Like most legal documents, the importance of a will increases
with its acceptance amongst authorities. Making a Will is a complete
legal procedure and its advantages are many which make the preparation
imperative on the part of the owner. But the legal responsibility for
making a Will shouldn't be taken in a negative light and procrastinated
about. Instead the very advantages of making a Will could be the single
greatest catalyst for the preparation of a Will by the owner of the
assets. Below are a few of the major advantages of making a Will that
could be the catalyst for the owner to prepare it.
Also we would
like to state that people rarely find making a Will to be a pleasant
task. Preparing a Will is a metaphor for our own mortality which people
don't want to face. But as they say- No one is immortal or escapes death
and taxes! Who knows? You could compromise with your own mortal end
during the preparation and come out with a better view on life.
The advantages of making a Will are:
dispute between dependents: There can be no chance of any conflict or
dispute between the several dependents of the property if a will is
already made. The will perfectly sums up what is left to whom and that
itself diffuses any chance of conflict plus the division is also ensured
by law of the land. Without a Will, inheritance disputes often run into
years and decades which are not a viable option.
ambiguity: A Will is a legal document that clearly states the division
of the property and that in itself clearly puts out the lack of
Property Management: The property can now be easily
managed or divided according to the directions given in the Will and
that leads to a better sense of property management.
of Executor/Guardian or Trustee: Will often appoints a responsible
person as a Executor or a Trustee who acts as the overseer of the
property. This also is important when the beneficiary is a minor or of
unsound mind and cannot look after the assets.
Disclosure: All the
property hidden or otherwise has to be correctly shown while making a
Will. This procedure eliminates the chances of any secretive assets and
the process will be highly beneficial to the beneficiaries of the How to make a will.
offers easy, legal, affordable and online Will Writing solution - write
a Will in just 30 minutes - no calls, no meetings, no advocates, etc..
All our lives we work hard to ensure that our family never has to
face a difficult time ever but we promptly forget all about them at the
end. We are talking about preparing wills or last testaments that
people almost always don't prepare or unnecessarily delay due to a
psychological block. The psychological block is our inherent fear of
death which is aggravated during the making of a will. The preparation
of a will is almost an indication of our own mortality and that is
something none of us want to accept.
But whether we accept it or
not, our mortality is the only truth and we must keep the responsibility
of taking care of our family with us. A will could save our family from
a host of troubles out of which some could be huge hassles that will
need a lot of time and resources to solve. Say for example, the most
common form of trouble that comes from the non preparation of a will is
property disputes. Normal property disputes could siphon off huge
amounts of time and resources. Plus there is no guarantee that the
problem will be solved within a stipulated time. Property disputes are
known to stretch for years and some even extend till the death of the
supposed beneficiary. This means there are chances that your family
might never get to enjoy the property that rightfully belongs to them.
that statement depress you? But that's simply the beginning as there
will be more and more problems associated with non-existence of a will.
next problem that could occur is the proper division of the property
and in case of common ownership of a property- the lack of a trust fund.
These are legal wrangles that could again put pressure on your family
or dear one's resources.
Making a will is the best form of
property management as the methods of division are expressly mentioned
in the will. Without the existence of a will there are chances that the
beneficiaries or dependents will have a tough fight in their hands to
ensure their right on the property. Then there are properties which have
common ownership and for those you need to create a trust fund. But
that's again not possible without the presence of a will or testament.
Make a will
immediately as this will not only guarantee the peace and security of
your loved ones but also give you the strength to accept your own
Making a last will or testament is no easy task but Willjini can help you in doing so. How to make a will.
Question: I just came back from my attorney with
my estate planning documents. One of my documents is a "living will,"
but I have no idea where to put it. How about putting it where it will
be safe, like in my bank's safe deposit box?
Remember that a living will is only useful if it is found! You should
store your living will (also called an "advance healthcare directive")
where it will be found when it is truly needed.
If your family has
no idea where your living will is, the document is useless. If it is
never found, it is a legal document without any effect. It will never
serve any function. The purpose of having a living will in the first
place is to grant authority to your agent: Through that document your
agent is given the legal authority to make essential healthcare
decisions on your behalf. But if your agent cannot find the document,
he or she may never be able to make the decisions that you intend.
Where should you never store your living will? Here are some places to avoid, the first being exactly where you are thinking of putting it:
Your safe deposit box.
Sorry, but think again! If your agent does not have access to your
bank safe deposit box, obviously he or she may never be able to get the
living will in time so that it can be used.
Your home safe.
This is like placing your healthcare directives in the bank's vault.
If only you have the combination to the safe, then your agent will
probably never find it.
Giving it to someone unknown to your agent.
This is another way to "lose" your directives -- giving the living will
to someone other than your agent, without your agent's knowledge.
Again: If your agent has no idea where the living will is, then how can
he or she get it?
Giving the original to someone at odds with your agent.
