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Making a will can be an emotionally challenging experience. The fallout from a poorly or provocatively worded will can cause a huge amount of pain for those you love, and can lead to schisms that would cause you no small amount of heartache if you were to witness them. The importance of getting a will just right is all the more important because you cannot be called back to iron out any inconsistencies in the wording – or any omissions.
Your will – otherwise known as your Last Will and Testament – is effectively your last word on this planet. It is what will be left when you have passed away, and its intention is to divide up your remaining material possessions amongst your loved ones in a fair and even manner so that disputes over such items can be avoided. A will allows you to put your affairs in order and have one less worry in your final days.
Leaving items behind for your loved ones means the chance to leave a final gift that will provide them with something to remember you by. It also means an opportunity to see to it that, if you have made a large amount of money and saved it, your family will never need to know financial hardship should times get tougher. Making a will allows you to have your final word, and because it is legally binding it is one list of wishes that will come true. This is an opportunity to get things right and leave a legacy for which you will be remembered. So it is as good a time as any to be completely sure about what you say.
Will contests are typically brought on by family members from wealthy families who believe they were cheated out of their share of the inheritance of the assets involved. A legal battle may also erupt though when a family member believes the will was fraudulent or done under bad circumstances. For example, they may have had Alzheimer’s and were not in sound mind at the time the will was created.
A last will is a legal document that determines the distribution of a person's estate, which includes assets, upon his/her demise. A last will and testament must be up-to-date to be legally compliant with your state's laws. You are free to leave your estate to anybody you want according to most state laws. You are free to leave your money, and property to charity even if you wanted. Doing so though may cause your legal heirs to try and contest your will.
Imagine what it would be like if each one of your grandchildren earned a scholarship to pay their college costs. Wouldn't that be great? In a sense they can. Not only that, they could receive grants to help them purchase their first home, start a business and even provide additional retirement funds! Read on to find out how.
Gas prices seem near all-time highs and the summer driving season hasn't even started yet! A recent email presented a simple solution that will force gas prices back to the $1.25 a gallon range. Read on for details and to learn basic principals that may make investing more profitable.
Probate is a court-supervised process by which a decedent's assets are gathered, valued, and distributed according to the decedent's last wishes, as stated in his or her will. Learn how, through careful planning of your estate, you may be able to spare your family members and loved ones from the costs and the lengthy processes of probate.
If you become unconscious or too ill to communicate your own medical care decisions then the staff will follow your living will, which gives you a voice in the type of treatment you want.
"If you'd hit her in the passenger door, you probably would have killed her," the officer told me as I looked over the crumpled front of my mini-van. I was a bit shaken, but relieved. It could have been so much worse, especially for 'Marge'.
Recently I shared the heart-wrenching story of a young soldier who had to deal with the unexpected death of his mother. She didn't have her affairs in order and now her son has the extremely difficult task of recreating her financial details from scratch. Here are some simple steps you can take to ensure that your loved ones aren't left in a lurch.
Few situations have a greater potential for problems as when dealing with money and relatives. If you've ever had a child ask you for a loan or a distant relative request money to start a business, then you know just how touchy these situations can be. Here are some real-life situations, along with some simple steps to help you safely navigate the tricky waters that result from mixing family and finances.
Nothing brings home the importance of having our affairs in order than seeing the effects firsthand in your own family. My mother-in-law's recent death means my family is dealing with the realities of settling her affairs. Her advanced-planning greatly simplified the process. And it will for you, too.
My last few articles have focused on various end-of-life issues that were made very real to me due my mother-in-law's recent death. In this article, we'll discuss the simple steps you can take that will make dividing your personal possessions easier on your family.
I received a heart-wrenching phone call from a young soldier recently. His mother had just died and he was left with the responsibility of settling her estate. He had no idea the difficulties he would encounter-not on the battlefield but here in East Tennessee. The worst part is it could have been completely avoided.
The main way to change your name the quickest is by filing a Petition for a Change of Name.
There's 3 ways a tenant can terminate their legal obligations to the lease during its term:
(1) You can terminate due to legal misconduct on behalf of the landlord
(2) When the landlord legally replaces you with new tenants
(3) And by an agreement with the landlord and the tenant
It's true that you can't take it with you, but many are becoming more concerned about what happens to what they leave behind. Thanks to some recent changes in estate laws, strategies that were once only doable by the extremely wealthy are now more accessible by those of more modest means. Read on to see if you can take advantage of these estate planning tools and create a living legacy for your family.
An inheritance is the precious fruit of years of labor. It is an expression of love. Nowadays, more than ever, an inheritance is something that should be protected. All too often, inheritances are squandered or lost because of a lack of planning by those giving it. Read on to discover how to easily change that.
Q. Jeff, I want to ask your opinion regarding Health Savings Accounts. On April 1st, the company I work for is changing our current Blue Cross health insurance to Guardian Insurance set up as a HRA. I am single and currently have a $500 deductible. Under the HRA, the deductible will be $2,000.
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