Wills $99
1. Question: What is a Will?
Answer: A document you prepare that states who inherits your property when you die.
2. Question: Why would my loved ones have to go through “probate” if I have a Will?
Answer: “Probate” is the process whereby the court insures that your debts and taxes are paid, and that your property is distributed in accordance with your Will. It is required by law that all “estates” (that is, the property left when someone dies) go through probate, supervised by the Register of Wills for the county in which the person lived.
3. Question: What will happen to my children, if I die while my children are still minors (under the age of 18)?
Answer: If there is no surviving parent of the minor children, someone will need to be appointed by the court as their “guardian.” You may recommend an individual to serve as guardian, in your Will.
4. Question: What comes with your Living Trust package?
Answer: The Living Trust Document, a Pour over Will, Financial Power of Attorney and an Advanced Medical Directive
5. Question: How does a Durable Power of Attorney work?
Answer: You can designate someone to act as your agent, to make financial and other decisions on your behalf in the event that you are not available or mentally competent to make the decisions. The power of attorney is called “durable” because is remains valid even in the event of your mental incapacity (such as a coma, or alzheimers, etcetera). Note, however, that a power of attorney always expires upon your death, and cannot lawfully be used after your death.
6. Question: Why do I need a “quitclaim deed” in order to set up my Living Trust?
Answer: It is used to transfer real property (that is, land/houses) into the Trust. After creating the Trust, you must still transfer your property into the Trust for it to be effective. A quitclaim deed is one means of transferring real property into the Trust.
7. Question: What is a “Living Will”?
Answer: It is a document which expresses your desire to forego extraordinary medical procedures to keep you alive, in the event of terminal illness or long-term coma. The more modern term for living will is “advance medical directive.”
8. Question: Why would I want to avoid probate?
Answer: Probate can be costly, in terms of legal expenses. Also, the process typically takes 8 months or longer before your property can be transferred to your loved ones. In contrast, with a Living Trust your property is immediately available to your loved ones.
9. Question: What is a Revocable Living Trust?
Answer: It is a legal “entity” that you create by a “declaration of trust,” that is separate from yourself and continues in existence after you die. You put your property into the “Trust” and have control over it during your lifetime, because you are the “Trustee.” After you die, a separate individual designated by you in the Trust document takes control of the property and distributes it according to the directions you provided in the Trust document.
10. Question: When should I consider more than a Will for my estate planning needs?
Answer: If you wish for your heirs to have prompt access to your property and not to have to wait for the probate process to run its course, and if you wish to reduce legal fees to your estate, then you may wish to consider a Revocable Living Trust.
Intlleigecne and simplicity – easy to understand how you think.
Glad I’ve fnilaly found something I agree with!
You know what, I’m very much inclined to agree.