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Good Will Hunting
Every woman, regardless of her status, should have the proper documents to safeguard her legacy. As attorney Jim Schmidt reports, the standard will is not always the way.
By James Schmidt, Esq.
Published: Dec 02, 2007
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There’s a saying among lawyers: “Where there’s a Will, there’s an almighty scrap among family members.” The reason? Wills only become effective when the Will-creator dies, so the document itself is open to contest - often long, bitter, expensive contests, in a process called Probate.
A few essential documents can avoid Probate and ensure the fair and smooth transition of assets. It might sound grim, facing up to our mortality like this, but nothing is as certain in this life as death. Well, almost nothing. (Next month: taxes.)
The Revocable Living Trust
A special entity created to own and manage your assets while you are alive and to privately distribute them as you wish when you die. Unlike a Will, a Revocable Living Trust is beyond contest and may even offer some serious tax advantages.
The Durable Power of Attorney
This designates the person you wish to manage your finances if you become incapacitated. Without such an "Attorney in Fact," who would be authorized to access your accounts to pay your mortgage, your insurance premiums and so on?
The Living Will and Designation of Healthcare Surrogate
The “Living Will” part details your wishes regarding life-support treatment in case you become “brain dead.” It instructs the hospital of your wishes directly, relieving your surviving family members of the agonizing decision. The “Designation of Healthcare Surrogate” part selects who will make your healthcare decisions if you become mentally or physically incapacitated.
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A few essential documents can avoid Probate and ensure the fair and smooth transition of assets. It might sound grim, facing up to our mortality like this, but nothing is as certain in this life as death. Well, almost nothing. (Next month: taxes.)
The Revocable Living Trust
A special entity created to own and manage your assets while you are alive and to privately distribute them as you wish when you die. Unlike a Will, a Revocable Living Trust is beyond contest and may even offer some serious tax advantages.
The Durable Power of Attorney
This designates the person you wish to manage your finances if you become incapacitated. Without such an "Attorney in Fact," who would be authorized to access your accounts to pay your mortgage, your insurance premiums and so on?
The Living Will and Designation of Healthcare Surrogate
The “Living Will” part details your wishes regarding life-support treatment in case you become “brain dead.” It instructs the hospital of your wishes directly, relieving your surviving family members of the agonizing decision. The “Designation of Healthcare Surrogate” part selects who will make your healthcare decisions if you become mentally or physically incapacitated.
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