you aren’t expecting the worst, like going to a Bourbonnais healthcare facility for a simple procedure, you may just fill it out for your loved ones.

Article Source: http://EzineArticles.com/?expert=Alice_Lane


]]> http://freelegalinfo.net/what-are-living-wills/feed/ 0 http://freelegalinfo.net/the-top-10-things-to-know-about-estate-planning/ http://freelegalinfo.net/the-top-10-things-to-know-about-estate-planning/#comments Thu, 05 Jun 2008 12:04:29 +0000 admin http://freelegalinfo.net/?p=251 By Joel Loquvam

“Everybody talks about the weather, but nobody does anything about it.” Mark Twain. Similarly, people talk about estate planning and know they should do it, but, according to a 2007 survey, 55% of Americans do not even have a simple will. We are all mortal. So why don’t we plan? Two common reasons are procrastination and lack of knowledge. This article won’t do anything to cure the procrastination, but hopefully it will address any misconceptions the reader might have. Here are the top 10 things you should know about Estate Planning.

1. It’s not just about taxes. In 2008, each person can leave up to $2 million without paying any federal estate tax. This is a moving target and changes each year until 2011, when it settles at $1 million. Of course, Congress may change that amount. It’s estimated that only ½ of 1% of Americans dying this year will owe any federal estate tax.

2. Don’t let the state tell you how to plan. If you die without an estate plan, the state of your residence at your death gets to decide to whom your assets go and how. This is called “intestacy.” If you leave an estate plan, you get to determine to whom your assets will go, not the state.

3. Don’t forget the kids. In most states you can nominate a person to be the guardian for your minor children. But, that nomination is done in your estate plan, specifically your will.

4. Protect your heirs from creditors. If you leave assets outright to your children, their creditors can attach the assets just the same as if they had earned it. If you leave the assets in trust, you can protect your children from the dangers of life, like divorces, creditors, the IRS and other taxing authorities, as well as other pitfalls.

5. Protect your heirs from themselves. Depending upon your wishes, you can even put the assets in a trust to protect them from the beneficiary himself or herself. Perhaps your son is really bad with money. A trust appointing someone else to make decisions can allow the money to be used for him. This way, you can protect your son from his own decision-making.

6. Non-traditional families require special care. It is even more important for non-traditional families to do estate planning. State laws were written with traditional families in mind. For example, a couple has been together for years and would want their assets to go to each other. If they are unmarried and have no estate plans, their blood relatives would get their assets rather than each other.

7. Don’t forget charity. Consider helping the charity of your choice rather than remote heirs you are not close to or you may have never met.

8. You can accomplish more if you start early. In Estate Planning, timing is important. Doing an estate plan right before you die is not just as good as doing it years in advance. By starting early, options are available that may not be available in later life.

9. Carefully choose an Estate Planning attorney to prepare your estate plan. Estate Planning can be a complex area. Make sure you consult with an experienced Estate Planning attorney to prepare your estate plan.

10. Update your Estate Plan at regular intervals. Life is change. As time passes, inevitably, so do our lives. Our family, our assets, and other small changes happen over time. Changes which may seem unimportant to you may have significant impact on your Estate Plan.

Armed with this list, you should be ready to face the world, and prepare an Estate Plan.

Joel J. Loquvam, Attorney at Law
Mr. Loquvam is a member of the American Academy of Estate Planning Attorneys and has been engaged in the practice of law for the last 22 years. For more information or to attend an upcoming seminar, call (310) 724-7377. You can also visit his website at http://www.LegacyWealthPlan.com for up to date Estate Planning information, FREE Reports and test your knowledge of Estate Planning by taking the online quiz.