Some of you may have intra-family turmoil. Obviously, never give your
living will with someone who often fights with or is at odds with your
designated agent. Remember: The purpose of the living will is to ensure
that your wishes are carried out. PERIOD. Your directives are not to
be used in a way to be "fair" to another family member, or for any
purpose other than ensuring that your wishes are followed.
Putting it where nobody would ever look.
This is a general category. Never place your living will in a secret
place, or in the middle of a "mess." It should be kept in a place known
to your agent, or otherwise where important papers are kept.
many people go to the expense of preparing a living will, but give
little thought as to where it should be kept. Even more important, they
place their living wills in entirely inappropriate places. Make sure
that your agent knows where you have stored your living will.
The information in this article is not legal advice, and the use of it
does not create an attorney-client relationship. Any liability that
might arise from your use or reliance on this article or any links from
this article is expressly disclaimed. This article is not to be acted
upon as if it were legal advice, and is subject to change without
notice, or may include obsolete or dated information, or information not
relevant to your jurisdiction. If you require legal services, you
should consult with an attorney.
As a licensed attorney located in the Los Angeles San Gabriel
Valley, Larry Stratton is in a position to coach and advise you, and to
help you plan for your future. The Law Offices of Larry D. Stratton
[http://www.strattonplanning.com] specializes in estate planning,
business formation and appellate practice. Larry Stratton also blogs on
estate and financial planning issues at Planner's Thoughts. Larry
Stratton is a graduate of Whittier College School of Law, which is a
member school of the ABA and the AALS. He has represented numerous
clients in the California Court of Appeal, and is admitted to practice
in all California courts, the Ninth Circuit Court of Appeals, the U.S.
Tax Court, and also the United States Supreme Court. From 1983 to 1984,
he was a member of the Whittier Law Review. Larry Stratton is also
a Registered Investment Advisor, and currently speaks on estate and
financial planning topics in Southern California.
If you have a good deal of money or assets it is probably a good
idea that when you are planning your estate that you also consider
setting up a financial power of attorney. What this is, is a document
that will give another person the legal power or right to handle all of
your financial affairs. To do this you don't even have to go to court.
You just need to be of sound mind when you set up this type of an
You being the principal in this document will then
choose someone called the agent who will handle your affairs should
there come a time in which for whatever reason, you can't. They can also
be asked to handle your affairs if you are going to be gone and won't
be able to take care of your affairs while you are away.
sit down to figure this out you are going to need to decide upon just
how much authority that you are going to allow the agent to have. You
may decide to give them general powers to handle all of it or you may
just give him power to just take care of certain kinds of transactions
like your stocks and bonds. They can even be asked to take care of
financial issues while you are away on an extended vacation if need be.
also need to figure out just how long you want their authority to last.
It can be durable or it can be nondurable. A nondurable agent will lose
their authority the minute you should become incapacitated in any way.
So if you want to have them to continue on should you not be able to
take care of things if you were incapacitated then you would want to
make sure that you made them a durable agent.
You also need to
figure out when the power of attorney will take effect. Understand that
it will go into effect immediately as soon as the document is signed
unless you set down a date in the document when it will take effect.
Some documents with durable agents will not kick in until you might be
declared incompetent or incapacitated by a doctor. You will also need to
make sure there is a stipulation in the document that dictates when the
power of attorney is ended, for instance you might stipulate that once a
doctor says you are going to be OK and will be recovering, then the
power of the agent will end.
Once you have your document written
up you will need to have it signed by all parties involved and most
states will require that you have the document notarized in front of two
witnesses. If you don't want to do all of this yourself, you can always
pay an attorney to write up your document for you.
decide to write up this kind of a document, the person that you pick
needs to be someone you really believe that you know and trust well
enough to honestly take care of your affairs for you whenever you might
not be able to. Also remember that anything is possible so you might
want to also name a second agent in case something should happen to the
first one. Also make sure that if you would like to pay this person for
performing their agent duties to state this in your document, otherwise
they don't get paid for doing this.
Once you have your document
written up and signed you should give a copy of it to your agent, a copy
for yourself and you should also make sure that any agencies or
businesses you do business with have copies as well and that would be
banks, brokers, IRS or SSI.
Note: You can revoke your power of
attorney at any time during your arrangement with them as long as you
are mentally stable and you make sure that you send them a letter in
writing stating you are going to revoke the document.
For more free Personal Finance Information download Amy's Free Personal Finance Information Pack at http://www.free-finance-info.com and join thousands of other people who are taking control of their Personal Finances. For other free information on a variety of issues please visit http://www.free-info-site.com
The proper estate planning documents you need in case of
emergency! Nobody likes the thought of an emergency cutting a life
short. Especially for families, it's really hard to imagine what might
happen if there were some sort of tragic accident, an unforeseen
illness, or a catastrophic disaster that resulted in the casualty of a
vital family member. Without the necessary legal documents such as a
living will or power or attorney, the wellbeing of a family may be
threatened and your expressed or even written wishes may not necessarily
If someone is involved in a serious accident, but is
injured to the point they are unable to communicate their wishes, a
healthcare power of attorney is given the legitimate right to make major
healthcare decisions on the patient's behalf. For example, if you do
not wish to be placed on life support for an extended period of time,
the only way to make this preference legal is taking the proper steps to
create lawfully acceptable paperwork and documentation.
someone dies without any legally authorized instruction for the
delegation of their belongings and investments, all property goes into a
very complex court proceeding where assets are given to the spouse,
next of kin, or separated between various related parties. In this
situation, a third party has full control over how these items and funds
are distributed, regardless if the deceased had verbally expressed
other wishes. A legalized will is absolutely necessary to ensure that
your belongings are properly taken care of after your passing.
