What Are the Choices For Updating a Last Will & Testament?

December 2nd, 2008

It is often quoted that in the UK around 60% of the population have not written a Last Will & Testament to safeguard their wishes when they are no longer around. There are many reasons why people people put off writing such an important document ranging from being unsure as to exactly how to write this, what to write & deciding who gets what. Apathy is also a key contributor to these statistics as many people openly admit to just putting things off to a later day.

However for those that have already written a Will, simply signing this and storing it away is not the best practise. A Will should be reviewed every few years as clear consideration must be given to whether your current financial, family or personal situation are still reflected in the your existing document.

Apart from just a simple change of wishes common reasons for needing to change a Will could be that someone named in the original will has passed away. You or a family member may have married, divorced, remarried or widowed. There may be additions to the family, the value of your assets/estate may have increased or decreased or a witness to your original will may died or can’t be located.

Making a change to Will is not as straightforward as just amending the original document, as legally any changes must be again be witnessed and resigned. There are various options available to someone who wants to update a Will. One option is adding a ‘Codicil’, which is a separate piece of paper which outlines the change in wishes and must then be resigned and witnessed and then attached to the existing Will. Although this is a simple and easy way to do this, it is really only advisable if you wish to change one specific section of the Will. There have been cases where a Codicil has been misplaced or lost thus meaning the most recent wishes of the deceased are lost and not acted upon when day comes for the Will to be read.

Apart from using a Codicil most Legal advisors / Will writers will advise that the safest way to change a will is to simply write a new one as any new will that is written and singed will make any previous void and obsolete.

Changes in circumstances mean that some people may wish to change their Will anything up to 5 or 6 time during their lifetime and to write a new Will every time can be sometime be costly and times consuming but in the long run well worth the effort. A Will should ideally be reviewed every 5 years just to make sure that circumstances have changed.

There are now services available online which can save a lot of time and money when a Will needs updating. A copy of your original Will is stored in an electronic document format so when a change is required the user can log on with their account details - make the required changes and thereafter print a copy of the revised will ready for signing.

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What About Your Living Will?

December 1st, 2008

Many many people have no understanding of the works of a living will. When in fact all a living will does is give someone the power to remove any respirator or other life extending apparatus from the person who has signed the living will.

The life saving device will be removed at a time when the person who made the living will, is determined to be past any chance of any kind of recovery from the illness. At this time the apparatus or respirator is removed and the person expires.

What doing this in effect does for the persons family, it stops the medical bills. There are known cases where the person did not have a living will, and remained in a vegetative state, and what was left of the persons estate went to the hospital and doctors, as far as it would go towards paying the bills, Then and only then, the remaining funds would go to the family.

Not a nice situation, but one that has to dealt with everyday here in the United States. Because of the presence of numerous advances in the field of medicine and health care, doctors are now capable of sustaining life even if it means being in a permanently vegetative condition. This is one of the reasons why living wills have become such a necessity.

Most people actually do not like the idea of remaining in an almost lifeless state for an indefinite period of time. More often than not, the notion of extending life even when death is just round the corner seems excruciating for both the family and the patient. It is just another way of prolonging the suffering.

A living will enables you to decide whether any life-sustaining measures and medical treatment should be continued or stopped. The directive can also include the refusal to take any artificial feeding.

Aside from that, you can also express other certain wishes before you become incapacitated to make decisions for your health care. When you do the living will put your desires therein. If you feel the need you should do a power of attorney at the same time. If you happen to own a considerable amount of property, then you should also do a living trust at the same time.

Therefore you can direct who shall and shall not receive parts of you property. You really should have the services of your attorney to help you with the living trust due to the different laws in each state. It is your life, you can do as you feel you need to do with all three, the living will, the power of attorney and the living trust. All three have their place for use at any given time.

You just need to be prepared with whatever might come or fall on your behalf. So just prepare yourself for the unexpected. There are times when it comes around and nothing we can do when we are not prepared, it is just too late.

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What Are the Choices For Updating a Last Will & Testament?

November 30th, 2008

It is often quoted that in the UK around 60% of the population have not written a Last Will & Testament to safeguard their wishes when they are no longer around. There are many reasons why people people put off writing such an important document ranging from being unsure as to exactly how to write this, what to write & deciding who gets what. Apathy is also a key contributor to these statistics as many people openly admit to just putting things off to a later day.

However for those that have already written a Will, simply signing this and storing it away is not the best practise. A Will should be reviewed every few years as clear consideration must be given to whether your current financial, family or personal situation are still reflected in the your existing document.

Apart from just a simple change of wishes common reasons for needing to change a Will could be that someone named in the original will has passed away. You or a family member may have married, divorced, remarried or widowed. There may be additions to the family, the value of your assets/estate may have increased or decreased or a witness to your original will may died or can’t be located.

