“I never promised you a rose garden”, are the lyrics of a song.  But you can surely make it less hard for your spouse, children, and other relatives if you leave them detailed instructions on how you want your estate to be handled after your death.

A will is the legal document that will provide for the disposition and handling of all matters related to your estate when you die. It is in your last will that you will name your heirs and beneficiaries. You will designate who is going to get what from your properties.  As importantly, in your will you will also determine how are your financial obligations and liabilities going to be handled, even your funeral. You do not want to give your loved ones the headache of having to figure all these things out by themselves, especially when they are still grieving your loss. No one can make sound decisions while in a grievance process. This is why a will is always best recommended.

In your will you will also name an executor. That is the person that will watch for the observance of your last wishes. The executor should be a person that you trust will follow your instructions, even if you are not around. You should specify how this person is going to be compensated in your will as well. It is advisable that you talk to this person before you make the designation. You need to know if the person is willing to accept the responsibility and if there is going to be a cost for the services.

Your last will, will take your loved ones through the critical process of disposing of all your matters in times when it won’t be easy for them to look at these things.  As a matter of fact, the way your property and liabilities will be disposed of after your death is not the kind of matter that should be overlooked or taken lightly.

The best way to draft a will is with your attorney’s advice.  In the alternative, if you cannot hire an attorney, you should consult some authoritative literature, now available in CD’s or downloadable electronic files.  Make sure you choose a qualified authority, that is, an expert in the matter.  You also want to observe the requirements in your state.  Therefore you must consult with a source with access to the different states’ laws governing this matter.

 You don’t have to say how much you love your spouse or your children, if you can’t.  You have already shown them so by having your last will drafted.

Evane Abbassi, founder and author of Legendary Wills and Trusts 12-in-1 Software, has a Juris Doctoral Degree and holds an LLM degree in tax and estate planning. A degree that 6% of all lawyers hold. She is a Trustee for some of the wealthiest families in the US. Learn about her 12-in-1 Estate Planning Software at http://www.LegendaryWillsandTrusts.com.
]]> http://legendarypro.wordpress.com/2009/12/31/your-last-will-a-way-to-show-how-much-you-care/feed/ 0 LegendaryPro http://legendarypro.wordpress.com/2009/12/28/take-control-with-a-health-care-advance-directive/ http://legendarypro.wordpress.com/2009/12/28/take-control-with-a-health-care-advance-directive/#comments Mon, 28 Dec 2009 15:41:12 +0000 legendarypro http://legendarypro.wordpress.com/?p=43 ]]> Do you want your life to be prolonged by artificial means? Do you want to be resuscitated if you are clinically dead? Do you want your respiration to be supported when your lungs fail? These and many other questions rise before your eyes and the eyes of those that love you in the case of a fatal disease or traumatic condition. One of the estate planning instruments is to create a Health Care Advanced Directive (HCAD) drafted before you become ill or incapacitated is the most effective and less expensive way available to legally assure that your medical preferences will be honored in case you become unable to communicate due to a tragic accident or some kind of medical condition or terminal disease.

A Medical health care directive is a legal instrument in which you authorize a person you trust to make critical medical decisions on your behalf should you be involved in an accident or fall into a comatose state and become unable to express yourself. The person you designate is called your attorney-in-fact or your agent. That person will be your voice every time a doctor, a nurse or any other medical staff needs you to make a decision regarding your treatment.

You might have some religious beliefs and in someway these beliefs can affect the way you would like doctors to treat you for any type of medical condition. Some people do not believe that their blood should not be mixed with the blood of others. In such special cases, you must definitely have a healthcare power of attorney. However, the best practice is for every person over 18 years old to have a HCAD.

It is highly recommended that you have your HCAD drafted while you are healthy and completely conscious so that no one can later on contest your power of attorney. The only defense in case a power of attorney is contested is that you made the decisions contained therein voluntarily, well aware and informed of its significance and consequences.