Have these legal documents prepared today so that you ensure that your family is taken care of in the event of an emergency.
Prepared Will is a legally enforceable declaration of how a person wishes his or her property to be distributed after death.
Health Care Power of Attorney
is a legal form that allows an individual to empower another with
decisions regarding his or her healthcare and medical treatment.
Living Will Directive is
a written statement detailing a person's desires regarding their
medical treatment in circumstances in which they are no longer able to
express informed consent.
I know the fees associated with the
creation of these documents can become incredibly expensive if prepared
by a private lawyer. I also know that people are looking to the web for
do it yourself forms which can turn into a nightmare if not done
correctly. In many states these documents if not done by an attorney can
be thrown out and not accepted by a court.
affordable solutions so that your documents are prepared by an attorney
and reviewed annually for you, your spouse, and covered family members.
it comes to protecting your family and your wishes, don't waste any
more time or put your loved ones at risk any longer.
Have your legal
documents prepared today by an attorney so that you ensure that your
family is taken care of in the event of an emergency. For information on having an attorney create these documents and
help protect your family against all legal issues for a few dollars a
week visit http://cmp1legal.net
Estate planning creates a plan for distribution of your assets
after you die. Most of us are familiar with a common product of estate
planning: the will. Featured in TV shows and in everyday conversations,
sometimes, the discussion surrounding this popular topic is not
We've seen people contesting wills, challenging their
family members, feeling cheated by the administrators of wills and by
the law and we've seen them arguing through lawyers about what wills
mean how they should be executed. Other forms of estate planning exist
to reduce the amount of conflict surrounding decisions.
care decisions can be included in estate planning; a health care proxy
exists so that a chosen person can act out the desires of an
incapacitated person still under medical care.
When it comes to
the distribution of their wealth and medical decisions, multiple
measures exist to enable the dead and the severely injured a means of
executing their own desires. However, even in the case where no formal
plans are made, heirs do receive some forethought in terms of the law.
law of intestacy communicates that even if no measures are taken to
distribute assets by a deceased party, those assets will still go to the
deceased person's heirs. The law of intestacy has the most staying
power in situations where it is least likely to be challenged by those
wanting more. For insurance, according to Attorney Sean W. Scott of
Virtual Law Office, this law works with a small number of assets and a
with a small number of heirs.
In each of these cases, one can
imagine there would be less conflict involved. With less to fight over,
less fights can ensue. The same is likely true with less beneficiaries;
as heirs likely know one another well when smaller in number, less
family tension can arise. Less instances of certain heirs feeling more
worthy than others to certain possessions may exist. The likelihood that
an individual or set of siblings would usurp others' belongings may be
reduced. And general confusion arising from miscommunication and a lack
of cemented durable relationships may possibly decrease with a smaller
set of heirs. None of these suggestions are set in stone, yet
corresponding data would be a more than interesting dinner topic.
emphasizes the financial advantages of estate planning, sharing that
taking certain precautions can save money for heirs receiving portions
of estates. As lawyers stay on the job, working to settle issues between
family members or between the state and family members, their tabs
continue running. Evaluating the multiple options may familiarize you
with the best decisions for your situation, reducing stress and
increasing savings for your loved ones after you pass.
businesses offer the best in financial services to their target markets
through use of digital content. Al Tinas, (C. Catchings), provides
high-quality content to estate planning experts as well as other business leaders.
Like most states in US, California too allows you to expunge your
DUI conviction record. Expunging your DUI conviction record will help
you get rid of all the problems resulting from your offense and make you
to experience the life like before. Regardless of whether your offense
is misdemeanor or felony, they can usually be expunged. Following are
the FAQ's which are sure to provide you an insight about expunging your
DUI records in California:
What is expungement?
means sealing your DUI conviction record which practically means giving
petition to the court to expunge your record and the court replaces
your plea as not guilty and then dismisses your case. So when applying
for a job or under any other circumstances you need not have to disclose
that you have been convicted.
Who Is Eligible For expungement in California?
You are eligible for expungement:
if you are a first DUI offender who has only one charge for either a misdemeanor or felony
a year has passed since conviction
if you have completed probation successfully and not on probation for another offense
have no charges pending
have paid all the fines ordered by the court
How much does it cost to file for expungement?
It costs between $50 and $80 to file for expunging your record.
Will they need my presence at the court?
No, your expungement lawyer can do it for you.
What will I benefit from expunging my DUI conviction record?
