Writing a will isn't the most pleasant of tasks. After all, by doing so you're not only acknowledging your own inevitable demise but actively planning for it. That might explain why so many adults avoid this cornerstone of estate planning. According to an AARP survey, 2 out of 5 Americans over the age of 45 don't have a will.
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Having a last will and testament ensures your wishes will be followed and your loved ones are taken care of after your death.
Name an Executor. The person who will handle your estate and the provisions in your will is called the executor. You designate this person in the will. You should make sure the executor will be up to the task of handling your estate and also that the person is open to accepting the responsibility.
Make a list of significant assets you will want to leave to loved ones. Start with the big stuff like houses, vehicles, and family businesses, and then work your way down to smaller items like jewelry or family heirlooms.
You can also consider how you want to provide for the care of your children; you may want to leave someone else in charge of property they will inherit until the children reach the age of majority.
Having an alternate executor in mind is a good idea in case your first choice can't serve.
That is, if you are married and your spouse holds joint title on an asset, you cannot leave that property to someone else in your will.
Some assets cannot be bequeathed within a will (or may be better handled in other ways such as living trusts ), but at this point, you should get all the assets down on paper so you know what you're dealing with. When listing your assets, remember you can only distribute property you own solely.
Your state's requirements for a valid will. The first three items are your call. The person you put in charge of implementing your will— called an executor— should be a person you trust. However, state requirements may be strictly applied, especially if there's a challenge to the will. Those requirements vary, but generally, ...
Those requirements vary, but generally, your will must be in writing; you must be at least 18 and mentally competent; and you must sign it in front of two to three (de pending on the state) adult witnesses who do not stand to inherit anything. Those witnesses must also sign.
If you don't, you may still live in one of the 26 states that permit holographic wills. "Holographic" here means "handwritten," Sandoval says handwriting it is advantageous because the legal standard for validating a handwritten will is a little more relaxed, at least in California. This may help if you miss a detail.
If you've had changes like this in your life that affect your will, you need to know how to write a "codicil," an addition to the will that adds to, revokes, or explains your choices. Writing your own codicil is as easy as writing your will on your own.
You know having a last will is important—it protects your family and provides for your final wishes. Now that you're finally sitting down to write that will, be on the lookout for these common but easy-to-avoid mistakes.
It's legal to write your own will, and given how much it costs to draft a will with a lawyer, a do-it-yourself approach might be a cost-saving choice. But you need to draft a will that's legal in your state and ensure it can stand up to scrutiny. Here's how to get started.
If you’re thinking about wills, you’ll know that a last will and testament offers peace of mind because your wishes will be carried out after you pass on. But before you pass away, a living will can outline what you want to happen if the time comes when you’re still alive but can’t communicate due to a serious medical situation.
Because of how advance directives work (fancy talk for the set of legal docs you use to get your end-of-life wishes in order), a living will is only one of several sources of information that doctors might use in the course of deciding on your medical treatment—it will depend on your own ability to communicate, plus the possibility of other documents coming into play.
In this situation, your health care agent would not be able to get the doctors to try the new treatment. Why? Because the living will overrides the health care agent (and doctors look to the living will first— as an official statement of your wishes).
If you don’t have any form of advance directive in place at all, your family could be in a difficult place where they disagree with each other about how to handle your condition —the last thing anyone wants when facing a possible end-of-life scenario. Having one in place is better than nothing, but it also isn’t as flexible as a medical power of attorney (up next).
A living will is a legal document that tells others what your personal choices are about end-of-life medical treatment. It lays out the procedures or medications you want—or don’t want—to prolong your life if you can’t talk with the doctors yourself.
The question of when a living will takes effect is your choice: You can make it effective immediately, or you can set it up so that it only kicks into effect once doctors have determined you can no longer communicate your preferences about treatment.
It can be revoked at any time—that’s helpful because you never know when new information or life changes might alter your plans, and you don’t want anything obsolete from an older living will to misrepresent your current wishes.
Power of attorney dies with you. Once you pass away, the document is no longer valid and your will then controls what happens to your assets. Fund your revocable trust. If you fund your revocable trust during your lifetime, you may not need to use your power of attorney although you should still have one just in case.
Name an alternate. If your named agent dies before you or is incapacitated, you want to have a back-up who can act. Also, consider nominating a guardian and conservator in your power of attorney in case one is needed down the road. Read the document. This seems obvious, but clients often do not read their documents.
Consider your options. There are two types of powers of attorney. A durable power of attorney is effective when you sign it and survives your incapacity. A springing power of attorney springs into effect when you are incapacitated. A springing power of attorney seems more attractive to most people, but it is actually harder to use. Your agent will need to convince the bank that you are incapacitated and, even though the document spells out how to do that, your local bank branch often does not want to make that determination. Translation: your lawyer often needs to get involved. For that reason, most attorneys advise you to execute a durable power of attorney. The attorney will often hold the original power of attorney until it is needed as an extra protection.
If you have transferred an asset to your trust, your trustee will have control of the asset. Consider your options. There are two types of powers of attorney. A durable power of attorney is effective when you sign it and survives your incapacity.
In a power of attorney, you name someone as your attorney-in-fact (or agent) to make financial decisions for you. The power gives your agent control over any assets held in your name alone. If a bank account is owned in your name alone, your attorney-in-fact will have access to it.