An HCAD should be drafted strictly according to the laws in your state. It is critical that you follow the law requirements in your state so that the document is legally effective. A mere mistake of format, may make your HCAD invalid. You must review what those requirements are in your state to avoid a future nullification of the document.

One general and basic requirement is that the HCAD be notarized. In other words, you and your witnesses must sign it in the presence of a notary public. The notary public will review the document and your identity. He or she will ask you if you understand what you are about to sign. Once you and your witnesses have signed the notary public will sign the document and stamp it with his or her official stamp. The notary’s signature is the guarantee that the persons who are signing the document are actually the persons they say they are and that they were physically present before him or her.

Your witnesses should be of legal age, and they must be able to read and write. With their signatures they will be attesting that they read the document and that at the time you and they sign the document you were acting voluntarily and in a sound state of mind. The witnesses can not be related to you or to the notary. They should be individuals with no interest in the matter.

You don’t have to pay a fortune to get a HCAD. You can hire an attorney to do one specially drafted for you or you can simply do it yourself by filling out a standard form. Regardless what your choice is, go ahead and have your HCAD done today. Tomorrow may be too late.

Evane Abbassi, founder and author of Legendary Wills and Trusts 12-in-1 Software, has a Juris Doctoral Degree and holds an LLM degree in tax and estate planning. A degree that 6% of all lawyers hold. She is a Trustee for some of the wealthiest families in the US. Learn about or purchase her 12-in-1 Estate Planning Software at http://www.LegendaryWillsandTrusts.com.

Fortunately, three years ago, right after losing his wife, Bill had pre-planned for a time such like this. He had contacted the family attorney and asked him to prepare his Advance Health Care Directives (AHCD). In that document, Bill named Lucy, his next of kin, his Health Care Surrogate.

Commonly known as a “Living Will”, the AHCD is a legal document in which you state your medical preferences in case you become incapacitated or unable to speak, due to any illness, accident or medical condition. Do you want your life to be prolonged by artificial means? If so, to what extend and by what means? Do you want to receive blood transfusions, respiratory support or cardiac resuscitation?

And, what if you become unable to speak, how are you going to communicate your preferences to your medical providers?

This is when an AHCD comes into play. In an AHCD not only do you express your health care wishes but also you will appoint someone with power of attorney to make care and treatment decisions on your behalf. You will provide instructions for everything you have a concern for, regarding your health care. This document will speak for you when you are unable to communicate these decisions yourself. Your medical surrogate will act as your agent. He or she will be the voice that will speak out your decisions.

This is how an Advance Health Care Directive works. Before having your attorney draft your AHCD you should contact the person that you have in mind to serve as your medical surrogate. You must communicate to this person that you wish him or her to act as your agent and represent you in case of a medical emergency or situation that could result in your inability to communicate. You should tell this person what your preferences are regarding your health care preferences, such as the types of special treatment you want at the end of life, your desire for surgical procedures and organ donation, for example. You should obtain this person’s acceptance before making the appointment in writing. You should do the same with a second individual. This individual will be your alternate surrogate, that is, she or he will represent you before your medical providers, in case the first one is unavailable to take charge. You will then ask your attorney to prepare the form, according to your instructions. Or, you can prepare the form yourself, by getting a model on line from an expert in the field. You should give copies of your AHCD to each person named in it as your agent, to your primary care physician and keep your original in a safe place.

When choosing who you are going to designate as your medical surrogate, you should consider that person’s proximity to the area where you reside, to the hospitals in your neighborhood and to your medical providers’ facilities. You should take into consideration that person’s relationship to you and how much you can rely on him or her to take this responsibility. After all, this will be the person that will consent or refuse to any care, diagnostic and treatment medical service offered to address any physical or mental condition from which you might be suffering.

After been contacted by the Police, Lucy located her copy of her dad’s AHCD in her home’s safe and rushed to the Emergency Room. She identified herself and showed the document to the nurses at the station. The nurses made copies of the document, took note of Lucy’s contact information and filed Bill’s AHCD in his medical chart. Every time that a nurse or a doctor opened Bill’s chart, there was his AHCD.

