You're ready to start thinking about your Last Will and Testament, but you don't know where to start.
Choosing a lawyer
Find an attorney who knows about things like estate planning and tax law.
And check with the local Bar Association to see if the lawyer has ever been in trouble with the law.
Just as important as a Last Will and Testament is a Living Will.
Tell your family, your doctor, and your lawyer where to find your Living Will and what it says.
Give your Living Will to the director of a long-term care facility when you move in to make sure they will follow it.
Make sure all of your friends and family know about it, too, so they can help you get what you want.
Make sure that both your Last Will and Testament and your Living Will are up to date. Don't write your own Last Will and Testament. Computer programmes that make Wills and power of attorney forms can be bought at office supply stores and on the Internet. However, these programmes often gloss over the complicated tax laws. You might save money on legal fees right away, but you could end up in a terrible situation in the future.
Attorney-in-fact
An important document is a power of attorney. With a power of attorney, you can choose someone to take care of your finances if you can't do it yourself. This document has different clauses that can help protect your assets if you, your spouse, or your parent needs to go to a nursing home. But a lot of things need to be rearranged. This can be done with gifts, by setting up financial vehicles, or by making purchases. But there's nothing that can be done if you can't handle your own money and no one else has the power to do so either.
Your Last Will and Testament Power of Attorney can run out.
Make sure that your power of attorney is up to date. Don't forget that you're giving them the power to carry out both your Living Will and your Last Will and Testament if they need to.
Last Will And Testament
Think about how to pay for care that goes above and beyond. People usually give their assets to their children in equal parts, but often one child is more involved than the others. If one child is taking care of you directly, most likely in their home, you might want to give them more.
Make sure that your Will is current. Laws change, and your Last Will and Testament is your last chance to make sure your wishes and bequests are carried out.
