My Will Be Done: A Workbook for End of Life Planning
- ISBN-10
- 1481264974
- ISBN-13
- 9781481264976
- Pages
- 122
- Language
- English
- Published
- 2012-12-22
- Author
- More Than Life Inc
Description
It's unfortunate how many people believe that estate planning is only for wealthy people. People at all economic levels benefit from an estate plan. Upon death, an estate plan legally protects and distributes property based on your wishes and the needs of your family and/or survivors.This planning manual is designed to help you get together all the information that you will need to design the essentials of your own fully legal Basic Estate Plan in an economical way. WillsA will is the most practical first step in estate planning; it makes clear how you want your property to be distributed after you die.Writing a will can be as simple as typing out how you want your assets to be transferred to loved ones or charitable organizations after your death or it could cost many thousands of dollars to have a will prepared by a lawyer. You can buy legal forms or computer programs to help you make your own will but you should be aware that around 90% of contested wills are self prepared. Sometimes cheapest is not the best. A well planned will properly documented and attested is the best way to ensure that your wishes are carried out after your death without large costs to the survivors.If you don't have a will when you die, your estate will be handled in probate, and your property could be distributed differently than what you would like. Currently over 70% of people die without leaving a will.If you are unsure, it may help to get legal advice when writing a will, particularly when it comes to understanding all the rules of the estate disposition process in your state. Some states, for instance, have community-property laws that entitle your surviving spouse to keep half of your wealth after you die no matter what percentage you leave him or her.Advance Medical Directive (Living Will)Everyone faces the possibility that sometime during our lifetime, we may become incapacitated. This often happens when nearing death, but it can also be the result of a temporary condition. Many people assume their spouses or children will automatically be allowed to make financial and/or medical decisions for them, but this is not necessarily true. Advance directives are written documents that tell your doctors what kind of treatment you'll want if you become unable to make medical decisions (for example, if you're in a coma). In this manual you will make the choices that will be included in your Advance Directive and choose who will be able to make those decisions for you if you are unable to do so yourself.Hospitals will sometimes provide you with a very brief form that you can sign upon admission. This form is to protect themselves and not you. Having a properly constructed, well planned and legally executed Advance Directive will ensure that your wishes are carried out.Financial Power of AttorneyIf you become incapacitated someone needs to have access to your bank accounts, to make sure that bills are paid for you and to settle your affairs.The banks and other institutions will require a properly formatted Power of Attorney to enable the person that you want to act for you to take care of matters on your behalf.In this planning manual you will decide whom you wish to manage your affairs should you not be able to do so and what powers they should, and just as importantly, should not have. Final ArrangementsOne of the best gifts that you can give to your family and survivors is to let them know your wishes for after you are departed. From choosing the coffin or urn, what sort of headstone you would like to the kind of service you would like in your memory, this planning manual will enable you to decide your wishes and leave those who survive you in no doubt as to what you would have wanted.
