Posts Tagged ‘beneficiaries’
Power of Attorney
The legal profession says “ If you want to change your Will, DO NOT MAKE ANY CHANGES TO THE ORIGINAL WILL !”
“You can amend your Will by making A NEW WILL.
However, they say “ sometimes it is more convenient or appropriate to amend your Will by creating a document called a CODICIL ( an add-on to the existing Will ). “ “ This document is also subject to the same rules regarding required signatures and execution as apply to your Will”.
Most every page on the website (www.worldregistryofwills.com ) strongly urges individuals and families to invlove your lawyer or other trained legal professional when having your Will drafted. The blog ( www.worldregistryofwillsblog.com ) also offers timely and usable information to guide you.
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Wills
WILLS ARE THE WEAPONS FOR ENSURING DESCENDANTS RECEIVE THEIR FAIR SHARE OF A FAMILY”S ASSETS !!
Will planning is the excercise to develope a comprehensive list of your assets, and to determine those you wish to bestow your belongings to. Nothing difficult about that. !
But because too many people neglect to draft Wills, it can and does lead to much confusion, and put an undue strain on the surviving spouse and family members.
To confront any head of household and say “Would you want your loved ones to suffer any anguish after an unexpected termination of your life ? ”
There is no doubt, the answer would be a direct NO.!
Why is it then that 80% of the world population as yet do not have a WILL. ?
What is it going to take to change that to read, that 8o% of the world, NOW HAVE A WILL.?
IS THERE AN ANSWER OUT THERE.?
With ease, and right in your own home, can you register the location of where your Will and other valueable family documents will be stored.!
This blog has been set up to direct individuals to seek info about Registering The Location Of Their Wills with an Internet On-Line International Wills Locations And Search Registry. The locations of all family important documents can be registered there as well.
With this unique registry, administrators and executors of any deceased estate will be able to discover whether any deceased left a Will , with the simple and easy to use Search application of the worlds wills locations and search registry.
If no Will is found, the estate is vulnerable to the benevolence of the Courts who will divide up the assets at their discretion, and not yours.
At the moment for executors and administrators…there is no fool-proof method of discovering whether a Will has been made, when it was made, and where it is located.?
Missing Wills can be a very costly headache and the next of kin or beneficairies may believe the deceased had drawn up a Will, but do not have a copy of it, or do not know which legal professional may have helped design the Will and may currently hold it.
This International Worlds Wills Locations and Search Registry helps the administration of the estate perform with greater efficiency, and individuals, banks, trust companies and the legal profession are strongly encouraged to make the registration of clients Wills Locations a part of their services .
Living Wills
Will you too…..? The day when you realize that you have to pull together loose details about Wills, Debts, Taxes, inheritances and anything that involves your wealth and earnings.
Tackle these things that you have been putting off for too long.
Re-organize your priorities. Get better organized again. While starting over again, might be impossible, you certainly can start today to re-focus on your goals to end up in a better position with your wealth.
Most people are somewhat shocked at this time of re-assessement, not having realized how well they are doing in spite of no special planning.
Families without any game plan, usually end up loosing more of their accumalated wealth foolishly.
If necessary, demand attention this week to address your family’s future.
That ………will require planning your estate and needing a family Will drafted, if that had been one of your loose ends.
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.
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.
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 ?
Do you have unrealistic expectations and unreasonable aspirations ?
Don’t you just like to feel secure ?
While your basic needs are being met, you feel relatively comfortable. However, right now though, you are missing one crucial source of reassurance.
You feel apprehensive about a factor you can’t ignore, and you recognize you’ve got to give this matter attention. In doing so, you will feel exhilarated, as it will be the only way to resolve this issue.
It’s ironic how often we have the greatest trouble getting through to people we love the most, but then, life’s mayhem is often part of it’s magic.
Let it stimulate the motivation needed to finalize the drafting of the Family Will and Estate Plan .
Those you love most, will be so glad you did.
Seldom does anyone think about a death probate!
As a matter of fact many, if not most people , do not even know what that means ?
It really not difficult to understand when one becomes aware of what it means, and at some time towards the end of their lives as they contemplate Wills and Estates, most who draft Wills will become quite famaliar with the term .
At your death,your assets need to be distributed to your heirs. Your debts need to be paid and any loose ends need to be looked after.
You, obviously, can’t sign deeds, write checks or handle your business affairs.
The Probate Court now takes over these duties.
The probate process is a long complicated and bureaucratic nightmare for most families, and without a properly drafted WILL or Living Trust, can sometimes take 2 to 3 years to finalize. Even then, some decisions by the Courts may not end up in your favor.
This corner advises to take the valueable time with family to sit down and efficiently and quitely map out a comfortable solution that you want to achieve.
You wil be very happy you did,
I know…..I know……and I know we should be doing something about about drafting a Will and Estate Plan .
I am however, getting a better feeling about how to proceed after reading your blog material that suggests we make our Estate Planning a HOBBY with my family. That is an excellent suggestion !
I am no longer embarrassed about not having a Will or Estate Plan in place for my family after reading all the helpful suggestions about getting outside assistance from a lawyer, notary, financial planner, trust officer, banker,,or insurance agent.
With our home, cars, lakeside cottage, time-share, investments and other assets, I know my estate will exceed one million dollars and we had better address how we can protect as much value as possible of the estate for the future of our family.
R.M. of Mount Pleasant, CA.