Archive for the ‘Power of Attorney’ Category
One legacy you don’t want to leave behind is a Family fighting over your assets and possessions!
If there is likely to be some question in the family over who gets what, it is beneficial to specify how things should be distributed. You want to avoid turning these moments of grief into family battles. That is why it is important to plan for disability as well as death. A Living Will and a Family Will.
If you are doing good planning of your estate, your financial advisor is going to advise you that you must advise what happens during any disabality before death, and what to do with assets after your death.
Lessons have been learned over the years in many families, when a loss occurs, it sometimes brings back all the siblings rivalries and ” who did mom and dad love most .” And they are not there to say, “ We loved you all. So stop fighting “
Also to be decided is to get a financial power of attorney and a medical power of attorney.
When you are ready to take action on your future planning, do not be afraid to first contact a notary, financial planner or lawyer for the proper guidance. Most are always willing to offer sound advice.
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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.
Car crashes kill more than 40,000 people each year according to the National Safety Council as a result of traffic collisions.
Based on the fact that more than 80% of world individuals who as yet do not have WILLS, it is guesstimated that 80 % of that 40,000 plus, would mean that over 33,000 of those people died without WILLS ! 33,000 families now have to endure facing a future of possible uncertainty, and much unneccessary grief and anxiety .
The National Safety Board says the odds of getting in a deadly crash increase threefold when driving at night, and increase further when drivers are distracted or drunk.
Part of the message here, is, that every time you get into your car or truck for a trip to no matter where, you become a possible target for some unscrupulous driver on the road.
The part you can play is to always drive as tho the other motorist is going to do the wrong thing on the road. Driving DEFENSIVELY is a winning combination. You will always arrive home, and above all in one piece without being a statistic and in the morning newspaper obit column.
The other protection you will want, is to have your Family Will properly drawn, and its location registered if there is that fatal traffic mishap, so that someone in the family can find your document if it is needed.
Of course, the choice is in your hands. You can do nothing and leave a mess for family to try to settle, or leave perfect instructions for your family to follow.
Won’t it be better for friends and neighbors to remember you as a conscientous partner leaving a well organized game plan for your family, and not some inconsiderate has-been ?
Too little time is spent by couples discussing their assets, family and future. Friends need to motivate each other about WILLS.
Living Wills
Is one issue that is always a hot topic and too often relegated out of most discussions with families. When one takes the time to understand the pitfalls of shared property and no Will in the family, they will aggressively work to rectify that ommission immediately.
Discussions about shared property or anything you hold jointly with somebody else, should be shared around the kitchen table with partners and family members. Anytime, is a good time to share thoughts on any issue’s like Living Wills, Family Wills, Power of Attorney’s, and above all , child guardianship.
It is possible when you think you have lots of time remaining in your life to not worry about things like Wills. It is fairly easy to not be overly curious about the hereafter if you don’t think you’ll be there for another 35 years.
Increasingly however, the brevity of life is forcing many to realize that every second counts. When one is confronted with the reality of life and death, they quickly define steps to lay out a good Will planning session with the family, for the family.
If necessary, be the first in your group to show others how easy it is done.
Death operates on its own timetable and depends on health, lifestyle and age, except in the event of an accident.
While there a few in the world who set their own death date, by and large humans do not have the ability to confirm their last days on earth.
Amazingly enough, humans will spend considerable time in their lives working to accumalate fine possessions, property, businesses and raise families for a happier life for all.
It then begs the question “what kind of insurance do we have that we will live to reap the benefits of all this effort ?” The only kind of assurance would be a possible insurance policy to protect against an ill-health/accident problem during our journey into old age. With life-ending vision , specific written instructions and directions are essential, to protect against a life interupting event. A hand written letter with these important directions, declaring WHERE this valueable document is going to be kept and who will be charged with locating it when it is needed. A WILL is of little value if it cannot be found when needed. So, step one is to be certain that you have a Will, and step two, be sure you appoint someone who will know how to find that Will !
Will
Nobody likes Surprises?_ _ _
So when the police called and said there had been an accident and they were taking my husband to the hospital emergency, I panicked!
My husband had the only family car, so I was unable to drive to the hospital. I hurriedly had to impose on a neighbor to drive me.
In the half-hour drive, my neighbor asked me if we had a Living Will or a Family Will ? I said I didn’t know and became more distraught. My neighbor said “ we don’t have a Family Will either, but as soon as I get you returned home and settled, I’m going to call our lawyer to come over as soon as possible to get a Will drafted.” ” This is a good wake-up call for us too. “ She said “ it might be wise asap for you to contact your lawyer as well to see what you can do. “ My friend further said “ we are only in our forties and never imagined we would need a Will until we got older.” “ I guess these possible instant life changes can happen anytime, and we should have tried to be more prepared for unexpected surprises! ”
At the hospital, it was confirmed the husband would survive, but be confined to a wheelchair for life!.
Now, a new set of challenges faces this family.
My Parents_ _ _NO WILL_ _ _ We Are Worried !.
My sister and I are middle teens in our family, and with and thru friends at school we have noticed more talk of late asking questions about family Wills? The questions centered around how many parents talk about Wills in their home or even if the family does have a written Will. ?
Teen’s concern might be “ we do not know if our family has a Will, and we don’t know how to address the issue with our parents. “ ” In this last year we have lost two school friends to motorcycle accidents and the death of parents of another thru a horrific car accident. “
It is a good sign that queries like this one are becoming more prevalent. It is encouraging to see young adults now being more concerned about Wills with their parents. Many teenagers are now asking more questions about family Wills.
Every family should have a WILL, but sometimes some parents may not want one.? Ease into a conversation with your mother. Find out her thoughts ? Quite often wives are hesitant about discussing mortality and death, and she too, may not know just how to approach the subject with her husband.
Tell your mother you would like to be part of a family plan discussed around the kitchen table. Your parents may need some convincing, but keep calm, smooth pressure on them pointing out the consequences of not having a WILL. When WILLS are properly drafted they are safe and comfortable legal instructions required for disposal of property, possessions and above all any children.
If necessary, take it upon yourself as a school subject to call up a lawyer, notary, financial planner so that you understand how to better infiorm your parents.
Remember, your parents are constantly busy making life better and more enjoyable for the whole family, so be very tactful and discreet.
A Living Will , a Family Will or both?_ _ _
Yes_ _ _ it is preferable to be well organized enough to arrange a Living Will, AND a Family Will.
They are two seperate documents to have performed different functions for a family.
A Living Will imparts the important instructions for family and friends for aging and possibly infirm parents BEFORE DEATH happens.
A Living Will ceases upon the death, and then the Family Will comes into affect with the vital instructions to remaining family members after death. The reading of the Family Will after death can sometimes take up to one year after the death.
For whatever reason, there is the mis-conception that higher-level managers in the corporate, business and government world, along with other professional occupations, would all have proper Family Wills drafted ? Nothing could be further from the truth!
These upper-level executives are just as prone to not have Wills as the ordinary Joe’s, and just like the ordinary Joe’s, they need close to a life-changing event to cause them to take action to get a Family Will drafted. It is a myth to believe otherwise.