Failure to complete basic estate planning documents can cause a whole host of problems for those you leave behind. Dying intestate (without a will) middles that your assets will be divided according to state law rather than your own personal wishes. It also means that the state government will get involved and charge a fee for services rendered. In other words, less of your estate will go to your heirs. If you want to avoid this unpalatable scenario, you must have several important documents in place before you pass away.
What You Will Need:
1. A Basic Will
This document serves two important roles: First, it names an executor, who is responsible for the disposition of your assets; second, it clearly delineates who gets what and when. Because they specialize in drafting these documents, Los Angeles estate planning lawyers can create a legally valid will that clearly expresses your wishes. When these wishes are recorded in writing by a legal expert, the risk of confusion, family infighting, or future legal disputes is quite low.
2. Beneficiary Forms
Life insurance, retirement, and other financial accounts are designed to pass money to others when their owners expire. But suppose the owner does not fill out a beneficiary form. In that case, it might be difficult to determine who is entitled to the money, because a will does not have legal force when it comes to beneficiary designation. If you have already filled out these forms, it is advisable to update or revise them from time to time. This is particularly important should your marital status change, because even if you are no longer married, it is possible to leave a sizable sum to an ex-spouse if you fail to change your list of beneficiaries.
3. Legal Power Of Attorney
It is a downcast and unfortunate fact of life that most us will spend our final days in an incapacitated state due to illness or injury. But, before we pass away, many important legal and financial decisions must be made. Signing a power of attorney gives a trusted friend or relative the right to make financial and legal decisions on your behalf. Although it is not a decision that should be taken lightly, it is one that must be made to ensure that things are handled as quickly and smoothly as possible.
4. Advanced Medical Directives
As we mentioned, most of us will not be in a position to make responsible decisions when the end is nigh. It is for this reason that Los Angeles estate planning lawyers recommend adding advanced medical directives to your will. These instructions should address all end-of-life decisions, such as whether you want to be kept alive on a ventilator, so that no one is forced to assume the burden of guessing what you would have wanted. Just as with the other documents on our list, make sure you review and update your medical directives from time to time, especially when you've made major changes in your life.
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How an Los Angeles estate planning lawyer Can Guidance You Write Your Will
For many people, deciding what will happen to their property and belongings once they die is a very sensitive subject. This is understandable, as it can be uncomfortable to contemplate one's own mortality. However, writing a will and taking other precautions is a necessary part of preparing for death. It can discourage litigation over a person's property or even make that litigation unnecessary. Because this topic is so complex and there are many options available for disposing of one's property, an Los Angeles estate planning lawyer can be very helpful in assisting a person of any age decide how their property should be divided. An Los Angeles estate planning lawyer can help with many things, including but not limited to writing a will.
A will is a document where the writer, or testator, declares a person to manage his estate once he passes away and decides how his property will be divided upon his death. There are many requirements for writing a will and making sure that it is valid. Only valid wills have legal effect, and thus failing to observe a necessary formality or meet a requirement will result in the will having no effect and the property being distributed according to the rules of distribution for those who have died without writing a will. This can often have totally different results than what the testator intended.
For all testators in all states, they must have the proper mental capacity to write a will. This involves being of the age of majority and having the requisite mental capacity to understand the consequences of writing a will. Although there will be fruitfulness of evidence available regarding a testator's age, evidence of mental capacity is often more difficult to prove. Consulting with an Los Angeles estate planning lawyer and discussing the writing of the will and the disposition of one's property can provide important evidence about the testator's mental state and whether or not he understood the actions he or she was taking.
Other requirements vary by jurisdiction, and an Los Angeles estate planning lawyer can help explain which requirements a testator must meet to write a valid will in the state where they reside. Some of the more common requirements are a declaration that the document is the last will and testament of the testator, declaring that the testament revokes all previous wills, and how clearly the property and the beneficiaries must be identified.
Additionally, there are certain form requirements that must be followed if the will is to have legal effect, such where the testator must sign and date the will. In addition to the form requirements, each jurisdiction has its own rules about who can and cannot be a witness to a will. This may include age requirements, mental capacity requirements, and rules about whether or not property can be left to a person who witnessed the will. There are also rules about where the witnesses must sign the will and whether or not they must sign it in the occupancy of the testator or may do so at a later date.
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