Bill had six (6) broken ribs and some lacerations in his face and abdomen. He returned to consciousness after the effect of the sedatives. Lucy had fallen asleep on his beside. She had been able to get some rest, knowing that everything would be taken care of the exact same way his father had wished.

By considering your options early, you can ensure the quality of life that is important to you and avoid having your loved ones decide for you critical decisions under stress or in times of emotional turmoil.

Evane Abbassi, founder and author of Legendary Wills and Trusts 12-in-1 Software, has a Juris Doctoral Degree and holds an LLM degree in tax and estate planning. A degree that 6% of all lawyers hold. She is a Trustee for some of the wealthiest families in the US. Learn about her 12-in-1 Estate Planning Software or purchase it for only $99 at http://www.LegendaryWillsandTrusts.com.

There are several steps that you can take to protect your spouse or significant other, your children, pet, and your friends, should you become unable to communicate. Make sure you spouse or life companion gets what he or she deserves in a case like this. Plan ahead. Consult with an attorney or an estate planner, do your estate planning.  

If you don’t have children and a written legal will, your property will go to your surviving parents or siblings. Not to your spouse or partner. Neither to any of the important people in your life that you would have liked.  That is why it is so important to have a written valid will.

Should you have an accident and become unable to communicate your healthcare preferences, you are leaving to your relatives – who might not even know what your beliefs are – to decide issues regarding the management of your body, and ultimately your life in a critical situation. Do you want your life to be extended if you are suffering from a fatal condition and have come to the stage where doctors have used all the treatment options science has to offer? Do you want to be buried or cremated? These are tough questions.

You should not let your relatives answer them for you. You are able to voice your opinion even if you can’t speak. How? Prepare your Health Care Directive.  In this document you will appoint a person you trust as your authorized representative in a situation like the one described above.

Evane Abbassi, founder and author of Legendary Wills and Trusts 12-in-1 Software, has a Juris Doctoral Degree and holds an LLM degree in tax and estate planning. A degree that 6% of all lawyers hold. She is a Trustee for some of the wealthiest families in the US. Learn about her 12-in-1 Estate Planning Software or purchase all 12 documents for only $99 at http://www.LegendaryWillsandTrusts.com.

But not everyone is so lucky to have a sister, other relative or friend to voluntarily take care of your pet when you can’t. Nevertheless, there is a legal document that gives you the power to provide for all your pet’s needs, in case you become incapacitated or unavailable to do so. This legal document is called a “Pet Trust”.

A pet trust is a formal arrangement between you and two other persons, the trustee and the beneficiary. The beneficiary is the person you will designate to take care of your pet in case you die or become disabled. The trustee is the person that will manage the funds for your pet’s care expenses, including the beneficiary’s compensation, if any.

In a pet trust you can name the person that will take care of your pet.  You can specify the type of medical care that you want for your pet, the name of the veterinarian that will provide that care and the critical decisions that you would normally have to make should your pet go into a comma or vegetative state. You can also stipulate how often is your pet going to be groomed, what its diet going to be, how are any special needs going to be met and how often will any other of your family relatives going to be able to socialize with it.  You can also provide for your pet’s final arrangements when it’s passing, should it be buried or cremated. Is there going to be any memorial or commemorative ceremony or special service?  In brief, in a pet trust you can arrange for everything and anything that you want for your pet in your absence or temporary unavailability.

There are several things you must take into consideration when creating your pet trust. First, you must determine who could be the most suitable person to handle your pet’s care. This should not present a big issue. That person will be the one relative or friend that has already shown a caring and loving concern regarding your animal and that has held the best relationship with it. Make sure though, that that person agrees to his or her designation, that it won’t represent and exaggerate cost, and that he or she has the means to do a good job in providing for your pet’s second home and welfare.  Also, you might want to consult with an attorney regarding the different types of pet trust that you can form, the person that would oversee the trust operations and the best ways to fund your pet’s care expenses.