There are a lot you will benefit from expunging your record such as employment, licensing etc,.
What expungement won't do?
Your expunged case can still be used for increasing your punishment when
you again caught up for a DUI or other criminal cases.
The DUI Process manual provides solution related to expunging
your DUI record, getting your driver's license back, saving a lot of
money on your auto insurance and even saving money throughout your DUI process no matter what state (US) you are located in.Article Source:
An Uncontested Divorce is a legal procedure in which the spouses
mutually agree on certain terms and conditions, in order to adjourn
their marriage. An uncontested divorce can be executed successfully if
the spouses comply to a shared agreement in the matters related to the
property partition, financial matters, any kind of support activities
related to their children, and other litigious affairs.
benefit of consenting with an uncontested divorce is that unlike
contested divorce, it doesn't have to deal with emotional and financial
issues, is relatively inexpensive and quick, since most of the times the
spouses may not find any need of an attorney or a court case for the
divorce, if they are in good terms with each other, and plan to go with
proper understanding. This is quite helpful essentially when the couple
has much less assets to deal with and no children.
There are many
"Do it yourself" forms available at concerned regulatory agencies, which
can assist you in going ahead with the uncontested divorce activity
yourself, without the need of any outside legal authority or
attorney.But, in case of the issues for child support or the partition
of community property, one must follow up with attorney related to
divorce, before they proceed with signing off any legal documents.
is a quite tedious and sometimes displeasing procedure.Despite having
mutual consent on many of the terms, there still exist loads of matters
that need to be taken care of, before ending up the marriage. The couple
needs to be capable enough to distinguish these issues and resolve them
as soon as they can. To decide whether it is appropriate for a couple
to go ahead with an uncontested divorce rather than a contested one,
there are certain points that can be used as reference:
1) Are both the spouses agreeing to go for a divorce, or one of them still wants to re-establish the relationship?
Are all the financial issues, modes of income and other related assets
properly understood by both the spouses, so that they can divide and
decide on them accordingly?
3) In case, there are children, are
all the issues regarding the child care and support,custody, periodic
meetings and visits decided yet?
4) Are all the issues getting settled with mutual consent, and are devoid of any hard feelings?
Are both the partners in accord with the honesty or authenticity of the
other partner's notions,regarding the resolution of these issues?
If either of the above mentioned questions, has an answer as "yes", then it is appropriate to go for an uncontested divorce.
divorce can be carried on easily and without much hassles, but they can
be derogatory to certain individuals in case the people involved in the
divorce, do not know much about their appropriate rights with respect
to the alimony amount, partition of pension, earnings from real estate,
and other modes of income.
Hence, it is always advisable to
consult an attorney or other legal authorities related to divorce, even
while going on with the uncontested divorce, where you and your partner
mutually agree to all the terms.
As being a part of the business world, it is important to
understand different terms. Educating oneself on these terms not only
helps with learning and understanding business conversation, but lets
people know that the businessman (or woman) is serious and truly
knowledgeable in the field. The two terms professionals should be able
to know are a limited liability company (LLC) and a C corporation. While
they are both structures, they both have their different traits and can
allow many businessmen and businesswomen know what is most suitable for
a business. Both have an indefinite term of life, but LLCs having
plenty of distinguishing traits.
A limited liability company
(better known as an LLC) is a specific type of business entity that
mixes the personal liability protection of a corporation with the tax
benefits of a partnership. It is a structure that offers protection to a
company's owner. An LLC is best suited for small businesses with very
A limited liability company's taxation is a
single taxation, which means the interests of the profit or loss is
passed to members who are in the top 39.6% bracket. An LLC has the
option to elect to be taxed as a corporation. Only the members own and
manage an LLC. It has limited liability. In other words, the liability
is not exceeded by the amount invested by members. Meetings for members
are not required, but activities should be recorded.
corporation is a complete opposite. It is a specific type of business
entity that is taxed separate from its owners. It is used for medium and
large-sized corporations and owned by its shareholders; this is
different from an LLC since LLCs deal with small businesses with a few
shareholders. C corporations are managed by officers while LLCs are
managed by the members or managing members themselves.
trait of C corporations is that it uses a double taxation in lieu of a
single taxation that is seen in LLCs. Income is taxed roughly 34% and
shareholders pay taxes on profits distributed. The choice of taxation
structures are not allowed with C corporations, they must be taxed at a
corporate tax rate. Shareholders are required to attend board meetings
whereas stated for LLCs, meetings are not required. While these
differences may be broad between the two types of corporate structures,
knowing the differences allows professionals to make the right
assessments for future businesses.
You and your business partner have been running your business as
general partnership for the past several years. You have been reading
about limited liability companies (LLCs) and have decided that your
business should really be operated as an LLC. Is it too late? Can you
still convert your business from a general partnership to an LLC? Yes,
Why would a business want convert to a limited liability
company from a partnership? The reason that a business would want to
convert from a general partnership to an LLC is to allow the partners to
shield themselves personal liability for obligations of the business.
