Archive for the ‘Personal Directive’ Category
Few families give adequate attention ( If any ) to the tax implications of their family estate planning!
Take the estate of the late Frederick Vanderbilt who died without a Will and a good family estate plan. His estate was valued at $76,838,530.00. His total settlement costs were $42,846,112.00 leaving only $33,992,418.00. according to probate records! Still a healthy sum, but more could have been sheltered from extra legal costs and taxes out of that $42,846,112.00. More than half the value of that estate.
Of course, what can we expect of families when most know so little about the tax structures of income taxes, estate taxes and death taxes. !
This is where good contacts with a financial planner, banker, insurance agent, trust officer, notary or lawyer, become very valueable in the planning stages of an estate.
From the outset, one should always remember, “ IT IS NOT WHAT YOU WILL EARN IN YOUR LIFETIME, BUT WHAT YOU GET TO KEEP, THAT IS IMPORTANT !” ( always try to keep more for your family!)
That requires constant updates to good family planning ideas.
In 1970, men had a life expectancy of 69 years. Women 76 years. Now the life expectancy is in the mid 80″s, so plans for any nest eggs at retirement will require more serious re-adjustments for the additional 20 years of living.!
A crucial part of that detailed estate planning unfortunately is quite often overlooked ! That is including in the plan of where that estate planning and Will are going to be kept so they can be easily accessed by family or friends when needed.
Very good Will’s that cannot be found, are very Lost Wills forever.
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Will you be remembered by family, relatives and friends as the person who had the ability to always make things happen ?
In your circle of family and relatives, will they forever boast of your ability to always lead the way ?
Will you always be remembered for organizing all your family members and friends by leading the way to have a Family Will completed, and show the rest how to do it ?
Amazingly enough….people never forget being in the presence of such a considerate, compassionate person, and they are happy to have been your friend.
Would you share that secret of “ How to make things happen” with the rest of the world please ?
With 80% of the world population as yet to draft Wills, they need all the help they can get.
WITH THE ADVENT OF A FULL MOON ON THE HORIZON !
This may not be a good time to try to garner the warm affection and cooperation of other family members.
You could be torn between the finacial interests and responsibility of others, and your own , making it difficult to please others, and at the same time, please yourself.
Full moons can sometimes introduce agitation and emotional situations, and you can either be part of the problem, or a part of the solution.
During this time it will require your utmost patience in dealing with parents, older children, relatives and others because tempers may be short.
While you might feel pulled in various directions, nevertheless, you cannot ignore the needs of family and home.
Until this new moon phase is over, be the voice of reason and put-off the planning of a family get- together to begin the planning of your family Will until a little later.
Listed on the website pages of the World Registry of Wills is a listing of more than 150 Will Registries in many provinces, states, and countries of the free world!
This does not include the many legal offices, bank safe deposit boxes, trust company vaults, credit union vaults where some leave their Wills, and then, the little metal boxes hidden away within many homes.
HOWEVER, only 4 or 5 have websites promoting their WILLS LOCATIONS SERVICE lead by the International and Most Prominent Wills Location Registry and On-line Search Database in the World! ” A confidential database linking government and private Will Registries in an ever-changing world”. ” The World Registry of Wills ! ”. The others seem to be simply listings.
The World Registry of Wills is a Wills Locations Registry service that aggressively urges people worldwide to have their Wills drafted, and urges them to register its location with its ” Wills Locations Registry.”
After all, who wants to waste time searching 150 world registries for a Will ?
Wills
All good parents taught their families thru life to never shirk their responsibilities!
When you left home to start out on your own, you now became totally responsible for all your own actions:
When you started jobs, you became responsible to be a good employee:
When you started dating, you had responsibilities to treat your partner with respect:
When you decided to get married, now your planning responsibilities began to multiply:
When you got married, your responsibilities doubled almost over-night:
(A)…Now you have a partner you are also responsible for and to take care of and protect the rest of your life:
(B)…When children started to arrive, your responsibilities again multiplied as you now have added other lifetime responsibilities !
You can buy insurances to help establish and protect a financial future, but it is STILL your responsibility to protect all of them.
Your legal counsel advises that now you need written instructions for their future in the event an illness or accident removes you prematurely and you won’t be around to protect them anymore. A LEGAL WILL !. Most legal counsel’s would advise to never delay this important task for any reason.!
Having done that, this blog urges you to then REGISTER THE LOCATION OF WHERE THAT WILL IS GOING TO BE STORED SO IT CAN BE EASILY FOUND NEEDED.
