Estate Planning and Wills

In the unfortunate event that you become ill or mentally incapacitated, it is important for you to have a means of expressing what medical procedures you want to be performed before you become sick. It is surprisingly easy to do so with a Living Will. When creating a Living Will, you must be of sound mind and not incapacitated.

Living longer in the United States is a great thing; however, this has caused a number of medical problems. Some of these issues and concerns have serious legal consequences. Quite simply, one of the problems is that many Americans are living into well-advanced years and as a result, they are suffering the effects of older age.

Remember, the end result of having a will should be considered by anyone who is drafting a will. Your will quite simply states in effect, "Please transfer my assets to the following people." The key to understanding wills and probate is understanding that you are not there to sign the title of each of your assets over to another person because you are no longer living.

Revocation of Trust

If you have provided for a revocable trust, the trust can be revoked at any time. This revocation should be in writing and should be executed in the same manner as the trust was executed originally. There should be a notary attestation, just as in the original trust document.

In many states, a Living Will becomes effective when it is signed, and witnessed by two witnesses. Frequently, the signature of the maker must also be notarized.

Check your state law:

You might wish to click to open a sample of a Living Will in another window to follow along with this discussion. You will need Adobe Reader to open this PDF. You may download it here.

You might wish to click to open this sample Living Will in another window to follow along with this discussion. You will need Adobe Reader to open this PDF. You may download it here.

Living longer in the United States is a great thing; however, this has caused a number of medical problems. Some of these issues and concerns have serious legal consequences. Quite simply, one of the problems is that many Americans are living into well-advanced years and as a result, they are suffering the effects of older age.

Trustee's Interest in the Trust Property One of the fiduciary relationships which arises is between a Trustee and both the Trustor and the Beneficiaries. A Trustee will be most responsible for managing the assets transferred to him/her in Trust and for making sure that these assets earn an appropriate amount of money, if they are assets which should do so.

There are many kinds of trusts, and many are extremely complicated and expensive. There are basic Trust principles and some considerations in deciding whether you ought to prepare a Trust.

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