My Survivorship A to Z Guide
Planning Ahead Essential
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Note: This is a sample Survivorship A to Z Guide for a fictitious person we call Ellen. She is just diagnosed with Breast Cancer. To view a summary of her answers which led to this Guide, click here.
To get your own free, computer-generated A to Z Guide, click here.
As a general matter, if you become incapacitated or die, your spouse will be the person to take sole care, custody and control of your children. If this isn't what you want, take action now. [Tell me more]
If you don't want your spouse to be the person to take care of your children, or if your spouse is not the natural or adoptive parent of the children, check with your attorney to take the appropriate steps to assure your children are protected in the manner you desire.
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Alternatives For Taking Care Of Your ChildrenIt's time to write a Will to keep control of your assets and get peace of mind. It doesn't take a lot of time or money. Preferably, involve a lawyer to assure it's valid and challenge-proof. [Tell me more]
With all the questions you have to deal with due to your recent diagnosis, the last thing you may want to do is to revisit your Will and other plans for passing your assets to your heirs. However, as soon as you get some time, it's exactly what you should do.
Everyone should have an up-to-date Will. It doesn't matter whether:
- All your money is in a trust or other entity.
- Title to your assets is registered so that your assets pass automatically to someone else.
Dying without a Will (known as "Intestacy"), can be brutal.
We do not recommend writing a Will yourself.
- Writing a Will becomes part of an overall discussion with a professional about minimizing estate taxes. Given the size of your estate, the issue of estate taxes should be addressed. This can involve the use of trusts or other legal entities, or strategies as simple as the way you register title to an asset.
- If mistakes are made, you won't be here to correct them.
- A lawyer can help protect your Will against challenges.
- If you spend time in more than one state, your Will needs to be executed in accordance with the law of each of those states "just in case."
If you do want to write your own Will, at least ask an attorney to review it for you. Ideally he or she will also oversee the execution. A Will that is not executed following the state's requirements is usually not valid.
Be sure your Will is stored where it is safe and accessible -- preferably NOT in your safe deposit box which can take time before it is opened.
Consider speaking with your heirs about your Will.
- A discussion can help assure that your wishes will be carried out.
- A discussion can also smooth any potentially hurt feelings -- a hurt compounded by the grief of their loss. For example, feelings of heirs who may be upset by what they are or are not getting from your estate, or what someone else is getting.
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Estate Planning Storage of Important Documents Legal Consequences Of Various Forms Of Ownership of Assets Wills 101 Information To Pull Together To Get Ready To Write A Will (A Worksheet) Protecting Your Will Against Challenges Trusts 101 Should You Speak With Your Heirs About Your Will? How To Find A LawyerRelated Articles
How To Afford A Lawyer (Or Get One For Free) Do You Need A Lawyer To Write Your Will? How To Choose A Lawyer How To Prepare For A Meeting With A Lawyer