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Things to Remember When Writing Your Own Will

Legal wills are legal documents that give detailed information of who receives property, cash, and other types of assets owned by the person writing out the living will. While you can write out and draft will yourself, it’s recommended to have an attorney or legal document assistant who specializes in legal wills, especially if the estate is worth more than $1 billion dollars. An attorney or legal document assistant can also assist you in providing other types of documentation such as a trust or pay on death account to prevent probate issues. They can explain in further detail wills and probate. Yet, whether you choose to have an expert help you or not, there are things to remember when writing your own will.

You must learn what your state requires in order to execute your will upon your passing. For example, you will need a certain amount of witnesses that will be present to witness you signing your will, along with their signatures. Provide the names of people that you want to leave assets to in detail, such as who receives your house and the address of the house you mention. Be sure to spell the names correctly and list all of the addresses of the property you own.

List all of your assets along with whom you are leaving them to. You should include their present addresses and phone numbers for contacting them in the future. Also be sure to write down specifics, including how much money each person will receive.

For minors, place a guardian in charge of them and choose someone to be responsible for making arrangements and handling assets given to minors until they turn 18. Then, name a person that is not mentioned in the will to handle distributing these assets upon your passing. You want to make sure you find someone trustworthy and who knows where the will is placed.


Do You Have a Living Will or a Living Trust?

If you don’t have a living will or a living trust, you may leave problems for your loved ones and inheritors when you pass away. If you want to be protected in case of a medical emergency, you need a living will.

If a person dies intestate – without leaving a will – the state takes charge of all the monies and properties and distributes the estate according to the state laws. There is also the wills and probate process wherein a will also has to undergo probate and the state takes money for doing this; successors may be liable for inheritance or other taxes and levies.

Have you ever considered what were to happen if you were physically or mentally incapacitated due to a medical emergency? A person can have a stroke, an accident, go into a coma or be medically kept alive; millions undergo this trauma. A living will would take care of your medical decisions if you were not in a position to do so. It can specify the kind of medical treatments that you want or prohibit, for instance if you don’t want artificial tube feeding or ventilator support.

A living trust is one in which the person who is writing the will has the authority to make decisions, but he or she will also name an executor or trustee in case he is medically unable to do so or dies. It like a power of attorney which you execute in the name of the trusted person, a spouse, friend or family member, empowering them to take decisions on your behalf and take care of your financial affairs.

With a living will/living trust in place, you will protect yourself in case of medical problems and your loved ones from paying extra taxes or money for probate in case of death.


Why It’s Essential to Make Decisions About What’s in Your Will

Are you willing to die intestate, without a Will, and let the courts have control of your assets? Do you have something of sentimental value that should go to a particular relative? Do you want your property dealt with fairly? Then you need a Living Will or a Living Trust. What’s the difference you may ask? The use of a Trust will allow you to circumvent the probate process so that your final wishes are processed in a timely manner. A Trust can also help to avoid estate taxes. Wills and probate can be complicated matters and choosing the right one requires information.

There are Simple Wills, where you choose a beneficiary to receive your assets, but your creditors can still go after those assets. There is a Comprehensive Will that makes available creditor protection. There is a Tax-Saving Will, which, as it name implies, does away with transfer taxes. There are Living Trusts that can help with creditors and provide for you if you can no longer manage yourself. There is a Credit Shelter Trust that is a safe haven against taxes. Confused?

Do not try to go online and make a Will by yourself. After all this is your life’s work we’re talking about. Talk to an attorney and set it up properly; do not hide your intentions, let everyone know, no secrets. Do not allow your assets to mix with other monies. Keep yourself structured and gather all records, documents, and any statements and keep them in a safe place. In today’s online world, include make sure to include login IDs and passwords.

A lifetime’s worth of dreams need help to be distributed to loved ones. In a time when all are grieving, don’t add to that pain by not having a willor trust.


Why It’s Essential to Make Decisions About What’s in Your Will

Are you willing to die intestate, without a Will, and let the courts have control of your assets? Do you have something of sentimental value that should go to a particular relative? Do you want your property dealt with fairly? Then you need a Living Will or a Living Trust. What’s the difference you may ask? The use of a Trust will allow you to circumvent the probate process so that your final wishes are processed in a timely manner. A Trust can also help to avoid estate taxes. Wills and probate can be complicated matters and choosing the right one requires information.

There are Simple Wills, where you choose a beneficiary to receive your assets, but your creditors can still go after those assets. There is a Comprehensive Will that makes available creditor protection. There is a Tax-Saving Will, which, as it name implies, does away with transfer taxes. There are Living Trusts that can help with creditors and provide for you if you can no longer manage yourself. There is a Credit Shelter Trust that is a safe haven against taxes. Confused?

Do not try to go online and make a Will by yourself. After all this is your life’s work we’re talking about. Talk to an attorney and set it up properly; do not hide your intentions, let everyone know, no secrets. Do not allow your assets to mix with other monies. Keep yourself structured and gather all records, documents, and any statements and keep them in a safe place. In today’s online world, include make sure to include login IDs and passwords.

A lifetime’s worth of dreams need help to be distributed to loved ones. In a time when all are grieving, don’t add to that pain by not having a will or trust.