What is a Will

A will is an official document stating what you want to have done with your belongings and estate when you die. It is usually advisable to have an attorney write your will to be sure that all your estate is accounted for and that all the necessary instructions are given. You are virtually free to give your estate to anyone you wish, or divide among any number of people. You will, however, want to make a few specific directions in your will. For example: if you have minor children, you will want to appoint a guardian to take care of them should both parents die. You will also want to be sure that all property, assets or cash are accounted for in your will. This will help prevent anyone from contesting the will. You will also need to name an executor or executrix who will oversee he reading of the will and awarding of the estate to list beneficiaries. You may wish to change your will from time to time throughout your life, especially when a baby is born, you divorce or remarry, or your spouse dies. If you die without making the provisions for family changes, they will probably have a hard time receiving the benefits that you possible would have wanted them to receive. By working with your lawyer, you can plan a will that will guarantee the benefits of you estate to those you leave behind, and minimize the confusion of your wishes.

Lifetime Planning

"Lifetime Planning" is a practice of law that describes the ways in which you can have your wishes carried our despite incapacity, terminal illness, or expensive long-term health care. Often, a comprehensive "Lifetime Plan" deals with four major issues: 1. The plan designates the person of your choice to exercise your legal authority and carry out your plans for your life's business. 2. The plan states your wishes about the use of life-prolonging medical procedures and also names your person of choice to give consent to medical care if you are unable to do so. 3. The plan provides information about the financial security of your family members in the case of your long term medical care need. 4. The plan spells out the organized and effective transition for your survivors at your death. Lifetime planning lets you decide who will manage your affairs for you and how they will be handled.

What Is a Living Will and When Is One Needed

A Living Will is an official document which must be worded very carefully and in conformity with the law. It must be prepared and properly witnessed in advance of the required need. It state that the individual, it terminally ill, does not wish to have the dying process prolonged through the use of artificial means. Some individuals have described it as legally stating that they do not wish to be maintained in a vegetative where there is no reasonable and probable hope of their recovery. It enables the individual to make this decision for himself or herself and eliminates the burdens, financial and moral, that are otherwise thrust upon a family or loved ones at a critical time when they may be emotionally unprepared to handle such decisions. It avoids the need to have to turn to the courts to make a decision that may then be both costly and delayed.

What to Do When a Loved One Dies

In the absence of a properly drafted will, a surviving spouse may be required to distribute a portion of the property to children of the deceased whether my the present marriage or a previous one. Whether probate is required is dependent upon the manner in which property was titled or held. Jointly held property between spouses, whether bank accounts, cars, houses, or the like will generally pass to the surviving spouse without any probate and without federal estate or state taxes. Life insurance policies are generally not subject to probate, and are paid to the individual named as beneficiary. In most cases, a properly prepared and witnessed will speeds distribution of property of a decedent and minimizes the costs of that distribution. It assures that property of a decedent will not be distributed to individuals whom he or she did not intend to receive it. A competent and qualified attorney can best guide you in this matter.

What is a Living Trust

A trust can be created any time you wish to give a person a certain amount of money, but wish to control the way that money is given or used. In order to form a trust, you need a trustor, the person creating the trust and giving the money. A trustee is the person who will hold the money, and a beneficiary, the person the trust is designed to benefit. The most commonly used form of trust is for minor children. For example: if you leave a child money in your will, that money will probably go into a trust until the child reaches 18 years of age. Or, instead, you can create a trust in your will and set certain terms and conditions such as having the money given to the child at 21 years of age, or set aside to be used for education. Trusts can also be set up for people who are not capable of making the decision on how to use their own money, such as a handicapped person. Another bonus of the trust is the tax shelter they provide. For example: if you simply decide that your spouse will receive all of your estate upon your death, your estate is open for a variety of taxes. However, if you leave your estate to your spouse in the form of a certain type of trust, the government is limited to what is taxable, but your spouse will still enjoy the benefits from the full amount of the estate. If you have any questions about setting up a trust, or the way a trust can benefit you, contact your attorney for the answers you need.

When is a Guardianship Necessary

When a person needs help in managing their affairs or protecting their legal rights, a guardian may be appointed for them either at their request or by a court acting in their interest. The guardian has specific duties and the court may require a monetary bond be given to protect against any improper actions by the guardian. Generally, a guardian does what the name implies, guards against financial loss or injury, protecting the estate. A guardian may also be appointed with specific duties and rights to take care of, and decide matters concerning the physical needs of a minor or an adult who has been found to lack the ability to adequately take care of, or provide for their own physical needs.

What To Do When a Loved One Dies - Probate

When your spouse dies, you will need to settle the estate. If your spouse dies without a will, then you will need to file an administration to transfer assets over to your name. You will need to contact an attorney to transfer title to home, stock holdings, or real estate in the event of your spouse's death. If your spouse had a will at the time of death, then the procedure is easier and less expensive. You will need to contact an attorney to have yourself appointed as the executor or executrix under the estate.

Wills and Taxes

Simple wills can be relatively inexpensive to prepare and can often be done after a brief meeting with an attorney. More complex or larger estates may require more complex wills with trusts and more effort, thought and time. It's especially important you have a will if you have a minor child, or if you own real estate. Your estate, that is the assets which are property that you leave at the time of your death may be subject to a state tax. In order to plan how your assets are distributed, it is important that you have a will at the time of your death. A reason for properly planning your estate is that the property you leave to your loved ones may have to be sold in order to pay tax liabilities. Tax planning may be an important part of your will and overall financial planning should be considered in your will. You should contact a tax advisor to advise you in planning your tax estate.

Business and Estate Planning

Business planning arranges a business with certain purposes in mind. Business planning includes selecting from various techniques that are suited to the owner of the business. Beginning with the selection of the business entity, whether it be corporate, partnership, trust or another type of entity, or the information, organization, or operation of the entity, certain techniques using stock, employment or employee incentives to take advantage of special tax breaks or provide other benefit. Whatever the state of the business's development from formation to liquidation, and everything in between, your business success may be enhanced by competent professionals, skilled and knowledgeable in corporate business and tax law, and proficient in the techniques for accomplishing the business owner's objectives. The objectives by which you plan your business and your estate go hand in hand, and are often considered together.