Making a change to Will is not as straightforward as just amending the original document, as legally any changes must be again be witnessed and resigned. There are various options available to someone who wants to update a Will. One option is adding a ‘Codicil’, which is a separate piece of paper which outlines the change in wishes and must then be resigned and witnessed and then attached to the existing Will. Although this is a simple and easy way to do this, it is really only advisable if you wish to change one specific section of the Will. There have been cases where a Codicil has been misplaced or lost thus meaning the most recent wishes of the deceased are lost and not acted upon when day comes for the Will to be read.

Apart from using a Codicil most Legal advisors / Will writers will advise that the safest way to change a will is to simply write a new one as any new will that is written and singed will make any previous void and obsolete.

Changes in circumstances mean that some people may wish to change their Will anything up to 5 or 6 time during their lifetime and to write a new Will every time can be sometime be costly and times consuming but in the long run well worth the effort. A Will should ideally be reviewed every 5 years just to make sure that circumstances have changed.

There are now services available online which can save a lot of time and money when a Will needs updating. A copy of your original Will is stored in an electronic document format so when a change is required the user can log on with their account details - make the required changes and thereafter print a copy of the revised will ready for signing.

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What Are the Choices For Updating a Last Will & Testament?

November 29th, 2008

It is often quoted that in the UK around 60% of the population have not written a Last Will & Testament to safeguard their wishes when they are no longer around. There are many reasons why people people put off writing such an important document ranging from being unsure as to exactly how to write this, what to write & deciding who gets what. Apathy is also a key contributor to these statistics as many people openly admit to just putting things off to a later day.

However for those that have already written a Will, simply signing this and storing it away is not the best practise. A Will should be reviewed every few years as clear consideration must be given to whether your current financial, family or personal situation are still reflected in the your existing document.

Apart from just a simple change of wishes common reasons for needing to change a Will could be that someone named in the original will has passed away. You or a family member may have married, divorced, remarried or widowed. There may be additions to the family, the value of your assets/estate may have increased or decreased or a witness to your original will may died or can’t be located.

Making a change to Will is not as straightforward as just amending the original document, as legally any changes must be again be witnessed and resigned. There are various options available to someone who wants to update a Will. One option is adding a ‘Codicil’, which is a separate piece of paper which outlines the change in wishes and must then be resigned and witnessed and then attached to the existing Will. Although this is a simple and easy way to do this, it is really only advisable if you wish to change one specific section of the Will. There have been cases where a Codicil has been misplaced or lost thus meaning the most recent wishes of the deceased are lost and not acted upon when day comes for the Will to be read.

Apart from using a Codicil most Legal advisors / Will writers will advise that the safest way to change a will is to simply write a new one as any new will that is written and singed will make any previous void and obsolete.

Changes in circumstances mean that some people may wish to change their Will anything up to 5 or 6 time during their lifetime and to write a new Will every time can be sometime be costly and times consuming but in the long run well worth the effort. A Will should ideally be reviewed every 5 years just to make sure that circumstances have changed.

There are now services available online which can save a lot of time and money when a Will needs updating. A copy of your original Will is stored in an electronic document format so when a change is required the user can log on with their account details - make the required changes and thereafter print a copy of the revised will ready for signing.

Read more

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What Are the Choices For Updating a Last Will & Testament?

November 28th, 2008

It is often quoted that in the UK around 60% of the population have not written a Last Will & Testament to safeguard their wishes when they are no longer around. There are many reasons why people people put off writing such an important document ranging from being unsure as to exactly how to write this, what to write & deciding who gets what. Apathy is also a key contributor to these statistics as many people openly admit to just putting things off to a later day.

However for those that have already written a Will, simply signing this and storing it away is not the best practise. A Will should be reviewed every few years as clear consideration must be given to whether your current financial, family or personal situation are still reflected in the your existing document.

Apart from just a simple change of wishes common reasons for needing to change a Will could be that someone named in the original will has passed away. You or a family member may have married, divorced, remarried or widowed. There may be additions to the family, the value of your assets/estate may have increased or decreased or a witness to your original will may died or can’t be located.

Making a change to Will is not as straightforward as just amending the original document, as legally any changes must be again be witnessed and resigned. There are various options available to someone who wants to update a Will. One option is adding a ‘Codicil’, which is a separate piece of paper which outlines the change in wishes and must then be resigned and witnessed and then attached to the existing Will. Although this is a simple and easy way to do this, it is really only advisable if you wish to change one specific section of the Will. There have been cases where a Codicil has been misplaced or lost thus meaning the most recent wishes of the deceased are lost and not acted upon when day comes for the Will to be read.

Apart from using a Codicil most Legal advisors / Will writers will advise that the safest way to change a will is to simply write a new one as any new will that is written and singed will make any previous void and obsolete.

