Tag Archives: trust

Common mistakes when writing a will

Business ClipartEveryone is going to die; that’s a fact.  And everyone should have a will.  That’s another fact.  If you die without a will, the probate court will decide what happens to  your assets; you won’t.

My father died about 15 years ago.  He left a will he had prepared himself, typed on his old electric typewriter and had a few friends sign as witnesses.  I don’t know how he decided what to put in the will and the wording to use.  All I know is that after he died, when I tried to probate the will, there were some problems with it and it took a while to get them resolved.

If you don’t want to go to an attorney to have a will prepared that you know will be written properly, you should at least be aware of some common mistakes that you should avoid.

I recently came across a blog on findlaw.com that clearly describes 10 of the most common mistakes.  You should definitely read it so you don’t make the same mistakes my dad did.

For further information about wills, trusts, probate and end of life planning go to www.diesmart.com.

Can Lucky inherit $100 million?

This-cat-stands-to-inherit-100-million-dollarsLucky is a Siamese cat and, yes, the cat can inherit!

Lucille Benton, 70, has decided that she will leave her children their family heirloom and photographs but Lucky will get all of her money.  Lucille says that her kids “never visit and rarely call.  They have good paying jobs.  They can take care of themselves.  There is nobody to care for my Lucky.”

Her kids have tried to have her declared insane and committed to an institution; however, she’s had three independent psychiatric evaluations which have concluded that she is sane.  She says her attorneys have assured her that her Will will hold up in probate court if her kids try to challenge it once she’s gone.

Meanwhile, Lucky will continue to live in Lucille’s home with a staff of 40, a limo and chauffeur and a private aviary so Lucky can have fun catching and eating birds!

This may sound ridiculous but it does point out the importance of figuring out what you want to have happen to your assets when you’re gone, and documenting those wishes so that they will be carried out…even if they are unusual.

To find out more about wills and planning for the end of your life, go to www.diesmart.com.

Are your loved ones protected when you die?

last-will  Larry and Susan had been living together for more than 20 years.  They never legally married; they said once had been enough.  A piece of paper wouldn’t change how they felt about each other.  Larry had been married before and had two sons.  Susan had also been married previously and she had a daughter.

When Larry’s father became incapacitated, they moved into his house to take care of him.  His father, to thank them for all they’d done, left the house to Larry in his will and named Larry beneficiary of his life insurance policy.  When his father died, Larry inherited the house and Susan and Larry continued to live in the house.  Larry promised to deposit the check from the insurance company into their joint bank account as soon as it arrived.

As Larry was crossing the street on his way home from work one day, he was struck by a car driven by a drunk driver and he died almost instantly.

Larry didn’t have a will and had not left any legal document naming Susan as his heir.  They lived in a state that did not recognize common law marriage so, when he died, his sons inherited everything.  They forced Susan to move out of the house and refused to give her any of the proceeds from the life insurance policy.  In essence, Susan was left with almost nothing!

Families today are very complex.  Some are the traditional married mother and father in their first marriage.  Many more are couples who were previously married to other spouses or who are legally married gay couples.  However, many people live together without benefit of a legal ceremony. This mixture of circumstances makes inheritance much more difficult and complex.

The only way to be sure your loved ones are protected is to prepare a will or a trust naming the person(s) you want to inherit your assets when you die.  Otherwise, state law will dictate who receives what.  Not you. It’s frightening that more than half of the people living in the United States today do not have a will and have not protected their loved ones. You can find a simple will form on the internet or can meet with an estate planning attorney to discuss the options that are best for you.

Don’t be like Larry.  Act now so those you love will be protected when you’re gone. For more information about wills and estate planning, go to www.diesmart.com.

Probate – More public than ever!

ancestry  Ancestry.com just announced that they’ve made a new addition to their site.  When you search for someone, you will not only see facts about their life but may see a copy of their will and probate records.  Ancestry claims that “probate records often document family relationships over multiple generations. Wills can also give insights into your ancestor’s lifestyle and personality: J.P. Morgan left large bequests to his librarians; Louisa May Alcott asked that her papers be burned.”

Do you want everyone to see the details of your estate?  If not, you should think about meeting with an attorney and preparing a trust.  That way, everything will be confidential.

For more information about wills, trusts, probate and estate planning, go to www.diesmart.com.

Why you need a living will & healthcare power of attorney

terri schiavo

Most people don’t like to think about what will happen if they’re in an accident or come down with a catastrophic illness.  They don’t decide who they want to speak for them if they are unable to communicate their wishes themselves.  They don’t tell anyone what kind of care they want….or don’t want.  Once they are hurt or incapacitated, it may be too late.

These are three reasons why you need a living will and a healthcare power of attorney:

1) You name the person you want to speak for you when you can’t.  It should be someone  you trust to make decisions on your behalf and to carry out your wishes.

2) You decide whether you want heroic measures performed to prolong your life if there’s no chance of recovery.

3) You outline the type of treatment you want to receive.

If you don’t have these documents, a relative you don’t know very well and don’t trust or possibly the courts will speak for you and decide what will happen.

For example, they may decide to put you on life support and prolong your life even though there is no chance of recovery and you may not have wanted heroic measures.  They may choose to perform a surgical procedure that you don’t want or they may decide to do something that is against your religious beliefs.

A living will enables you to describe the kind of care you want.

A healthcare power of attorney (It may be called something else in your state or it may be combined with a living will) allows you to name the person you want to be your healthcare agent who can speak for you when you can’t.

Unfortunately, a life threatening accident or a catastrophic illness can occur at any time.  There’s no age that is exempt.  Think of Terri Schiavo.  She was a 26 year-old that had a tragic fall, went into a coma and remained alive, hooked up to a feeding tube, in a vegetative state for more than 15 years because her husband and her parents couldn’t agree on her treatment and she hadn’t legally stated her wishes.

Don’t let others decide for you.  If you don’t have a living will and a healthcare power of attorney, get them drawn up right away so your wishes will be carried out and you will be able to speak for yourself….even when you really can’t.

For more information on this important subject, go to www.diesmart.com.