Article Posted: 04/25/2008
Print this page
Estate Planning Basics
Go to comments (24)

by Andrea Ambroze, Bet Tzedek Legal Services

 

 

Wills

A will is a legal document, in accordance with state law, which becomes irrevocable upon death. It’s a written document where your loved one can name an executor (a person who manages assets, pays debts and distributes assets to beneficiaries) and beneficiaries (family, friends, organizations or others who receive assets) upon his or her death.

 

A will does not cover: life insurance, retirement plans, living trusts, joint assets, any assets that may be joint property with someone else, such as a spouse.

 

If someone who has died does not have a will (called intestate), state law will determine who the beneficiaries of the assets will be. If the deceased was married, the spouse will receive his/her half of community property (half of anything acquired during the marriage), and a portion of his/her separate property. The rest of the separate property would go to the children or grandchildren of the deceased. If the deceased without a will was not married, assets will go to children, grandchildren, parents, brothers, sisters, nieces, nephews, or other family members.

 

Making a will is recommended because the writer has more control over his or her assets and property passed down through a will is subject to a lower estate tax.

 

To make a will, one must have testamentary capacity, or the understanding of what property is owned, where the property will go, and whom the natural heirs (children, etc.) are. Wills can be handwritten (called “holographic”), statutory, or drafted by a lawyer. Handwritten wills must be completely and legibly written by the older adult, state what is going to be left to whom and does not have to be notarized. A statutory will is a “fill in the blank” type of form, which makes the process easier, but does not allow for leaving specific items to specific people, dividing property unequally among people, or disinheriting a spouse or child. A will drafted by an attorney can make specific requests as to what property will be left to whom, can avoid unnecessary taxes and must be witnessed by two non-beneficiaries.

 

Using a codicil, which is a separate document that must be prepared according to the same state laws that govern the preparation of a will, can change a will. A new will should be made when one is married or divorced, there are major changes in the family, there is a significant increase or decrease in assets, or one wants to change the executor or guardian previously indicated.

 

 

Advance Health Care Directive

An advance health care directive allows one to designate a person to make health care decisions for him/her in the case when he/she cannot make decisions for himself. It can also pre-specify the type of health care one would like to receive in case the capacity to make decisions is lost.

 

A health care provider, such as a doctor or nurse, must abide by the advance health care directive.

 

Power of Attorney for Finances

Your loved one can appoint someone to be his/her power of attorney to perform the following actions:

  • Withdrawing money from bank accounts
  • Signing income tax returns
  • Transferring assets to a trust
  • Selling assets, including a residence or other real property
  • Making investments

 

An older adult can make the power of attorney document “springing”, which would indicate that the power of attorney only take effect if the author lost capacity. He could instruct that a physician determine when capacity is lost. The power of attorney should be considered seriously, as this designee would have total control over the finances of the older adult.

 

Rating:

Recent Comments
Post Comment

Thanks for the information This article is very good for my knowledge going forward ★ Produk Obat KuatObat Kuat ViagraObat Kuat LevitraObat Kuat CialisObat Kuat NangenObat Kuat MaxmanProcomil Spraycandy b complexProduk Obat Pembesar Penisanabolic rx24testo ultra

hammer of thor

klg herbalvimax aslivakum pembesar penisminyak lintah papuacream developpe sexcobra oilvigrx plus aslipro extendercream kuda jantancelana pembesar penisobat penyubur spermatitan gel aslisemenaxProduk Alat Pembesar PenisProduk Penyubur SpermaProduk Minyak Pembesar PenisLintah Hitam PapuaProduk Pembesar Payudaravakum pembesar payudaracream pembesar payudara

galeripembesarpenis.com

Produk Obat Perangsang Wanitaobat perangsang potenzolobat perangsang dh2oblue wizardliquid sexperangsang permen karetailida candyopium sprayProduk Alat Bantu Sex Wanitapenis getarpenggeli vaginapenggetar vaginapenis manualpenis tempelpenis mutiaravibrator butterflyvibrator butt plugvibrator mini fairypenis dua kepalavibrator lipstikvibrator lidahvibrator thorn dragondildo getar silikonpenis sakkyProduk Alat Bantu Sex Priavagina getar goyangvagina senterpenis ikat pinggangvagina dua lubang

hammer of thor asli

Produk Kondom Silikonkondom nagakondom getarBlog Kesehatancara memperbesar penis alamiviagra bandungciri obat hammerobat vimax bandungminyak lintah papuacobra oil superobat klgobat kuat viagra asliobat levitra 100mgobat kuat maxmanliquid sex cairpermen perangsang ailidagaleriobatpembesar.com
Posted by: galerigps  on  10/18/2017
Report This