Changes in circumstances mean that some people may wish to change their Will anything up to 5 or 6 time during their lifetime and to write a new Will every time can be sometime be costly and times consuming but in the long run well worth the effort. A Will should ideally be reviewed every 5 years just to make sure that circumstances have changed.

There are now services available online which can save a lot of time and money when a Will needs updating. A copy of your original Will is stored in an electronic document format so when a change is required the user can log on with their account details - make the required changes and thereafter print a copy of the revised will ready for signing.

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Do I Need to Make a Will? Solicitor’s Advice

November 27th, 2008

Lots of excuses can be offered as a reason for not making a will; just three are listed above. But really, there is no excuse. As unpleasant as it is to think about, forward planning for the event of your death is the best thing you can do, and this is where solicitors Leicester can step in to help.

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What Are the Choices For Updating a Last Will & Testament?

November 26th, 2008

It is often quoted that in the UK around 60% of the population have not written a Last Will & Testament to safeguard their wishes when they are no longer around. There are many reasons why people people put off writing such an important document ranging from being unsure as to exactly how to write this, what to write & deciding who gets what. Apathy is also a key contributor to these statistics as many people openly admit to just putting things off to a later day.

However for those that have already written a Will, simply signing this and storing it away is not the best practise. A Will should be reviewed every few years as clear consideration must be given to whether your current financial, family or personal situation are still reflected in the your existing document.

Apart from just a simple change of wishes common reasons for needing to change a Will could be that someone named in the original will has passed away. You or a family member may have married, divorced, remarried or widowed. There may be additions to the family, the value of your assets/estate may have increased or decreased or a witness to your original will may died or can’t be located.

Making a change to Will is not as straightforward as just amending the original document, as legally any changes must be again be witnessed and resigned. There are various options available to someone who wants to update a Will. One option is adding a ‘Codicil’, which is a separate piece of paper which outlines the change in wishes and must then be resigned and witnessed and then attached to the existing Will. Although this is a simple and easy way to do this, it is really only advisable if you wish to change one specific section of the Will. There have been cases where a Codicil has been misplaced or lost thus meaning the most recent wishes of the deceased are lost and not acted upon when day comes for the Will to be read.

Apart from using a Codicil most Legal advisors / Will writers will advise that the safest way to change a will is to simply write a new one as any new will that is written and singed will make any previous void and obsolete.

Changes in circumstances mean that some people may wish to change their Will anything up to 5 or 6 time during their lifetime and to write a new Will every time can be sometime be costly and times consuming but in the long run well worth the effort. A Will should ideally be reviewed every 5 years just to make sure that circumstances have changed.

There are now services available online which can save a lot of time and money when a Will needs updating. A copy of your original Will is stored in an electronic document format so when a change is required the user can log on with their account details - make the required changes and thereafter print a copy of the revised will ready for signing.

Read more

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Legal Requirements For a Valid Will

November 25th, 2008

There are certain guidelines you need to follow in wills and trust laws to ensure that your will is legally valid. The sections below cover this topic in more detail.

  • Formal wills
  • What is a “disinterested”witness?
  • Handwritten wills
  • “Statutory” wills
  • Audio or video wills

Formal wills In most states, a formal will must be written, signed by the person making the will and signed by two or more disinterested witnesses. Some states impose additional requirements, such as requiring that the witnesses sign in each other’s presence and/or in the presence of the “testator” (the person making the will). Because the requirements for a will vary from state to state, it is best to see a lawyer to help you draft your will.

What is a “disinterested” witness? “My mother’s will was witnessed by the couple who lived next door to whom mom left her favorite tea service. Is the will valid?”

Probably, but this will vary from state to state. The neighbors were not “disinterested” witnesses, since they were given something by your mom’s will. In a few states, this might cause the will to be declared invalid. However, today in most states, the will is valid but the neighbors might not be able to get the tea set.

Lesson: Make sure that the witnesses do not receive any gifts under the will.

Handwritten wills About half the states permit handwritten (called “holographic”) wills. Generally, these wills must be in the handwriting of the person making the will and the will must be signed. These will do not have to be signed by witnesses and are usually not witnessed.

The requirements for a handwritten will vary from state to state. Some states require holographic wills to be totally in the testator’s handwriting, while others require only that the material provisions of the will be handwritten.

“Statutory” wills A few states have enacted laws that contain the text of a standardized will, usually with some mandatory and some optional or alternative provisions. These wills are designed for those who may not want to use a lawyer to draft their will. Blank copies can be obtained from the state bar or a county bar association. They are designed for those with modest estates and simple plans of distribution.

To use the statutory will, a person must select which provisions are desired, fill in the names of the beneficiaries and chosen executor, describe the property being disposed of, sign the will, and have it properly witnessed by two disinterested persons.

Audio or video wills All wills must be in writing. Therefore, audio or video wills are not valid.