 Regardless of these and any other considerations, the fact is that if you want to make sure that your pet does not lack anything that you now provide for it, a pet trust is the way to go.

Evane Abbassi, author and founder of Legendary Wills and Trusts 12-in-1 software, has a Juris Doctoral Degree and holds an LLM degree in tax and estate planning. A degree that 6% of all lawyers hold. She is a Trustee for some of the wealthiest families in the US. The Legendary Wills and Trusts 12-in-1 software is available on immediate download for only $99. Visit http://www.LegendaryWillsandTrusts.com for details.

If you die without a will, you are said to have died intestate. In that case the law of the state in which your property is located will determine the way your property will be distributed after your death, regardless of what your wishes were. If you want to have a word on who is going to get what from the property you leave behind, you must have a will. A simple will is the only way you can control what is going to happen with all your affairs after you die.

If you die intestate and you do not have children, your property will be transferred to your parents. If your parents have predeceased you, then the property will be passed on to your siblings, even if you haven‘t heard from them in years. Your spouse or domestic partner will only get the small portion of your property that the law reserves for him or her. In the absence of a will, spouses and/or domestic partners, after a life of companionship, can be left with very little. They can even lose their home, if you do die intestate.

Dying without a will, closes the doors to all your friends from inheriting from you, regardless of how dear they may be to you. You will not have the choice of leaving money to your favorite charity, cause or church. The state will decide who will take care of your children. In brief, what you think, what you want, or what your opinions are regarding what happens with all your things after you die will be totally discounted, when you die without a will. You are left out of the decision-making process altogether.

Evane Abbassi, author and founder of Legendary Wills and Trusts 12-in-1 software, has a Juris Doctoral Degree and holds an LLM degree in tax and estate planning. A degree that 6% of all lawyers hold. She is a Trustee for some of the wealthiest families in the US. The Legendary Wills and Trusts 12-in-1 software is available on immediate download for only $99. Visit http://www.LegendaryWillsandTrusts.com for details.

It was a matter of seconds. At birth, the fetus did not get enough oxygen in her brain. Eli was born perfectly normal physically, but with serious learning and motor impediments. When she turned three, it was obvious to everyone. Eli was put under psychiatric treatment and prescribed some heavy medications to control her severe hyperactivity, attention deficit and erratic behavior.

The medications were effective partially taking care of some of her symptoms, but their side effects were devastating. Eli lost all her body hair, including her eye lashes and eyebrows.  And even when she became able to socialize up to a certain degree, Eli would never be able to advance much in academics or to hold a job, get married or raise a family. In other words, Eli was a “special child”. She lived in a special world. Eli would always need close assistance and medical care. Some of her medications were quite expensive.

Knowing this, Tom, Eli’s father, a successful entrepreneur, became deeply concerned about Eli’s future. He was especially concerned about Eli’s welfare in times when he wouldn’t be around to provide for her. Who would pay for Eli’s home care and medical needs once he’d leave this existence?  He decided to consult his attorney.

The attorney suggested creating a trust on Eli’s behalf. He would draft a legal document establishing an agreement among three persons to take care of all of Eli’s future financial needs. This it how he explained it to Tom:

Tom would the “trustor”, the owner and founder of the trust. Tom would deposit an initial amount of money in a trust bank account. That account would be in the name and managed by an administrator. Legally this person is called the “Trustee”. The trustee would be in charged of issuing all monthly payments related to Eli’s medical and home care.  The trustee would also keeping record and prepare reports of all financial transactions related to the trust fund. Eli’s financial needs included shelter, food, clothing, medications, entertainment and someone to watch her. The trustee would make sure these service providers would get regularly paid to avoid any interruption of their services. Eli of course, would be the “beneficiary”, the person on whose benefit the trust was formed. Tom would be able to transfer money to the trust bank account as needed. This is called a “special needs trust”. This is one type of “inter vivos” trust, meaning that it works during the trustor’s lifetime.