Posted by: khairyayman  on  08/04/2017
Report This

شركة نقل عفش بالدمام الشرق الاوسط متحصصه فى نقل عفش واثاث بالدمام ونقل العفش بالخبر كما انها توفر شركة نقل عفش بالجبيل والخبر وشركة نقل عفش بالقطيف والاحساء وجميع خدمات نقل العفش والاثاث بالمنطقة الشرقية بارخص اسعار نقل عفش بالدمام وتقدم ايضا شركة تخزين عفش بالدمام والخبر نقل عفش بالدمام شركة نقل اثاث بالدمام شركة نقل اثاث بالخبر شركة نقل اثاث بالجبيل شركة نقل عفش بالخبر شركة نقل عفش بالقطيف شركة نقل اثاث بالاحساء شركة نقل عفش الجبيل شركة نقل عفش بالدمام شركة نقل عفش الجبيل شركة نقل عفش بالدمام شركة نقل اثاث بالجبيل شركة نقل عفش بالخبر
Posted by: khairyayman  on  08/04/2017
Report This

Posted by: khairyayman  on  08/04/2017
Report This

MegaboxHD is not officially available for iPhone/ iOS users but, by using some apps we can download and install movies HD On iPhone/iOS devices. Follow the below link to know how to download megabox hd on iPhone.
Posted by: lukashik  on  06/03/2017
Report This

