Posts Tagged ‘Personal Directive’
If you are one of the 20% in the world who have a Will that can be found when needed,……the legal profession says:
Yes…..it is possible. Your Will might be revoked automatically by what you do ( e.i. a change in marital status ) depending on the jurisdiction in which you live.! And that is why the legal profession strongly urges people to REVIEW their Wills every two years.
This blog always urges individuals to work with a good legal professional of their choice because they can make you aware of all the regulations that you should be aware of.
But, Remember…..an emergency hand-written Will should be written , and it’s location revealed to the family, while you wait to get to your legal professional. It is called a Holographic Will, and it’s location too, can be registered with the worlds wills locations registry.
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Will planning
is the one who recognizes and seizes the right moment. ( says Johan Wolfgang Von Goethe ) to collect all family together at an evening meal and announce that this week-end we will gather following dinner to start to lay out the instructions we will want in our family Will.
This person, in control, will advise family members to be prepared with input into the discussion and planning about the distribution of assets amongst all family members. This person will want to hear from each family member about their desires that may end up on paper in the family WILL.
This person, the right person, is taking a wonderful attitude with his family to begin the planning of the family’s Will.
When that eventful day arrives, and there is the reading of the Will, there will be complete comfort with all knowing how the assets will be distributed without quarrel.
How nice……oh, how nice it would be for all families to handle this important task in this manner. Will you tell your friends about this attitude please ?
Wills
Some of these people had healthy assets, and some in their positions should have had legal professionals able to help them with a Will if asked. But they put it off to get to it later , but never made it.
Among the notables who died either without a valid Will or no Will at all are :
Ross Alexander, Fatty Arbuckle, Anura Bandaranaike, Madhav Prasad Birla, Sonny Bono, George Brent, Lenny Bruce, Jacob A. Cantor, Kurt Cobain, Russ Columbo, Sam Cooke, James Dean, Sandy Dennis, John Denver, Divine, Duke Ellington, Cass Elliot, Chris Farley, Bobby Fischer, Redd Fox, Mary Fran, James A. Garfield, Marvin Gaye, Ulysses S. Grant, Billie Holliday, Buddy Holly, Shemp Howard, Howard Huges, Andrew Johnson, Florence Griffith-Joyner, Martin Luther King Jr., Ernie Kovacs, Harry Langdon, Bruce Lee, Abraham Lincoln, Peter Lorre, Jayne Mansfield, Rocky Marciano, Karl Marx, Steve McNair, Sal Mineo, Carmen Miranda, Keith Moon, Rosa Parks, Pablo Picasso, Mihajlo Idvorski Pupin, Tupac Shakur, Don Simpson, Anna Nicole Smith, William Desmond Taylor, Sharon Tate, Tiny Timm, Ritchie Valens, Herve Villechaize, Barry White, Jimmy Witherspoon, and Elvis Presley.
Anna Nicole Smith sued the estate of her late billionaire husband, because she told the court her husband of just over a year had promised her 300 million dollars for her and her daughter ( by another man ). She made the fatal mistake of not getting it in writing and the husbands late son’s estate successfully argued against it. Smith and her daughter received nothing other than the amount of seven million dollars while she lived with him.
This is a partial list of people who were apparently too busy to address this simple, but oh so important task of having their Wills prepared.
Are you now going to have your name added to a list like this….?
We implore you to take the time to at least write a hand-written Will ( called a Holographic Will ) until you can get to a legal professional to finalize a formal Will.
YOU OWE IT TO YOUR SPOUSE AND FAMILY. !
Life…..has a way of interupting our best plans.!
And Life Changing Decisions May Happen Anytime. Quite often…without any warning.!
There is nothing that makes a person more quickly REFOCUS priorities in life, until faced with reality that they may only have a limited time to live.
If you have taken the time to prepare a Will for your family, it is a given that you have thought about the unexpected and are prepared for any unexpected happenings.
Providing a road map for your family members to follow when you are not here , is not morbid. It is just very good thinking about their future protection.
You probably had heard about the chaos and disasters that have occured in family’s when there was no Will. Whether there was ever a Will, and/or it could not be found.
You are to be congratulated for being so prepared, and please tell all your friends and neighbors to start being as prepared.
Life threatening events like sickness, accidents or premature end of life, do not operate by any calender.