Every partner in a general partnership is liability for all of the debts
of the business. A member of an LLC, on the other hand is can generally
only lose his contribution to the LLC, nothing more. He is not
responsible for the debts of the LLC.
The limitation typically
only applies to liabilities arising after the conversion. It is unlikely
that a general partner will be released from personal liability to the
partnership's creditors for the business's debts existing before the
conversion. A member will avoid personal liability for debts incurred by
the LLC but will remain personally liable for debts of the general
partnership which are transferred to and assumed by the LLC in the
The procedures for converting a general partnership
into an LLC differs from state to state. Originally, most state laws
contained no provision allowing one type of business entity to change
into an LLC. At that time, if you had a partnership, you had to first
dissolve the partnership and distribute its properties and liabilities
to all of the partners. At that point, the partners would contribute
those assets and liabilities to a newly-formed LLC and become members in
the new LLC.
Today, most states have statutory provisions that
allow a partnership to be converted into an LLC in one simple step. For
example, in Illinois, once the partners approve the conversion, a
Statement of Conversion is filed along with Articles of Organization for
the new LLC. It is as simple as that.
The conversion is also
simple from a tax standpoint. In several private letter rulings the IRS
has addressed the conversion of a general partnership into an LLC. The
rulings have clarified that neither the partners nor the partnership
recognize any gain or loss on the conversion. Also, the partnership
continues to exist uninterrupted for tax purposes and, for computing
capital gain if he later disposes of his LLC membership interest, the
length of time that the partner owned his partnership interest carries
over to his LLC interest.
An LLC is by far the most popular choice
for new businesses being formed today. If you chose to start your
business as a general partnership, the good news is that it is not too
late to make the change!
David K. Staub is a business attorney
who writes and lectures frequently on various business, legal and tax
topics. He is the author of the Limited Liability Company Center, a free
resource of information on how to organize an LLC.
My wife of 31 years, Lynne, lost her life to glioblastoma in 2010
following a battle lasting almost four years against the deadly
disease. Glioblastoma is a stage 4 brain tumor, known for its
fast-growth and recurring properties. As her family caregiver, I learned
about many topics that surface during the care of someone facing a
life-threatening illness. This article covers the topic of grief and how
preparing a living will helped with my grief. I hope that the lessons I
learned will encourage you to create a living will.
of the good intentions early in life to prepare a living will, neither
Lynne nor I had done so. After her initial brain surgery and recovery,
we both prepared a living will and health care power of attorney.
Preparing the living will to document Lynne's advanced directives
enabled us to discuss Lynne's decisions regarding the end of her life.
The health care power of attorney allowed me to represent Lynne when she
could not make decisions herself. The discussions we had and
documenting them for legal purposes helped me significantly during the
final week of her life and the weeks following her death. Knowing that
the decisions I made on Lynne's behalf were those that she desired
lifted a heavy weight from my heart. The doubts that surfaced in my mind
following her death eased slightly, as I knew I was following her
The many discussions that Lynne and I shared about death
and dying during her illness were paramount to my grief recovery. Family
members, who openly communicate about death, tend fare better than
families with less open communication (Black, as cited in Carmon,
Western, Miller, Pearson, & Fowler, 2010). One reaction to grief is
personal growth. This reaction seems most predominant in those that
openly communicate about their grief. Other reactions to grief include
such things as anger, blame, despair, and panic (Carmon, et al., 2010).
The discussions between Lynne and me helped to reduce the uneasiness we
held about the dying process. In the final months of her life, I began
to sense Lynne's own internal preparation for that day. My selfish
nature desired that she live but she showed signs of exhaustion from the
three-year battle. As I reflect on those discussions, they are some of
my most treasured and valuable memories.
It is impossible to
prepare completely or anticipate all of the emotions and other concerns
we face during a loss. I believe that preparing and anticipating the
loss causes thinking and actions that help to minimize, if only
slightly, the grief of the loss. Reminiscing and expressing emotions
with family and friends provide effective coping tools after the death.
For me and my hope for you is that the hopelessness turns into hope, and
the grief turns into joy, as you learn to push forward and reflect on
the positive memories and the legacy of the life that was lost.
A. F., Western, K. J., Miller, A. N., Pearson, J. C., & Fowler, M.
R. (2010). Grieving Those We've Lost: An Examination of Family
Communication Patterns and Grief Reactions. Communication Research
With modern medical technology advancements, it is becoming more
and more important to consider writing an advanced healthcare directive.
There are several kinds of advanced healthcare directives. A living
will is one form of an advanced healthcare directive. It is a document
that specifies what you want done medically if you are no longer capable
of making decisions for yourself. A medical power of attorney or
healthcare proxy is another form that appoints a specific person to make
decisions for you if you are incapacitated. It is advised that a person
have both documents prepared and in place long before they will ever be
With today's advancement in medical care many people are
left confined to nursing homes. Many elderly are in a vegetative state,
fed through feeding tubes while their bodies slowly die. The emotional
and financial burden the families of these patients experience is
overwhelming. Lives are prolonged but there is no real quality of life.
