Make sure your Will is up to date. Laws change and your Last Will and Testament is your last chance to see wishes and bequests carried out.
By: Ivon T. Hughes
Ready to start thinking about your Last Will and Testament but don’t know where to start?
Choosing an Attorney:
Find a lawyer with related areas of expertise, like estate planning and taxation law and check with local the Bar Association to see if the attorney has had any disciplinary actions taken against him or her.
A Living Will is as Necessary as a Last Will and Testament:
Tell family members, your lawyer and your doctor where your Living Will is located and what it says.
When you enter a long term care facility, give your Living Will to the director to make sure they will honour it. Make sure all your friends and relatives, know about it too, in which case they will help carry out your wishes.
Make sure your Last Will and Testament is up to date as well as your Living Will. Don’t do your Living Will and Testament yourself. Office supply stores and the Internet sell computer programs that create Wills and power of attorney forms, but these often gloss over the intricacies of tax laws. You may save money on legal fees up front, but you can put yourself in a disastrous situation down the road.
Power of Attorney:
A power of attorney is a most important document. A power of attorney appoints someone to take care of your finances when you are too incapacitated to handle them yourself. This document has various clauses that can help to protect your assets if you, your spouse or your parent need to go into a nursing home. But many things require rearranging – sometimes with gifts, sometimes by setting up financial vehicles, sometimes through purchases but nothing can be done if you’re incompetent to deal with your finances and nobody else has authority to deal with your finances either.
A Power of Attorney for Your Last Will and Testament Can Expire:
Make sure your power of attorney is up to date. Remember you are giving the power to enforce your Living Will as well as your Last Will and Testament if necessary.
Last Will And Testament:
Consider building in compensation for extra special care. People often leave their assets to their children in equal shares, but many times one child is especially involved while others are less attentive. If one child is giving you care directly, probably in their home, you may want to consider giving them more.
Finally, make sure your Will is up to date. Laws change and your Last Will and Testament is your last chance to see wishes and bequests carried out.
About The Author:
Ivon T. Hughes of The Hughes Trustco Group is a licensed Insurance Broker. Author of The Life Insurance Handbook. – Get a FREE Copy TODAY!