Archive for the ‘Codicil’ Category
These Celebrities did not pay enough attention to their estate planning and Wills preparations and it cost them heavily !
W.C. FIELD’s estate was $884,680.00, settlement costs were $329,793.00 leaving $554,877.00 !
HUMPHREY BOGART’s estate was $808,378.00, settlement costs were $172,466.00 leaving $635,912.oo !
GARY COOPER’s estate was $4,339,968.00, settlement costs were $885,437.00 leaving $3,454,531.00 !
CECIL B. DeMILLE’s estate was $4,043,607.00, settlement costs were $1,396,064.00 leaving $2,647,543.00 !
WALT DISNEY’s estate was $20,982,796.00, settlement costs were $4,789,888.00 leaving $16,192,908.00 !
ELVIS PRESLEY’s estate was $6,332,882.00, settlement costs were $3,542,083.00 leaving $2,790,799.00 !
Probate fees can be very expensive ! At the moment, it is known that the average cost is between 2% and 4% of the gross value of the estate!
60% goes to lawyers, and 40% goes to personal representatives and others.
Remember, every dollar that goes to pay probate costs is a dollar that could benefit your family, and opportunities can be lost because the cumbersome probate system moves so slowly.
With ever-changing legal and taxation laws, planning your estate, with the best legal professionals guarantee’s the proper advice to suit each individuals personal situation. There are no short-cuts !
With the estate planning accomplished, take the next step to REGISTER THE LOCATION OF WHERE YOUR VALUEABLE DOCUMENTS ARE GOING TO BE STORED WITH A WORLDS WILLS LOCATION REGISTRY for easy retrieval when needed without costly legal searches.
REMEMBER, IT IS THE SOLE RESPONSIBILITY OF THE TESTATOR TO INSURE THEIR MOST RECENT WILL CAN BE FOUND !
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THE GOOD_ _ THE BAD _ _ AND THE UGLY _ _ _OF SOME PROBATE FEES !
Some families may consider the way probate fees are calculated as being unfair to the family.?
Some states/prov. laws, sets the fees that probate representatives may charge. Many allow representatives to charge any fee that the court would consider reasonable, without limitations. Others, limit the fees to a fixed percentage of the value of the estate. These fees can be expensive under either method.
Cosider the late William E. Boeing estate results showing a 47% reduction in the estate value ? The estate was valued at $22,386,158.00. total settlement costs were $10,589,748.00 , leaving a net estate value of only $11,796,410.00 ? By any standard, that is extremely expensive as most would agree.
Depending on how title was held on the date of death, a married couple could pay some form of probate fees on the death of each spouse. Again a firm reminder for individuals to use the services of a qualified legal professional when they start their estate planning to minimize these sometime costly fees.
Will planning
A NEW MOON is an ideal time for new beginings and putting resolutions in gear that are meaningful !
Often, it allows sharper focus on family matters, what one can do to improve family relationships, and make all family members more comfortable in their surroundings knowing that the future of all members is being properly laid out.
You can start the dialogue with family members by introducing some of the language that they all should become familiar with. Your plans for their future, the Testamentary Letter, ( the letter first putting together all the information you will need to give to your legal professional), your Estate Plan ( and what that is ), explain what a Testator and a Testatrix is, what a Codicil and Probate means, what assets, beneficiaries and child guardianship mean, what a Family Will is, a Living Will, a power of attorney, a Health Care Directive is, Living Trust.
Impress upon them the importance of their input and the part they should play in helping put together this information together for presentation to their legal advisor.
And finally, with the legal advisor, be sure to explain the parts the family will have to play when that eventful time is at hand. The more members of the team that are involved makes for a more favorable accomplishment.
Family members with aging parents should not be bashful about asking of their parents, what they want the family to do in the event of. Some parents may not be so open to discuss these events, but family should press for definet instructions of what they want their parents to do. This is not being offensive. IT IS BEING PRATICAL !
Another estate planning option called a Revocable Living Trust is becoming popular with estate planners as a complete WILL substitute.
The reason, IT CAN CONTROL ALL OF YOUR ASSETS BOTH DURING YOUR LIFE AND AFTER YOUR DEATH !
Financial planners tell us that when you set up a Living Trust,, you transfer the title of all your major assets (stocks, bonds, real estate etc. ) from your name to the name of the Trust.
You then name yourself as the trustee and beneficiary. _ _ _ That gives you, and you alone, total and complete control of all your assets. _ _ _ You can buy, sell, trade, do whatever you want_ _ _just like you do now.!
These financial planners say the real benefit of it, is the difference between a Will, because when you die, there will be no assets left in your name, and therefore, no probate for your family to endure. Whomever you name as your successor trustee will immediately gain control of your assets to distribute them according to your exact instructions.
This blog consistently recommends that individuals enter this arena of Estate planning with as many professional helpers as possible. Your insurance broker, lawyer or notary, or financial planner or Trust officer to gain as much knowledge about what is best for their personal situations. Sure, getting married is a lot simpler, but in doing so, one automatically assumes a whole new world of responsibilities. How one handles and organizes these responsibilities determines how successful they will be in planning their estate.
Because a WILL insures that your estate will go through probate, upon your death it becomes a PUBLIC DOCUMENT. When it is filed with the probate court, it is AVAILABLE to anyone who wants to read it !