Article Source: http://EzineArticles.com/?expert=Joel_Loquvam


]]> http://freelegalinfo.net/the-top-10-things-to-know-about-estate-planning/feed/ 0 http://freelegalinfo.net/signing-storing-and-changing-a-will/ http://freelegalinfo.net/signing-storing-and-changing-a-will/#comments Thu, 05 Jun 2008 12:02:56 +0000 admin http://freelegalinfo.net/?p=250 Kiya Sama

• Your will must be witnessed, usually by two or three people, when you sign it. These witnesses must also sign your will. It’s advised that the witnesses not be beneficiaries; they should be impartial (they have no financial interest in your estate). Self-written and self-executed wills run the risk of being improperly witnessed and therefore can later be declared invalid. If you are a do-it-yourself will-maker, be sure you are following correct witnessing procedures.
• Your safe-deposit box may be the worst place to store your will, depending on the laws in your state. In some states a safe-deposit box is sealed with a person dies and it takes a court order to get it opened. Call the institution where you have a safe-deposit box and ask what your state laws are before you deposit the will in the box.
• You can change your will at any time either by drawing up an entirely new will or by adding a codicil (a supplement to the will that alters its original provisions). In order for codicils to be legal, they must be executed and witnessed in an appropriate manner. Don’t try crossing out things in your will or writing in corrections; those kind of changes could make the entire will invalid.
• It’s a good idea to review your will periodically, at least every three years or so. However, you should always review it when there is a major change in your life; when you get married or divorced; when one of your beneficiaries dies; when you inherit or purchase new property; when your assets substantially increase or decrease; when you move to another state; when your named executor is unable or unwilling to serve; when a change in federal or state tax laws affects the provisions of your will.

KiyaSama is an author on http://www.Writing.Com which is a site for Writers.

Article Source: http://EzineArticles.com/?expert=Kiya_Sama

]]> http://freelegalinfo.net/signing-storing-and-changing-a-will/feed/ 0 http://freelegalinfo.net/drawing-up-a-will/ http://freelegalinfo.net/drawing-up-a-will/#comments Thu, 05 Jun 2008 12:01:43 +0000 admin http://freelegalinfo.net/?p=249 By Kiya Sama

• In general, you have to be of “sound mind” and at least 18 years of age to make a will. Husbands and wives should have separate wills.
• Who should draw up your will? It’s best to have legal advice. You can draft your own will, but a single technical mistake should invalidate the entire document. In addition, verbal wills are hardly ever recognized; holographic wills, those done in your own writing, are acceptable in some states but are usually not as ironclad as a formally executed will. A simple will done by an attorney or legal clinic (using standardized formats) can cost as little as $100. If your situation is complex and your estate is sizable, you need an attorney who specializes in estate planning and who understands all of the federal and state tax laws that will apply to your estate.
• When you are ready to make your will, there are three major issues to be addressed. First, how do you want your property to be distributed? Second, who are you going to name as the executor of the will? The executor is the person, who, upon your death, will take charge of the estate and carry our your wishes. It’s a big job so you need someone you trust and that person need not be a financial genius; most people name a spouse or other major beneficiary as executor. Third, if you have minor children, you need to name a guardian. Obviously, you should ask your chosen executor and chosen guardian if they agree to the roles you have assigned to them.
• Before your will is ready for your signature, be sure you have complied an exhaustive inventory of your assets. Gather together bank statements, investment papers, real estate papers, tax records, and any other relevant financial records that your lawyer will need to see.
• While you do have considerable control over the distribution of your estate and can disinherit just about anyone (including your children), you cannot leave your spouse penniless. Surviving spouses almost always are entitled to a portion of the estate, regardless of what you say in your will.
• Depending on how you hold title to your assets, some of them will pass on to your survivors outside the realm of your will. For example, if you and your spouse own your home in joint tenancy (with a right of survivorship), your share of the house automatically goes to your spouse. If you leave your share of the house to your brother in the will, he will not get it. In other words, you prior contractual agreement wins out over your will. Another example of an asset that is not affected by your will is a life insurance policy. The designated beneficiary of your policy gets the money. If you want to change the beneficiary, call your insurance company; a change of heart made in your will has no legal bearing.