An advanced directive can prevent this from happening to those you love.
living will was first proposed by Luis Kutner in 1969. His purpose was
to make sure the living were able to make their wishes known when they
were no longer able to speak for themselves. The living will gives
direction to medical professionals about what procedures a person wants
and doesn't want. It can forbid the use of medical equipment used to
sustain life or direct it be discontinued when it only prolongs death.
It can be general or specific depending on the wishes of the person
Advanced directives should be regularly updated to
make sure they cover current medical technology. As advancements are
made, changes need to be made to reflect that advancement. A living will
that is current is more likely to be acknowledged and followed.
is advised that a living will be combined with a healthcare proxy to
assure your wishes are followed. No document can fully cover all the
circumstances that might occur. Having a person on the scene making
immediate decisions is important. By designating a person in advance to
make decisions, you can be reassured that no decisions are made that
might conflict with your desires.
The comfort and peace of mind an
advanced healthcare directive gives is invaluable. Knowing you will not
be a burden to your family allows you to calmly live knowing any
necessary medical decisions will be made by someone you trust.
Bryan Sims writes about various topics including health issues
and product information for the online audience. Find information about
the newest website at http://www.wallmountforlcdtv.net/ which helps people find super saver deals on Peerless TV mounts and more information about various types of wall mounts for televisions.
Probate law is a legal process that no one ever wants to deal
with. When someone who has a valid will passes away an administrative
process goes into effect which determines how the individual's property
and belongings (termed their estate) will be handled. The process of
this is great to know as both the person who is writing the will and the
people who will be involved in the process should the unthinkable
happen so that everything is understood and further pain is avoided.
Estate planning is a lot better than no estate planning at all where
motives have historically been influenced by relationships between
friends and family and the value of the estate.
What is probate?
term probate can be used in a variety of related ways. However the most
common context is known as the process that occurs within the legal
system administering your estate after someone has deceased. Each person
listed on the will, must apply for a grant of Probate.
What if I have no will?
Probate Law will only take effect when a valid will has been written by
the deceased person. If the deceased does not have a recognized will,
then the probate is invalid and an administrator needs to be made
official (generally the next of kin). This process can be complicated
and takes a lot longer than if a will was written.
What is included in an estate?
probate lawfully considers an estate to be all assets that are owned
fully or partially by the deceased. This includes future pay checks from
work before passing, household goods, property and anything else that
ownership can be determined by various forms of legal documents. All of
the above can be probated by a local Probate Council except for real
estate. Probate law for real estate is under the jurisdiction that the
property is located. If someone wants to contest the ownership of any
part of the estate, they must go through the appropriate legal channels.
Getting the process started?
someone has deceased, their will is not official until it has been
submitted for probate. Therefore when estate planning, you will need to
tell someone where they can locate your will if required. Although there
are some parts of the probate court procedures that are informal, there
are severe penalties if the will is not produced within a certain time,
is concealed or destroyed.
Estate planning is not enjoyable to
think about. However, by doing so you do make things clearer for those
who are mentioned in your will. The probate law may seem like a nuisance
given the circumstances that the law is applied however is required
though to keep everyone in check. It also simplifies the process as
there have been situations where assets of the deceased are fought over
for years resulting in ongoing pain for all parties involved.
Ultimately, who do you want to go through your underwear draw?
Both the LLC and corporation are legal entities that provide
liability protection for their owners. While the corporation has been
around longer, the limited liability company was created to offer the
same level of protection. However, an LLC is designed specifically to
cater toward the small business owner. It offers the same liability
protection as a corporation but allows a much more simple operational
structure with a lesser number of formalities.
LLC v. Corporation - TAX MATTERS
limited liability company offers more tax choices than a corporation.
Owners of an LLC can elect for profits to be taxed pursuant to a pass
through structure (single layer of taxation) or pursuant to a C
corporation (double taxation) or S corporation structure (single
taxation but with many requirements and ongoing compliance
The corporation only has the choice of C
corporation or S corporation taxation. Small business owners many times
prefer the LLC pass through taxation because it allows them to avoid
double taxation of profits and in many cases be able to take business
losses to reduce taxes from other income WITHOUT having to worry about
meeting a laundry list of S corporation requirements.
While the S
corporation structure is available to both types of entities, it only
allows a certain # of owners, all owners must be persons (so no
entities) and US or permanent residents of the United States. There are
other requirements as well so check with your accountant for the
As a business evolves, things change and with an
S corporation tax status, you always need to be on top of the latest S
corporation requirements. The failure to meet a requirement, even if
accidental, can result in disastrous tax liability and penalties.
S corporation can have some tax benefits over the standard pass through
when it comes to self employment. In these cases, you have the option
of S corporation taxation with either the LLC or corporation.