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What Are the Choices For Updating a Last Will & Testament?

November 24th, 2008

It is often quoted that in the UK around 60% of the population have not written a Last Will & Testament to safeguard their wishes when they are no longer around. There are many reasons why people people put off writing such an important document ranging from being unsure as to exactly how to write this, what to write & deciding who gets what. Apathy is also a key contributor to these statistics as many people openly admit to just putting things off to a later day.

However for those that have already written a Will, simply signing this and storing it away is not the best practise. A Will should be reviewed every few years as clear consideration must be given to whether your current financial, family or personal situation are still reflected in the your existing document.

Apart from just a simple change of wishes common reasons for needing to change a Will could be that someone named in the original will has passed away. You or a family member may have married, divorced, remarried or widowed. There may be additions to the family, the value of your assets/estate may have increased or decreased or a witness to your original will may died or can’t be located.

Making a change to Will is not as straightforward as just amending the original document, as legally any changes must be again be witnessed and resigned. There are various options available to someone who wants to update a Will. One option is adding a ‘Codicil’, which is a separate piece of paper which outlines the change in wishes and must then be resigned and witnessed and then attached to the existing Will. Although this is a simple and easy way to do this, it is really only advisable if you wish to change one specific section of the Will. There have been cases where a Codicil has been misplaced or lost thus meaning the most recent wishes of the deceased are lost and not acted upon when day comes for the Will to be read.

Apart from using a Codicil most Legal advisors / Will writers will advise that the safest way to change a will is to simply write a new one as any new will that is written and singed will make any previous void and obsolete.

Changes in circumstances mean that some people may wish to change their Will anything up to 5 or 6 time during their lifetime and to write a new Will every time can be sometime be costly and times consuming but in the long run well worth the effort. A Will should ideally be reviewed every 5 years just to make sure that circumstances have changed.

There are now services available online which can save a lot of time and money when a Will needs updating. A copy of your original Will is stored in an electronic document format so when a change is required the user can log on with their account details - make the required changes and thereafter print a copy of the revised will ready for signing.

Read more

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Everyone in California Has a Will, But Some People Write Their Own

November 23rd, 2008

Everyone in California has a will even if they never executed one. In California as in all other states there exists a set of laws which set up a default scheme of how property should pass in the event that a person dies with property but without a will. In California these laws are known as the probate code.

In most cases the probate code will leave 1/2 to 1/3 of your separate property to a current spouse or registered domestic partner and 1/2 to 2/3 of your separate property to be divided amongst your children (or your grandchildren should your children predecease you). By default your ½ interest in your community property with a spouse or registered domestic partner will go to them in the event of your death.

Although the distribution scheme laid out by the probate code may be perfectly acceptable to many people in terms of who will receive property, for most people it is foolish to simply let their estate pass through probate. Any California homeowner or anyone else leaving significant assets when they pass will want to avoid probate through one of many probate avoidance devices. You should contact a capable estate planning attorney to help create a suitable estate plan.

The money spent up front, typically under $3,000 for a California Couple with a home and total assets under a million dollars, will end up seeming downright cheap when compared to the probate fees that BOTH an appointed personal representative and his/her attorney ($23,000 each on $1,000,000 of assets*).

Did I mention that probate fees are based on the gross value of a home and not its value after the mortgage debt is deducted**? As an example of what I mean, let’s say that Jane Doe a single professional female owns a home with a fair marker value of $1,000,000. But assume further that there is an $800,000 mortgage on the property. She dies leaving only the home; the probate fees will be based upon the $1,000,000 gross value of the home not the $200,000 in real equity she would have to pass on to an heir.

So by having an estate plan you can not only determine to whom you will give your property upon your death (not just whom the legislature decides) but you can also avoid probate fees thereby leaving more to whomever you chose.

Always consult a qualified estate planning attorney before establishing an estate plan or making any changes to your estate plan.

* See California Probate Code § 10800(a)
** See California Probate Code § 10800(b)

ABOUT THE LAW OFFICES OF CHRISTOPHER R. TWINING
Christopher R. Twining, Attorney at Law, is an innovative Westwood West LA based estate planning attorney, who offers in home services for busy clients. He understands the time constraints of two-income households and has targeted his practice to these overstressed and overworked couples. Dedicated to helping individuals and couples prepare comprehensive estate plans according to their wishes; he offers them these services at an affordable price, in the relaxed comfort of their homes. For more information about his services, please visit http://www.twininglaw.com or call (310) 492-5990.

CHRISTOPHER R. TWINING
LAW OFFICES OF CHRISTOPHER R. TWINING
14440 VETERAN AVENUE, SUITE 509
LOS ANGELES, CALIFORNIA 90024
(310) 492-5990 Fax (310) 775 - 9774
http://www.twininglaw.com

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