KiyaSama is an author on http://www.Writing.Com which is a site for Writers

Article Source: http://EzineArticles.com/?expert=Kiya_Sama


]]> http://freelegalinfo.net/drawing-up-a-will/feed/ 0 http://freelegalinfo.net/dying-without-a-will/ http://freelegalinfo.net/dying-without-a-will/#comments Thu, 05 Jun 2008 12:00:16 +0000 admin http://freelegalinfo.net/?p=248 By Steven Scheinin

I have some good news, and I have some bad news. The good news is that the State will not get your money if you die without a Will. The bad news is that the State will decide which of your relatives will get your money.

Maryland Testate Law, that is the law dealing with disposable property upon a person’s death, is very complicated. Should you die without a Will, then a decision must be made as to who will inherit your property. To prevent bickering among your survivors, the State has predetermined the right of succession, the order of preference. First, your surviving spouse will receive everything that you own together. Those items that you might not own together, for example, automobiles, savings accounts, certificates of deposit, insurance policies without a named beneficiary, just to name a few, will be divided in the following manner: If your spouse survives you and you have minor children, then your spouse will receive one-half of the remaining estate. If your spouse survives you and there are no minor children, but children over the age of 18, then your spouse will receive $15,000 plus one-half of the remaining estate. If your spouse survives you and you have no children and your parents are both deceased then your spouse will receive all of your property.

And now it gets really complicated. If all of your children are alive at the time of your death, then they will equally divide the remaining part of your estate that did not go to your spouse. If some of your children have pre-deceased you and they had children, then the share the deceased child would have gotten is divided equally among that child’s children. Wow! And don’t forget we haven’t even discussed your brothers, your sisters, your parents, your grandparents and aunts and uncles.

It is quite obvious that if you wish to control your assets after your death, then you should consider preparing a Will to designate which of your relatives shall receive your property. Further, it is only through a Will that you can designate who will get your heirlooms, those things that have great sentimental value to you but have little or no monetary worth.

Now is the time to think about writing a Will, while you have this article on your screen. Putting it off to a later date, or until you become ill or incapacitated, could cause your family and relatives great pain and heartache. Especially when they know you wanted your property disposed of in a certain way but, because you died without a Will, your wishes are not being carried out.

Steven J. Scheinin
Attorney at Law
305 W. Chesapeake Avenue
Suite 107
Towson, Maryland 21204
410-828-9363
http://www.scheinin.com
mailto: ezinearticles@scheinin.com

Article Source: http://EzineArticles.com/?expert=Steven_Scheinin

]]> http://freelegalinfo.net/dying-without-a-will/feed/ 0 http://freelegalinfo.net/why-you-need-a-will/ http://freelegalinfo.net/why-you-need-a-will/#comments Thu, 05 Jun 2008 11:58:40 +0000 admin http://freelegalinfo.net/?p=247 By Eric Patrick

Because 50%-60% of the population never executes a Will, the majority of us will allow our state legislature to determine who is most deserving of our money, belongings, and real estate when we die. Why do otherwise intelligent people who work and save their whole lives fail to plan for the inevitable? Are we that trusting, that apathetic, that fearful, that cheap? There’s an old adage that a person either devises his own plan in life or ends up as part of someone else’s.

The excuses given are numerous and all come with their own unique logic and psychology. They are also too numerous to examine for the purposes of this article. So, for the sake of argument, let’s assume I decided against a Will because I couldn’t stand dealing with lawyers. I found them boring, confusing, and generally pretty pricey. Let’s also assume that I owned $200,000 worth of stuff at my death.

So now what happens? Well, my court appointed personal representative will probably need to hire an attorney to peruse Title 20 of the Pennsylvania Consolidated Statutes before he or she can distribute my belongings. This cost of this, of course, is paid for out of my estate. Here are the distribution schemes the legislature has devised for the following circumstances.

Married with no Will at time of death If I was married at the time of my death, my wife gets the whole $200,000 ONLY if both my mother and father and all of my children (assuming I had any) died before I did. Otherwise she is usually entitled only to the first $30,000 plus ½ the balance of my estate.

Thus, if I were married and had no surviving children but had a surviving parent or parents, my wife would be entitled to $115,000. My parent or parents would get the remaining $85,000.