LLC v. Corporation - OWNERSHIP STRUCTURE COMPARISON
An LLC also gives an LLC business much more flexibility when it comes to
ownership structure. The LLC laws allow for the company to tailor what
each owner gets in terms of voting control and distributions.
corporation has a set ownership structure. Ownership is defined by a
share of stock and each share of stock provides a set right when it
comes to voting and profits rights. The LLC can choose this standard
structure but does have the flexibility to customize it if needed
without having to create multiple classes of ownership.
an LLC is more attractive when it comes to bringing in investment
capital or services partners because it offers more options to address
specific business situations.
LLC v. Corporation - MANAGEMENT STRUCTURE
addition, a limited liability company can have a very simple single
layer of management (known as member-managed) or the management
structure can be structured with a central governing body (manager
When it comes to operations, the LLC is not required to meet the same level of formalities and paperwork as a corporation.
corporation laws generally impose a set management structure for a
corporation which requires a Board of Directors as a central body of
management. In addition, in most states, there are required meetings and
certain governance documents that must be entered into each year.
it is still recommended that an LLC have some simple governance
paperwork to document major business decisions, it is comforting to know
that the laws do not require it for the legal entity to qualify as an
LLC and get LLC benefits.
In deciding LLC or corporation, the LLC
offers the same management structure imposed upon for a standard
corporation but also allows for a much simpler one or a more complex one
if needed to protect investors or the business.
the simplicity and flexibility of the limited liability company, the
LLC was designed to offer all the benefits of a corporation but without
the disadvantages. As a result, the number of LLC formations each year
greatly surpass incorporations when it comes to small businesses.
there are some situations where the corporation may be the better
entity choice. If you plan on taking your business public with an
initial public offering, you should use a corporation. Also, if your
business requires professional company investors such as venture
capitalists, the venture capitalists will generally require that your
business be a corporation.
As noted above, the decision of LLC or
corporation depends on your specific situation and the best person to
advise you is a competent attorney after having met with you to discuss
your particular circumstances.
The purpose of a health care advanced directive is to give
somebody you know the ability to make your healthcare decisions. It
gives a person the authority to make all of your healthcare decisions
when you are in a stage of mental incapacity. This document will
instruct the person to make all decisions in accordance with the
instructions written down. It will give this person the right to access
all medical records that are needed for someone to make decisions
involving your healthcare and to apply for your benefits.
to get this document signed as soon as possible, because you never know
when you will end up in an incapacitated state. A person is presumed to
be capable of making health care decisions, unless determined to be
incapacitated. The physician assigned to care for you decides whether or
not you are incapacitated, and will ask for documents signed by you
when deemed necessary.
Your advanced directive is the most
important document for your attending physician to have from you. If you
don't have it, there will be too many problems for the doctor when it
comes time to decide whether or not you need surgery or serious medical
treatment. The doctor will also have problems dealing with your family
or friends who haven't been designated as your surrogate, and won't know
the proper person to contact. Your health care advanced directive also
helps to distinguish between your asset protection and your healthcare
needs, and won't allow anyone to interfere with your Durable Power of
Attorney or Last Will and Testament.
What is insurance? A thing providing protection against a possible eventuality.
the advances in medical technology, there are many possible
circumstances in which my body may be kept alive even if my mind may
have ceased to function. This could result from accident or disease. It
could occur in the near or distant future. Under these circumstances, I
have very specific desires of things that I want to be done and others
that I want to stop or prevent from occurring. Can I take out an
insurance policy that will protect me against institutions or people
taking actions that are against my wishes? Yes, it's called an Advance
This form of insurance can be acquired without an agent
or attorney. To get this coverage you must invest some time and energy
to get your state's forms and fill them out. This is usually a two-part
form with the first section designating who can make health care
decisions for you in the event that you are not capable. This is usually
called a Medical Power of Attorney designation. The second part,
sometimes referred to as a living will, is where you are able to give
physicians and family specific instructions regarding your care. The
forms can be downloaded on-line from several different sources or can be
picked up from any hospital in your area.
The mechanics of the
process can be a little difficult and uncomfortable. This small
discomfort allows for procrastination to jump in and convince you that
this is a good idea and you really should do it someday, but not today.
Maybe you'll do it next week or next month. One way to help you get over
the hurdle of procrastination is to really look at some of the many
benefits that you get from completing this task.
Three benefits of Advance Directives:
Peace of mind from knowing that you have insurance in place.
A huge gift will be given to your family and loved ones. In the
event that it is needed, they will be greatly helped and assured that
you are guiding their decisions.
Protection of your estate and financial assets. Medical institutions
are allowed to utilize their technology to prolong life even when the
outcome may be futile. This process can drain your financial resources
and possibly impoverish your family.
When you discipline yourself to create an advance
directive, set aside adequate time to consider specific details. The
more specific you make your wishes, the better the quality of your
policy. After completing the process you will enjoy a deep sense of
satisfaction. So set a deadline to help you guide the process and make
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health care expertise through many years of experience and extensive
research. If you are interested in elder care issues, please check out
Planning how your estate shall be divided, distributed and
disposed of doesn't only mean creating a last will and testament or
putting up a trust for someone. Estate planning also means preparing for
the unexpected, such as falling ill to an incurable disease or becoming
incapacitated later in life. In this regard, you'll need the help of
someone you completely trust to put your affairs in order even when
you're no longer able to make those important decisions or even
communicate your wishes. Drafting durable powers of attorney gives this
person you appointed the legal means to sign documents, make decisions,
and represent you in court.