Eli’s dad would have to create a “testamentary” kind of trust as well, the attorney suggested. This kind of trust becomes effective only at the time of one’s death. This trust would be created in Tom’s Last Will. Some of Tom’s estate property would be destined to fund Eli’s trust fund.

Eli’s mom, Theresa, was enormously pleased when Tom got home from consulting his attorney and told her the news. The couple could now stop worrying and dedicate their lives to nurture and enjoy Eli’s company, instead. Once away, they both would be able to rest in peace knowing that Eli would be provided for everything she would ever need, even in their absence.

There are several other considerations to take into account when forming a Trust. You might want to designate a family member as trustee or you might want to hire an accountant. In the later case you would have to provide in the document how much is this person going to be paid for his or her services. You can do all sort of different things when creating a trust and there are trusts for every particular need. The greatest advantage of forming a trust like Eli’s is that the property you pass unto it is exempted from estate taxes. Also, the property transferred to a testamentary trust does not go into probate court, becoming accessible to the beneficiary regardless of every other consideration. Trusts are a great ways to save money and to secure some one else’s –less fortunate- future.

This article intends only to demonstrate one of the many ways a trust can take care of one family’s concern. To create a trust, you might want to get some professional assistance.  Here, at legendarywillsandtrusts.com we provide a variety of on-line services for you to create your own legal trust forms. All our forms are expertly designed to oversee the many possibilities of each individual’s particular case. We have incorporated many years of academic preparation and professional experience to bring this assistance to you. You now have total and complete access to these great products at an affordable cost. Don’t wait until is too late. Take care of your loved ones now and download our Legendary Wills and Trust CD-Rom.  You will be eternally grateful and your loved ones too.

Evane Abbassi, American estate planning expert, is spreading the wealth through her development of an easy, step-by-step wills and trusts system for all Americans. The Legendary Wills and Trusts 12-in-1 document software download is available for only $99 at http://legendarywillsandtrusts.com

With pets having daycares and their own shops to find tasty treats and cute outfits in these days, this is hardly far fetched.  If the day comes, and you can’t take care of your loving pets who rely on you , don’t leave them to the unknown. Look into creating a pet trust. It’s a legal instrument you may use to be sure your pet receives proper care after you die or in the event you can not take care of your pet, i.e.; your disability.

 The selection of the caregiver for your pet is extremely important.  Here are some of the key considerations:

•    Willingness to assume the responsibilities associated with caring for your pet.
•     Ability to provide a stable home for your pet.
•     Harmonious relationship between the caregiver’s family members and your pet.

 After you name your primary caregiver, you should name several alternate caregivers in case your first choice is unable or unwilling to serve as your pet’s caregiver.  To avoid having your pet end up without a home, consider naming a sanctuary or no-kill shelter as your last choice.

What types of instructions should I include in my pet trust regarding the care of my pet?

Here are some examples of the types of concerns about which you may wish to provide instructions:

•     Food and diet
•     Daily routines
•     Toys
•     Cages
•     Grooming
•     Socialization
•     Medical care, preferred veterinarian
•     Compensation, if any, for the caregiver
•     Method the caregiver must use to document expenditures for reimbursement, and how often
•    Whether the trust will pay for liability insurance in case your animal bites or  injures someone
•     How the trustee is to monitor caregiver’s services
•     Disposition of the pet’s remains, e.g., burial, cremation, memorial, etc.

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Evane Abbassi, American estate planning attorney, is spreading the wealth through her development of an easy, step-by-step wills and trusts system for all Americans. The Legendary Wills and Trusts software is available online at http://www.LegendaryWillsandTrusts.com.

If a person dies without a will, he/she is said to have died intestate. In that case the law of the state in which property is located will determine the way the property will be distributed after one’s death, regardless of what that person’s wishes were. If a person wants to have a word on who is going to get what from the property left behind, there must be a will. A simple will is the only way to control what is going to happen with all affairs after a person dies.