They just happen.
There are many smart parents who have built-in plans for such emergencies,……however, unfortunately , there are way to many who have yet to do so.
With respect, we invite them to browse the website (www.worldregistryofwills.com ) for a complete understanding of the potential risks invloved if there is no Family Will and no location given as to where that Will is located,….if there was one.
Good intentions are fine……..but the action is more final and rewarding for the family members.
IS NOT REGISTERING THE LOCATION OF WHERE THAT WILL, ( WHENEVER THAT WILL IS COMPLETED ) CAN BE FOUND, AND NOT LEAVING DIRECTIONS FOR THE FAMILY MEMBERS AS TO HOW TO FIND IT WHEN NEEDED.
The legal profession says that “ half of the worlds Wills cannot be properly executed because they cannot be found when needed.”
Any Will that cannot be found, is of absolutely no value. and government archives are filled with them.
IT TAKES A WILL TO DRAFT A WILL. !
Draftig a Will is one subject that must be addressed, and failing to do so is one of mankinds greatest faults creating a world of discontent and misery for the remaining family.
Not drafting a Will, cannot be by-passed without probable harmful consequences.
You….and You alone….can take steps today, to put your affairs in order
You….can make certain insofar as is humanly possible , that your family is given every opportunity to continue as a family should, during such an emotional uphea
An offer of assistance is freely available by going on-line to (www.worldregistryofwills.com ) and their blog ( www.worldregistryofwillsblog.com )
Guidance on registering the location of where that Will is going to be kept, is also available.
Will that be a fault of yours ?
Every legal professional and financial planner, will counsel anyone with assets to finalize a Will!
It is doubly important if you have a spouse, and, unbelievably important if you have children.
It is a cause of great concern to these legal professionals because they have seen the consequences of those who did not have a Will, and in most cases, it was not a pretty picture.
These legal professionals would like to help you avoid those disasters.
So, hurry up even with your hand-written emergency Will until you can get to a lawyer. Then, don’t forget to record where your Will can be found please.
If a governments estate administration act governed how your assets would be distributed… when there is no WILL:
Some legal professionals might say :
#1…if you own a home, your spouse will have the right to use it for life. This might be called a “life interest,” and it can tie up the estate for many years:
#2…under some estate acts, a “spouse” includes a common-law spouse, and therefore it is posible in todays world for an estate to be divided among more than one spouse:
#3…some juridictions have a certain specified amount that the spouse gets, and if there are no children, the spouse gets the rest of the assets value. However, if there are children your spouse and children share the rest of your estate. If you have no spouse, but have children, the children share the estate equally:
#4…when any of your children have predeceased you but have children alive, those granchildren will share the deceased child’s portion:
#5…if you have no spouse or children or other descendants alive, then your parents will get the estate, or the survivor of them:
#6…when you have no spouse, no descendants and no parents alive, the estate will be divided equally among your siblings.:
#7…if any sibling predeceased you but left children alive,, those children will take the sibling’s portion:
#8…when you have no spouse, no descendants, no parents and no siblings alive, your nephews and nieces will inherit.
Individuals and families are accumalating considerably more today than their parents or grandparents ever did, and the laws and taxation laws are now more specific leading one to recognize the importance of working with a lawyer as you start your estate planning.
Your lawyer will be a distinct advantage to you. Don’t attempt to circumvent his/her counsel. They know most of the loop-holes and pitfalls, and will always have your best interests at heart.
Register that valueable document with a worlds wills locations registry, so it can be readily found when needed.
An overview of the complexity of the dispersal of your assets after your demise, reveals that the time, effort and money needed to set up a valid family Will with a lawyer, is in fact a very good inexpensive investment.
This blog aggressively promotes on each of the website pages of (www.worldregistryofwills.com ) for individuals to always use a qualified Wills and Estates lawyer , and AVOID using stationary store or on-line download forms. Many lawyers will meet with you without charge before you retain them. You can decide if you feel comfortable with the lawyer and find out the approximate cost before you commit yourself.
Your lawyer will consider the types of assets you own, and above all, the way you want them to be divided , before advising you and drafting up your Will.
The next blog will give you a peek at some of these sceniarios that exist in some provinces and states Estate Administration Acts that govern how your estate might be distributed if you had no Will. Quite often, this might not be what you want.!