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Living Will
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Estate Planning Overview, Part I
Why Plan Your Estate?
The knowledge that we will eventually die is one of the things that seem to distinguish humans from other living beings. At the same time, no one likes to dwell on the prospect of his or her own death. But if you postpone planning for your passing until it is too late, you run the risk that your intended beneficiaries – those you love the most – may not receive what you would want them to receive either because of extra administration costs, unnecessary taxes or squabbling among your heirs.
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Last Will And Testament Kits
Preparing a will early on in life is a wise decision. It may not be so timely once you are old and senile. Nearly half of all Americans pass away without proper wills.
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Reading A Last Will And Testament
The simplest way to see that your wealth and personal belongings are distributed according to your wishes is to prepare a will. A will is an important document and the law is strict about all its details. This is because the Testator is no longer alive to declare his wishes while implementing a will.
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How To Avoid Probate
Probate can take anywhere from a few months to several years. It's expensive. Court fees and attorney's fees can come to around 5% of the estate's value. Hence, it is always better to avoid probate. There are possibilities to do this well within legal limits.
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The Living Will
Over views how the living will establishes your wishes as to what happens to you should you become terminally ill or permanently incapacitated.
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Do you need a Living Will Form or a Health Care Power of Attorney form?
The purpose of a Living Will declaration is to document your wish that life-sustaining treatment, including artificially or technologically supplied nutrition and hydration, be withheld or withdrawn if you are unable to make informed medical decisions and are in a terminal condition or in a permanently unconscious state.
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How to Write a Will
A will provides information about the transfer of property, ornaments or land, from the testator to his beneficiaries, after his death. Everyone, regardless of age, needs a will. Without a will people wouldn’t know where their assets would go. Writing a will is one of the most important things an individual can do in his or her lifetime. There are intestacy laws for those who do not make a will. But it is wise that the transfer of property be made in accordance with the deceased's wishes, as expressed in the will. A high proportion of adults own assets in the form of houses, cars, shares and insurance policies.
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Importance of Living Wills
The concept of a living will was first put forward by Louis Kustner in the year 1969. Available statistics indicate that less than a quarter of the American population has a living will. However, an overwhelming number of people have responded to the idea of having one created. This can be attributed to the awareness, interest and even outrage generated by the Teri Schiavo incident, which managed to occupy the front pages of newspapers across the country for several weeks. A controversy was created when the court passed the final verdict, ordering her life support systems to be removed. It has been argued that what happened to Teri Schiavo was unfair and that she should have had a say in her medical treatment. This event acted as an eye opener to several people.
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Living Will - A Must
The living will is often called the will to live and is an advance healthcare directive, or a Directive to Physicians. This document sets out your wishes related to the kind of medical treatment which, should be extended or withheld if you lose your ability to communicate those wishes.
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Last Will And Testament-What's Next?
So you have finally made your will!
You are happy in the knowledge your loved ones will be provided for.
Is there anything else you need to do?
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