REMEMBER, IT IS YOUR ” SOLE “ RESPONSIBILITY AS THE WILL WRITER TO INSURE YOUR MOST RECENT WILL CAN BE FOUND WHEN NEEDED. !
ARE YOU LISTENING…!
The Earth spinning on it’s axis is a result of love and faith.
When we appreciate this, our lives can fill with love too.
This month can bring something to be grateful for. You recognize what you love most about life,….your family and their futures.
All this inspires you to address a subject family and friends have been encouraging you to accomplish for some time.
THE PLANNING OF YOUR WILL.!
There is a positive connection now between you and your family because of their warm interest in helping you address this important task.
Accomplishing this, will make you feel grateful and your empathy arises benefiting you in almost every area of your life.
When you go on to the next world, family, relatives, friends and acquaintances will each have opinions about you.
If you left your loved ones in a comfortable position to carry on as they were, most everyone will have a positive opinion about you. However, if you left your loved ones an unplanned mess for a future, then most will speak negatively about you.
You can decide today and do the positive thing for their protection.
Which reaction will you want your loved ones to enjoy?
ARE YOU LISTENING ?
What is the most important part of getting a Family Will drafted, or a Living Will or a Living Trust or a Health Care Proxy?
In Life’s Events, do you have specific information about what to do:
1…When someone has died ?
2…When someone becomes disabled ?
3…When you get married ?
4…When you move ?
5…When you have chilodren ?
6…When you buy insurance ?
7…When you buy your first Home or condo ?
8…When you plan to do your Estate Plan ?
9…When you seperate from your wife ?
10…When you get divorced ?
11…When you remarry a spouse with added children
12…When you have drafted your first Will ?
13…When you make the necessary changes to your Wills when your lifstyles change ?
THE MISSING INGREDIENT INVARIABLY, IS THE EFFORT TO HAVE REGISTERED THE LOCATION OF YOUR WILLS AND OTHER IMPORTANT DOCUMENTS WITH A WORLDS WILLS LOCATIONS REGISTRY, SO THEY CAN BE READILY FOUND WHEN NEEDED.
Even when a legal professional has helped you to finalize your Will’s, it is your responsibility to know where that document and other important papers will be stored. !
Today, you can find it easy to put the needs and wants of others before your own!
You’re not a martyr, you fully recognize the importance of getting your Family Will drafted. You’re just being thoughtful and considerate now.
Family discussions are sympathetic and tender these days.
People are willing to help each other and are willing to understand and forgive previous delays.
A mutual give and take atmosphere is evident within the family to get this family Will finalized so address the opportunity and make it an enjoyable affair.
After your legal professional has finalized your Will, advise your counsel to register the location of where you want to keep this cherished document so it can be readily found when needed. Failing his action, register the Wills location yourself with the worlds wills locations registry available on-line.
Remember….it is the sole responsibility of you and you alone, to ensure your Will can be found when required.
Will Registry
On a recent visit to our community laboratory for blood tests, it was the first time I ever heard of a lab nurse being asked by an elderly patient if she knew where she might go to get information about help in having a Will drafted.
We are aware that doctors and nurses in hospitals are often asked these questions but were surprised a laboratory nurse could be asked that.
The nurse offered good advice. Contact a seniors centre who could probably direct her to a lawyer or other legal professional to get answers to her questioins about Wills.
Medical laboratory professionals, otherwise known as lab technicians, perform tests that provide vital information about a persons health. In fact, up to 85% of the decisions about a persons diagnosis and treatment are based on lab tests provided to ones doctor. Without them Doctors could be guessing.
It is easy to see why these professionals are identified as the Diagnostic Engine of any health care system !
To have these people also direct patients to legal professionals to get answers about Wills is a much needed added plus in today’s world.
Living Wills
Did you know that you can spare your family and friends the unnecessary financial difficulties and sometimes hard times that occur at time of death ?
And that you can eliminate the anxiety, grief and expenses as much as humanly possible and ensure funds are available to provide for their wishes after your passing?
Make the decision now, to plan the arrangements for accumalating the information you will require for the legal professional you choose to draft your final Will so your family doesn’t ever have to worry.
Those you care about will be glad you did.
A properly drafted Will is a cherished family document more valueable than gold !
( especially, when the information about the location of where you will store your Will is shared with them so it can readily found when needed.)
There are world wills locations registries on-line to complete that task for you.
Make everyone happy in your home. Get everyone involved. Make it a hobby for all to enjoy participating in.
Then, you will be able to “Rest in Peace”