Or, if I were married and died leaving surviving children, all of whom were also the children of my wife, my spouse would again get $115,000 with the other $85,000 going directly to my children.

However, if I were married and died leaving surviving children, some or all of whom were from a prior relationship, my wife would only be entitled to ½ my estate or $100,000. My children would split the remaining $100,000.

Does anyone see any problems here? While these distributions may not cause problems in all circumstances, some spouses might be a little less teary-eyed at your passing should they suddenly discover they have to split your assets with your parents and/or stepchildren.

Unmarried with no Will at time of death Not having a Will is in many cases even more problematic if you’re not married. If you are unmarried and you die without a Will, your belongings are distributed in this order:

1. Children

2. Parents

3. Brothers, sisters, or their issue

4. Grandparents

5. Uncles, aunts, and their children and grandchildren

6. Commonwealth of Pennsylvania

It is statutorily impossible for your significant other to inherit from you. Therefore, if you are not married to the mother or father of your children, you must have a Will in order for them to inherit from you. Likewise, if you are in a non-traditional relationship, your partner cannot inherit from you unless you make a Will.

Of course there are many other reasons to create a Will other than just determining who gets what. A Will is also the appropriate forum for naming a guardian for your children, making a charitable gift, or creating a college trust fund. However, if you find after reading this article that your “stuff” isn’t going to end up where you want it to, do your loved ones a favor, make a Will. Create your own plan instead of being part of someone else’s.

Eric D. Patrick, Esq. is Chief Operating Officer of Consumers Insurance Agency Inc. http://www.consumers-insurance.com

He also engages in insurance consulting and legal work through The RiskAssure Consulting Group. Please contact him for further information.

Article Source: http://EzineArticles.com/?expert=Eric_Patrick


]]> http://freelegalinfo.net/why-you-need-a-will/feed/ 0 http://freelegalinfo.net/will-and-estate-planning/ http://freelegalinfo.net/will-and-estate-planning/#comments Thu, 05 Jun 2008 11:56:48 +0000 admin http://freelegalinfo.net/?p=246 By Allan Wilson

The will and estate planning are interrelated with each other. Because the type of estate trust completely depends on the formulation of the will. While planning any estate before the estate attorney, the primary step is to compose the will and relocate the monetary distribution in that will. The process of this typer of asset planning requires the person who wants to plan his estate, his descendant, the estate-planning attorney and most crucial his will.

In the primary stage of the legal planning, the estate-planning attorney communicates and confirms the whole background of that person. While analyzing his character, the attorney understands the monitory condition of that person, his monitory assets, real estate and private estate. Also the attorney make clear the clients aspirations about his family members and also gets information about the necessities of client’s adorning family members after the death of the client.

Also one of the vital parts of the will and estate planning, the attorney elucidate from the client about his goals and future aspirations about the estate and also reveals about the health related desires from the client.

Before making the will and estate trust, the attorney will display and describe various alternatives, which is obtainable to the client. He assures the client that such asset protection planning will work thoroughly with you and it is a perfect match for future expectations of the client towards his family members after his death.

The suggested estate protection by the attorney is completely in reference to terms and conditions in the will and in accordance with the desires of the clients about his wealth. So while making the will and estate plan, the attorney mostly gives emphasis to the monitorial security of the client’s family after his death, secondly more weight age on the equal distribution of the wealth as it is mentioned by the person in the will and thirdly physical requirements of client and his family members.

While making the will and estate plan, the attorney mentions some rules, regulation, and strategy to save the estate. He suggests some precautionary measures to put aside the family members from financial problems like taxes, family budget and other household expenditure.

After giving suggestions, guidelines and confirming all the requirements of the client for will and estate, finally he will carry out all essential living trusts documents, papers of will, documents of powers of attorney and testamentary trusts. Also in some cases, the attorney himself consults with expert accountant or tax consultant to secure the client from allegation of negative tax.

Allan Wilson owns and operates http://www.estate-trusts.com where you can find more important information about estate planning. Estate Trusts

Article Source: http://EzineArticles.com/?expert=Allan_Wilson


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