Depending on the language of the power of attorney, your agent may be able to change the ownership of your bank accounts or change your beneficiary designations. This is a common scenario in second marriages.
The power of two. Consider naming two agents to act together if your state allows for it . While having two people serve can be cumbersome, it often is worth the extra effort to have an extra set of eyes on the use of the power of attorney. This can substantially reduce your risk and ensure your assets go to the people you’ve designated in your will.
A lawyer will assess your legal issue and can tell you at the outset whether it is worth your while to obtain legal assistance and/or pursue legal action.
You may be able to resolve a minor legal dispute by writing letters or negotiating informally, or in a "small claims" court if the dispute has a value less than or equal to a certain amount (perhaps $5,000). Be sure to check with your local court for applicable "small claims" limits.
Lawyers can help with legal problems after they come up -- after a car accident, for example -- but in other instances, consulting a lawyer before a legal issue arises can help you anticipate and prevent serious legal problems. Some common situations where assistance from a lawyer may be necessary include:
Lawyers have an ethical duty to put your interests firsts: This is referred to as a “fiduciary duty.” It means a lawyer has to do what is in your best interest, and not his or hers. Various rules apply to ensure that lawyers fulfill this duty. For example, lawyers cannot get involved in business dealings with clients to ensure that no conflicts of interest arise.
Lawyers usually have a specialty field: While there are some general practice attorneys, most lawyers specialize in particular fields. For example, DUI attorneys may handle only DUI cases or primarily DUI cases, while divorce lawyers deal with matters of marriage dissolution and child custody.
Criminal lawyers, on the other hand, work in criminal courts. Prosecutors bring charges against individuals accused of a crime, while defense attorneys defend a person who the government claims committed a crime. Different rules of evidence apply in criminal and civil courts, and different standards of proof apply.
Some lawyers work for large firms: Law firms have become big business, and many firms are multi-national organizations comprised of many offices and many different lawyers. These big firms may have several different branches and handle many different types of law.
Some lawyers represent the government only: Prosecutors work for the government and have to abide by all laws restricting the government from infringing on personal freedom, such as the Fourth Amendment’s protection against illegal searches.
Attorneys who do real estate closings generally do not go to court either. Criminal lawyers and civil lawyers are different: Civil attorneys work in civil court, handling lawsuits for a plaintiff or a defendant. Criminal lawyers, on the other hand, work in criminal courts.
Lawyers have an obligation to keep your secrets: Both the law and the Model Rules of Professional Conduct recognize “attorney/client privilege.”. This means lawyers not only can’t willingly share your secrets, but they usually also can’t share them even if they are called to testify against you in a court of law.
They are not only knowledgeable about the inner workings and politics of the office, but often have the scoop on who to talk to when you need something in court. They know what mistakes need to be brought to the senior attorney’s attention immediately and what mistakes can be resolved with a quick fix. They typically can direct you to good examples of memos, motions, or appeals you may need to draft. They are a plethora of information and are usually happy to help.
However, it is important to know when to say no because saying yes to everything will cause you to burn out. And, not to sound totally pessimistic, no one, except a good mentor, is looking out for you in this regard. Generally, if you are willing to give your time and energy, they are willing to take it.
First, this is not an article bashing law schools. Today, most law schools offer students a range of opportunities to gain exposure to the practice of law. Many schools have robust experiential learning programs that include internships, externships, clinics, and more. Also, students need to be proactive about getting everything they can out of law school by researching these opportunities and taking advantage of them. However, no amount of interning prepares you for what it is like the first time you are personally responsible for an important part of someone else’s life. Here are a few things I learned during my first year of practice:
First, this is not an article bashing law schools. Today, most law schools offer students a range of opportunities to gain exposure to the practice of law. Many schools have robust experiential learning programs that include internships, externships, clinics, and more. Also, students need to be proactive about getting everything they can out ...
Even in transactional civil matters, such as drafting a contract, a lawyer can be very helpful. A lawyer can make sure contracts are drafted correctly and avoid problems at a later date. A real estate purchase, business purchase, and/or creation of a trademark or copyright will most likely involve a lawyer.
A lawyer is an individual who is licensed to practice law in a state. Lawyers are also known as attorneys or an attorney at law. Some lawyers are licensed in multiple states. Some lawyers are admitted to practice at the Federal level as well.
Lawyers can provide a wide range of services to their clients. Some lawyers handle many different types of cases. Some lawyers specialize in one or two types, such as family and divorce law.
It is important in divorce cases for an individual to have a family lawyer representing them to ensure their rights are protected.
It is important to remember that, in most cases, when an individual cannot afford a criminal lawyer, the court will appoint one to represent them. It is also important to keep in mind that if an individual is sentenced to jail time, they will not be able to earn an income and may lose a job.
Criminal law is the body of laws that pertain to crimes. Crimes are actions or behaviors prohibited by state or federal laws. Crimes are punishable by fines, probation, and/or imprisonment. Usually, crimes are categorized as misdemeanors or felonies.
Lawyers can work in a law firm with other lawyers, with a partner, or practice by themselves in a solo practice. In most cases, a lawyer will be chosen based on the type of case, or practice area, and the location of the case. Lawyers can provide a wide range of services to their clients. Some lawyers handle many different types of cases.