Once your WILL enters the probate process, your estate is no longer controlled by your family. It is in the hands of the court and probate attorneys.
Anyone can go down to the courthouse and read your Will as it has now become a PUBLIC DOCUMENT. Under the Freedom of Information Act it is available to anyone who seeks it out !
This may not sit well with your beliefs, so it IS vitally important that you fully understand your best options when talking with your legal professional about what it is that YOU WANT TO HAVE HAPPEN.
_ _ _
the distribution of ALL of your assets !
Many people begin the planning of their Will by writing out the information they have gathered to give to their legal advisor to complete their Will. This is called a Testatmentary Letter. It is not a Will.
The Last Will and Testament is a legal document that lays out how you want your assets distributed at death. But we have learned that a Will doesn’t control the distribution of all your assets. ?
Joint Tenancy Property and Life Insurance Proceeds both pass outside your Will.
Wills don’t take effect until you die, so they are no help with family lifetime planning.
Upon your death, your will becomes a public document when it’s filed with the Probate Court and is available to anyone who wants to read it !
Once your Will enters the Probate process, your estate is no longer controlled by your family. It is in the hands of the court and the probate attorneys.
Because a Will guarantees that your estate will go through probate, it may not be the best estate planning document for every family!
The average family is usually not in any position to fully comprehend the pitfalls they might easily encounter as they begin their estate planning process. That is why it is recommended to secure the assistance of a lawyer, notary, financial planner or trust officer to be sure you understand as best as you can, what will be the best for your situation.
OF THE WORLD. !
Wills
In 2010, the YEAR OF THE WILL, many, many more MOTHERS Of The WORLD will take charge of finalizing the Living Wills and Family Wills as the necessary game plan for the family”s protection.
MOTHERS OF THE WORLD_ _ _as the Movers and Shakers, will make every effort to get these documents concluded correctly.
Every world individual will never have a more important family document in their possession! A Passport, Driver”s Lic., marriage certificate, etc., pale in comparison to the value of a WILL.
If, individuals who have already passed without leaving a Will, could come back momentarily and see the usual living confusion and chaos they left for their remaining family members, it is certain they would have immediately dropped everything they were doing, and hurried to have their final Will drafted before their death !
There is amazing relief and comfort in finalizing the WILLS for the family. A person shows an abundance of love and affection for each family member protected by a WILL.
A final step is to now REGISTER THE LOCATION OF WHERE THESE WILL”S ARE GOING TO BE KEPT!
Go on-line to find a world wills location and search registry to register where these WILLS are going to be kept_ _ so they can be easily found when needed. Simply follow the directions on the Wills Registry form.
Family Wills
too often _ is “ Hell On Earth “ for the surviving spouse and family.
There probably is not a human being in the world that would want to deliberately leave confusion and a mess for the loving family to deal with.
Yet_ _ _ it is an amazing occurance that befalls too many families daily.
Too many mothers, wives and families grieve too often unnecessarily because there was no Family Will left !
Only one comment can be made here.
Take a good look in the mirror to see the individual (s ) who can change all that in a New York Minute.
A document that establishes a relationship between one person and another selected to represent them as an agent, is called a Power of Attorney
If thru an illness or accident that leaves a person in a state of being unable to look after one’s self and interferes with capacity to make sound judgements, individualss are able to appoint someone to take care of those duties.
They can appoint a family member, close friend, or a professional whom they trust implicitly, and preferably YOUNGER than they are.
This appointee will then sit with the individual and draft a document outlining the scope and authority of the responsibilities he or she is being charged with.
This individual is thusly known as the person with the authority to speak for, and handle those affairs specified in the agreement for the ailing client.
Knowledgeable individuals will know it is also vitally important to draft a Living Will for this representative to follow to be certain that all the person’s wishes are carried out as desired.
This personal agent may assist with the preparation of a Living Will. And most certainly know to also have a Family Will drafted that becomes effective upon death of the principal.
For the comfort of any remaining family, any good agent will advise the family to be certain to have drafted a game plan for the family to follow after the death. A Family Will. A person should never leave earth without one.
writing wills
There are very many reasons why families should prepare a Will.
* If one does not leave a Will, the prov/state in which they live in will make the decisions on how to divide the possessions and property. Sometimes, the whole estate could go to a prov/state treasury.
* The prov/state will also decide WHOM is to provide lifelong care for their minor children.
* The court will appoint an Executor to over-see the transactions, and the estate may be charged a fee that can be in the thousands of dollars. This person may not even know them or their wishes.
* Without a WILL, the spouse may receive less than was intended.
* Without a surviving spouse, their estate will be up for grabs to all their heirs and their heirs creditors.
* Without a Will, it will be very difficult to provide for their grandchildren.
* With a Will they may recognize stepchildren, where they may otherwise be left out.
* Without a Will, their estate may be taxed at a higher rate.
* Without a Will, the smallest details will be overlooked, such as giving a special heirloom to a favorite person, leaving a golf membership to another, leaving Grandma’s Harley to the local priest and so on.
* Without a Will, the family will be left with much grieving unnecessarily and may take a long time to recuperate back to the normal lifestyle they had been enjoying.
* With a Will you bequeath much happiness and contentment permitting the family to carry on as they should.