If a person dies intestate and does not have children, the property will be transferred to the parents. If  parents have predeceased this person, then the property will be passed on to siblings, even if  they haven‘t heard from them in years. Spouses or domestic partners will only receive the small portion of property the law reserves for him or her. In the absence of a will, spouses and/or domestic partners, after a life of companionship, can be left with very little. They can even lose their home, if a person dies intestate

Dying without a will closes the doors to all friends from inheriting a thing, regardless of how dear they may be to a person during life. There is no choice of leaving money to a favorite charity, cause or church. The state will decide who will take care of one’s children. In brief, what a person thinks, wants, or has opinions on; regarding what happens with all things after that person dies, will be totally discounted when he/she dies without a will. The deceased is left out of the decision-making process altogether.

Another advantage of having a will is to designate an “executor”, a personal representative who will take charge of winding up all financial affairs on behalf of the deceased. This person, obviously someone who is trusted, will take the will to probate court.  The probate court will determine the validity of one’s last will.  It will determine if the will complies with all the law requirements in the state.  If the court finds the will is valid, the will is probated. That is, everything you stated in the will take place accordingly, as instructed. The court will appoint the person chosen to be the personal representative. The rest of the process will be handled by the personal representative under the court’s supervision.

The personal representative will have the estate appraised, pay taxes accordingly, review and pay any valid debts that may have been left, collect any amounts owed to the deceased, pay funeral expenses and distribute the remaining assets to the persons named in the will. With a will, one can truly rest in peace.

Evane Abbassi, author and estate planning expert, has created an easy, step-by-step wills and trusts system for anyone to use. The Legendary Wills and Trusts software is available online at www.LegendaryWillsandTrusts.com.

Private citizens create trusts for many reasons. One particular reason why many people create a trust is to prevent certain assets or capital from going to probate court when they die. A way to do this is by creating a trust in favor of a beneficiary who at the time of the formation of the trust is incapable of managing the property that is intended for him or her, either because he or she is a minor, or because he or she has been legally declared incapacitated. For example, a parent can create a trust in favor of his three minor children, providing that the funds transferred to the trustee will be used to finance the children’s future college studies in equal parts. Another example would be the case in which a parent creates a trust in favor of his or her autistic child to provide for his or her future special needs, called special needs trust, for the child’s personal and medical care. 

In simple words, a trust is a legal arrangement made between three persons, generally speaking.  The owner of the trust is called the trustor. The person whose name the trustor is going to transfer the property is the trustee.  The trustee has the obligation of managing and protecting the property in benefit of a third person, the beneficiary. Instead of persons, there could be an institution. There are two broad categories or types of trusts: living revocable trust and testamentary trust. Living trusts are those created to operate during the trustor’s lifetime. The testamentary trust starts working when the trustor dies.

Living trusts, also known as “inter vivos” trusts, are exempt from the probate process. In other words, the money or the property you put in it does not have to go to court after your death. This will prevent the costs associated with probate court and reduce the taxes associated with the property you are leaving behind.

Among living trusts there are two classifications: private or charitable, depending on who they are meant to benefit.  Private trusts are those created for the benefit of a particular citizen or group of citizens. Such are the trusts created for the benefit of one or several family members, like to fund college studies or to support the special needs of a handicapped relative or friend. Charitable trusts are created to financially benefit a cause, a class or group of persons which the trustor wants to provide support. We hear of this type of trusts all the time, especially in reference to celebrities. A trust in benefit of the American Red Cross, for example, would be a charitable type of trust. 

A trust can also be either revocable or irrevocable, depending on its purpose. In a revocable trust, the grantor can change any of the conditions of the trust, even after the trust has commenced. On the other hand, in an irrevocable trust, the trustor waives his or her right to make any changes once the trust is created.   

There are many other types of trusts that can be used to meet your specific needs or purposes. Regardless of what kind of need you have, creating a trust will always save you money.