jordan shoes

christian louboutin shoes

michael kors handbags

kobe shoes

curry 3

atlanta falcons jersey

nike roshe run

adidas tubular

kobe 9

real jordans

hogan outlet

harden shoes

nike lebron 14

true religion jeans

adidas yeezy boost

yeezy

ultra boost

chrome hearts outlet

nike zoom

adidas neo

nike huarache

basketball shoes

nike air max 2017

nike mercurial vapor

kobe shoes

nike air force 1 high

longchamp handbags

kobe bryant shoes

nike air max95

yeezy boost

james harden shoes

kobe 11

chrome hearts online

fitflops sale clearance

lacoste online shop

air yeezy

air jordan

michael kors outlet

nike air force 1

longchamp bags

adidas ultra boost 3.0

nike huarache

adidas tubular x

roshe run

ferragamo sale

michael kors outlet online

longchamp bags

air max

yeezy boost

timberland outlet

michael kors handbags

http://www.uggoutlet.uk

air max 95

kyrie irving shoes

michael kors outlet online

cheap jordans

michael kors outlet

yeezy shoes

adidas yeezy

nike air force 1

true religion jeans

true religion

patriots jersey

adidas neo online shop

curry 2

chrome hearts

yeezy boost 350

lebron 14

adidas tubular

ferragamo belt

adidas nmd

nike dunks

michael kors factory outlet

fitflops clearance

michael kors handbags

louboutin shoes

adidas yeezy boost

michael kors outlet store

stephen curry shoes

longchamp handbags

cheap basketball shoes

air jordan shoes

reebok outlet

hermes belts for men

michael kors outlet store

nike air max 90

air max 90

lacoste sale

yeezy shoes

michael kors outlet

michael kors outlet

adidas stan smith men

michael kors outlet store

links of london

tory burch shoes

lebron 13

nike roshe run one

nike huarache sale

retro jordans

adidas stan smith

jordan shoes

huarache shoes

cheap jordans

air jordan

nike air zoom structure 19

yeezy boost 350 v2

yeezy

lacoste online shop

curry 3

lebron 13 shoes

nike air max 2016

timberland boots

longchamp

fitflops sale

air force ones

pandora jewelry

longchamp online shop

adidas ultra boost

pandora charms

air jordan shoes

ultra boost 3.0

cheap jordans

led light up shoes

adidas yeezy boost

lebron shoes

hermes belt

michael kors handbags

kobe sneakers

chrome hearts

nmd r1

nike air zoom pegasus 32

lebron james shoes

adidas nmd r1

irving shoes

longchamp le pliage

adidas ultra boost 3.0

basketball shoes

http://www.nikedunks.us.org

adidas stan smith uk

adidas nmd

kobe 11

adidas tubular UK

adidas ultra boost

links of london sale

adidas nmd

nike roshe run

yeezy boost 350

yeezy shoes

cheap jordans

longchamp

cheap jordan shoes

adidas nmd r1

kobe 9

adidas neo shoes

michael kors factory outlet

jordan retro

air jordans

michael kors outlet

yeezy boost

nike air force

pandora bracelet

hermes belt

asics sneakers

longchamp bags

longchamp

links of london

michael kors outlet online

pandora bracelet

true religion uk

nike roshe run

kobe basketball shoes

michael jordan shoes

pandora uk

yeezy boost 350 v2

michael kors outlet online

new england patriots jerseys

adidas yeezy

patriots jerseys

nike zoom

adidas ultra boost

adidas neo

nike air max

lacoste polo

yeezys

timberland shoes

nike mercurial

huarache shoes

tory burch shoes

michael kors outlet

michael kors outlet store

nike kyrie 3

asics running shoes

falcons jersey

longchamp outlet

adidas superstar UK

hogan outlet online

prada eyeglasses

true religion outlet

nike air force 1 low

adidas superstar

michael kors outlet

fitflops

michael jordan shoes

yeezy sneakers

yeezy boost 350 v2

adidas stan smith

kobe bryant shoes

michael kors outlet

michael kors outlet handbags

michael kors handbags sale

yeezy boost

nike huarache

nike air zoom

nike air force

light up shoes

under armour curry 3

cheap jordans

michael kors purses

jordans for cheap

lacoste outlet

adidas stan smith women

nike roshe one

pandora jewelry

cheap jordans

prada sunglasses

kyrie 3

longchamp handbags

nike polo

kobe basketball shoes

yeezy boost 350

lebron 13 low

pandora charms

michael kors outlet

adidas superstar

518
Posted by: liyunyun  on  05/18/2017
Report This

Posted by: zapyaboogy  on  05/10/2017
Report This

Posted by: siteocean  on  04/30/2017
Report This

But let me tell you guys that Showbox for iPhone is not officially available, so we have to download any other alternative app same as Showbox, we can download the app, i.e., Cinemabox, which is very much similar to Showbox regarding features and functions.
Posted by: lukashik  on  04/18/2017
Report This

Showbox App is very easy to use. In order to play your favorite movie or any videos, you just have to type in the menu bar which is located on the top of the App. Showbox for pc Now the users can access easily any movies in online, or if necessary, you can download it too in any video quality format.
Posted by: lukashik  on  04/03/2017
Report This

Currently, it is not possible to download your content to the SD card directly. Androidís default download manager cannot be tampered with without getting root access. Fortunately, that is not necessary. Terrarium app
Posted by: lukashik  on  04/03/2017
Report This

Showbox For PC: Showbox apk is a leading application that provides HD movies, many popular TV shows, TV Series in a single go and that too for no price. The only thing that needs to be done is downloading the app in your mobile.
Posted by: lukashik  on  02/01/2017
Report This

You can use showbox APK to watch out the Serial or Movies which you want to watch, It has a great collection of movies.
Posted by: lukashik  on  01/28/2017
Report This

watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free onlines watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online
Posted by: rinku11  on  01/28/2017
Report This

It allows your app to work in background and you can easily access the pokemesh app without actually opening and closing it manually.
Posted by: lukashik  on  01/27/2017
Report This

Posted by: Kal Tech  on  01/20/2017
Report This

watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online watch movies free online
Posted by: sanjeev111  on  01/15/2017
Report This

watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online watch movies online high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure high blood pressure
Posted by: Sanjeev11  on  11/12/2016
Report This

Posted by: ankitrao  on  10/04/2016
Report This

Posted by: zapyaforpc  on  09/11/2016
Report This

Posted by: nikhilatri19  on  08/29/2016
Report This

Posted by: nikhilatri19  on  08/27/2016
Report This

V
Posted by: nikhilatri19  on  08/27/2016
Report This

Posted by: rohitsharma12  on  08/26/2016
Report This


Login to post comment
in
Advanced Search