What Do I Need To Include In My Will
Video Summary
What do I need to include in my will. It is very simple. A Will says that you leave whatever you have, wherever it’s situated, whether it be real property or a personal property to, and you need then designate whom you would like to receive your assets when you pass away. The Will will only cover assets that are just titled in your name alone. If you have designated a beneficiary, let’s say on a bank account, the Will will not cover that. The account card will cover that and whoever’s designated will receive it. Likewise, if you have any asset or jointly owned, your Will will not cover that. So you really just need to know whom you would like to leave the assets and also designate who you would like to be your executor. It’s rather than just having the will done, I suggest you do estate planning and talk to an attorney to find out about taxes and also, your other rights, or other people’s rights in your estate. If you have any questions, give me a call (727) 847-2288.
- Published in Estate Planning, Videos, Wills
When Should I Get A Living Will?
Video Summary
When should I sign a living will? My suggestion is you sign it now because you won’t know when you’ll pass away. The purpose of the living will is to authorize the discontinuation of life’s support in the event that you have a terminal condition and state’s condition or a permanent vegetative state. So since you don’t know when you’re going to pass away, you should go ahead and sign this document this time. If you do not wish to be kept alive on a ventilator by or by artificial means the forms are readily available. Usually at doctor’s offices, probably been hospitals. So of course that may be too late if you’re at the hospital. But those are available and I also prepare those and have them sign whenever I do a state planning documents along with the designation of a healthcare surrogate durable power of attorney and your will. So if you have any questions, you can call me at (727) 847-2288.
- Published in Estate Planning, Videos, Wills
What Is The Difference Of A Living Will And Medical Power Of Attorney?
Video Summary
What is the difference between a living will and a medical power of attorney? The living will, which is really a dying decoration, authorizes direct that life support be discontinued in the event of three different circumstances. One is if you have a terminal condition, two, if you have an end state’s condition, and three, if you have a permanent vegetative state. This is when you’re unconscious and you’re laying there on a ventilator. The medical community or your doctors make the determination if you have one of those three conditions and then they turn to who you designate and ask permission or direction to discontinue life support. A medical power of attorney, also known as a designation of a healthcare surrogate is not whenever you’re dying. It is whenever you may need medical treatment and you designate who you’d like to make that decision. It further authorize the release of your medical information or a HIPAA waiver. And so that is the difference. One is to keep you alive and authorize medical procedure and allow someone to access your medical records, whereas a living will or a dying declaration covers whenever you are in the twilight of your life and doesn’t look like you’re going to recover. So if you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Wills
What Is A Testamentary Trust
Video Summary
What is a testamentary trust? A testamentary trust is found in a will. That’s why they call it testamentary, and that the terms of the trust are spelled out in the will, and the trust does not take effect until after you die. That is versus setting up a revocable trust while you’re still alive, transferring all the assets into the name of your trustee while you’re alive, and as many times set up to avoid probate. If you have a testamentary trust, your will has to be admitted to probate, and then the testamentary trust is established and all the assets that were in your name at the time of your death passed to the trustee under the testamentary trust. The testamentary trust spells out who the beneficiaries are and how the trust is to be distributed. So, if you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Trusts, Videos, Wills
How Can I Help My Kids Not Spend Their Inheritance After Turning 18
Video Summary
How can I help my kids so that they do not spend their entire inheritance after turning age 18? Well, number 1, is if they’re entitled to the money or they have the money in their name, there’s nothing you can do other than give them parental advice and hopefully they will listen to you. However, if there’s any planning to be done, you can provide in your will or your trust that their monies be held in a trust so that, I usually suggest that, their money be held until their age 25 with the direction of whoever the trustee is. So, hold the money for their health, education, and maintenance. And then at age 25 that they receive a third or a half of the money, and then they receive the balance of money at 30 or 35, depending if you want, at what age you believe that they would be responsible enough to take care of the money.
So, there’s little you can do if the money is in their name, you can do something about it as if you are putting it in your estate planning documents and they’ll be inheriting it from you. You can either put this in a testamentary trust, which is in your will, or if you want, you can set up a trust, if you’re by yourself and you want the money to be held after you pass away for them and so that they don’t receive it at age 18. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Trusts, Videos