Archive for the ‘Testator’ Category
will register
Why should you register the location of your Will……..if you have one?
SIMPLY……because if it cannot be found when needed, the effort and cost to draft your Will was a WASTE OF TIME !.
It will be lost foreever!
The worlds legal fraternity admits that too many Wills cannot be properly executed because they cannot be found when needed.!
Is that a gamble you are prepared to take ?
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Wills
If you have been asked to be the Executor/Executrix of a family member or friend, would you consider it a respectful honor? It certainly would mean that you are highly respected by them, wouldn’t it ?
Would you know what that would mean ? Would you be hesitant because of that old “ feeling of the unknown ” ?
Would you be interested enough to find out what that would entail ?
Would you accept right off without knowing what would have to be done because they were a family member or a dear friend or a colleague?
The bold reality is, that it means a lot of detailed work to do it effectively.
The person you may have appointed as your power of attorney has the right to manage your affairs if you are alive, but unable to act for yourself. That authority however ends immediately on your death.
The person you have asked to be your executor/executrix takes over because you have given them the authority in your Will, to settle your estate.
While you are alive, you can help simplify the tasks of your executor/executrix by doing the following:
*1 Make sure that the person you asked to be your executor/executrix knows that they are your personal representative and tell them where the WILL (s ) or a copy is going to be kept? If you have registered the location of your WILL (s ) with a worlds wills location registry, tell them which one, and how to locate your WILL (s ) quite easily. It is not pleasant to have to fumble through the effects of a newly deceased loved one or friend.
*2 Make sure your WILLS are up to date. You can do this by getting in the habit of reviewing your Wills every two to three years:
*3 Make sure that the people named as beneficiaries are still alive and at a known address:
*4 Make sure that your bequests and instructions in your WILLS reflect appropriate and current wishes :
*5 If you have young children, be very careful about WHO you select as a guardian for them. For your comfort and satisfaction, keep these directions updated regularily as you and your children age:
*6 Before you ask someone to be your executor/executrix, assemble all the information they might need. Contact a lawyer, notary, financial planner, trust officer etc. who have free info that details the responsibility of executor/executrix appointees.
*7 Hand-out are often available free from banks, credit unions, trust companies, financial planners, lawyers, and notaries.
A Living Will…..? Your own Health Care Proxy….?
A Health Care proxy lists your wishes for medical treatment should you ever become unable to make those decisions yourself. It can also name the person whom you designate to make decisions for you.
A Format for you to think about:
*1…Most states/prov’s, permit you to have a health care proxy. This is also sometimes called a personal directive or power of attorney.
*2…Check with your legal professional re the specifics in your area.
*3…Recognize, that your Doctor will be bound by the directions you give in your proxy.
*4…Describe situations in which you want your health care proxy to take effort: For example, “This health care is to take effect if I am terminally ill or injured, comatose with little chance of recovery, or in a vegetative state “….is one way to describe your wishes.
*5…List treatments you do not consent to. Many people include such things as the use of a respirator, resuscitation, blood or blood products, life-sustaining medications , and even food and water.
*6…You can also list Nothing , and instead, state that you want the person you have designated to make decisions at that time!.
*7…Create your health care proxy by typing a document in which you state that it is a health care proxy or directive, and that your intention is to give directions to your doctors should you become incapacitated or comotose.
*8…State that you are authorizing this person, ( list the persons name, address, and telephone number) to make medical decisions for you should you be unable to.
*9…You may not need to name anyone,…. But Doctors will then take directions from your closest family members and will not discuss matters with partners or friends.
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.
Because a WILL only takes effect at the time of your death, the answer is NO. A Will has no control over events during your life.
When the word Probate is mentioned, many people think it is only something that happens when you die!
Most people unaware of these processes, do not realize that probate can also happen while you are alive. It might be referred to as a living probate, but in legal language it is called a “conservatorship “ or “guardianship proceeding ”
If you become mentally disabled before you die, the probate court will appoint someone to take control of all your assets and personal affairs.
These court appointed agents must file very strict annual accountings with the court, causing the entitre process to be very expensive, time-consuming and most of all, humiliating!
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.
It is important for families to thoroughly investigate, and get a good understanding from legal professionals about Wills vs Trusts.
TRUSTS vs WILLS ?
There are many positive reasons to establish a Trust, but it should be recognized that because additional effort is required to set it up properly, it will be more expensive.
THE WILL is a written document, signed and witnessed, that indicates how your property will be disposed of at the time of your death. It is revocable and subject to amendent at any time by you during your lifetime.
A Will that contains a trust can also provide after-death property management and be used for estate planning. It does not provide the same pre-death management as a trust, but a general, durable power of attorney used in conjunction with the Will can provide similar functions according to our legal advisors.
Legal professionals say that the pre-and after-death management and tax savings between the two are marginal, and a Will can also provide the same estate tax savings as a living trut.
Having to pay attention to the many legal options available to families nowadays, one can easily see why the use of store bought forms should be avoided.
Spending time with a lawyer, notary, financial planner, or trust officer will be one of the greatest benefits for a couple as they proceed to plan their estate.
_ _ _
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.