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.And 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 needs 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. Remeber 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.
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.