The Medical Power of Attorney and The Living Will
the functions of a medical power of attorney play in tandem to the
directives of a living will. They're both health care directives, but
the durable power of attorney for health care focuses solely on
assigning someone the legal duty to make decisions related to your
illness or health condition. It needs a living will, which contains your
instructions and wishes, including end-of-life decisions. Once you've
lost the capacity to think or act on your own, such as when you've
fallen into a coma, this durable power of attorney takes effect and
hands over the responsibility for your personal health and well-being to
your agent or attorney-in-fact.
You'll have tighter control over
managing your living will, estate planning, and health care directives
when you specify that these shall only take effect after a physician has
confirmed that you lacked the mental and physical capacity. In this
case, you have a springing durable power attorney in hand. The term
capacity here legally pertains to a person's lack of understanding of
the nature of his medical condition, the health care options open to
him, and the possible consequences from making these choices. In
addition, that person also loses the ability to speak out or make hand
gestures to relay his personal preferences for medical care. This is
where a health care declaration becomes an invaluable document in your
The Financial Power of Attorney
a durable financial power attorney, you give another person - someone
you fully trust to act in your best interests - the legal authority to
act on your behalf. However, this power attorney for finances doesn't
hand over absolute authority to your proxy. You may limit or extend your
agent's legal access to your financial accounts. Generally, your
financial surrogate can file and pay your taxes, manage your business,
handle financial transactions in your name, access your bank accounts,
claim an inheritance, collect Social Security and other benefits, and
make use of your assets and properties to pay off debts and provide for
your family's daily expenses.
These two powers of attorney must be
specified as durable when filed. Otherwise, they won't take effect once
you were found lacking capacity to think and act for your well-being. A
divorce ends both documents when the agent is also the spouse. The
court may revoke an agent's authority under a power of attorney for
health care when it finds that the agent has acted improperly. A second
person named in the document takes over as an alternate agent.
Toby King is a legal consultant and associate, working for a
prestigious law firm in Sydney. He provides expert advice on family law,
de facto relationships, and financial agreements. Find out more info on wills estate planning at ClinchLongLetherbarrow online.
If you and your husband or wife have decided that you want to get
divorced, you want the legal process of dissolving your marriage to be
as simple as possible. If that is the case you will want to know more
about uncontested divorces, which have a number of benefits for both of
you. Here are some basic ideas and suggestions, as well as information
about uncontested divorce that will help you move forward.
of all you should be aware that an uncontested divorce doesn't
necessarily mean you agree on the reasons for the divorce. It is not the
same as a 'no fault' divorce. What it means is that you and your 'soon
to be ex' have agreed that you want to get through it in a civilised
way. It means that you have agreed that the property acquired during
the marriage is being divided fairly along with any savings, pensions or
debts. You should also both feel that the separation of assets pays
attention to the needs of each of you. You may want to get a lawyer to
check over the finer points if your finances are complicated but if not,
you can get uncontested divorce forms online. If you can negotiate the
terms between you it is far less traumatic and much cheaper.
key point is that you should take your time. You should never rush the
process, having an uncontested divorce usually speeds up the process
dramatically, even when you take time to negotiate. You can usually
sort things out in a few weeks whereas some contested divorces can go on
for months with bitter arguments causing upset, especially to any
There are many advantages to an uncontested
divorce, one of which is, undoubtedly, the cost. An 'uncontested
divorce' means that both of you agree to all the terms of divorce, which
means you don't have to pay for additional court fees or even pay an
attorney for the extra time they would have to spend on sorting out the
division of y our assets. This can be very helpful if money is tight as
you don't have to spend large sums of money going to court. You could
perhaps save it towards your living expenses after the divorce or for
your children, or some of the larger expenses that you may not foresee
when you are first on your own.
If you do decide to opt for a
lawyer, you need to remember that your family lawyer cannot act for both
of you, even if the divorce is uncontested and fairly amicable. One of
the things you should decide early on is which of you will use the
family lawyer, unless you both decide to go elsewhere or to do it
yourself. Your lawyer will meet with you to sort out all the documents
that are involved in getting a divorce. You will the opportunity to
see what is in the documents before they go to your spouse and then to
the court. The more you can sort out beforehand, the better it will be.
There may be times when both of you will have to meet with your
respective lawyers to go over the terms of your divorce, even if you
have agreed the terms if there are complicated matters to sort out.
The key thing is to keep open the lines of communication so that your divorce can be as simple as possible.
Divorce is a traumatic time, even if it is mutually agreed. Sall
Greays has experience in helping people deal with difficult situations
in many different relationship areas, making it less painful for all
concerned. You can read more at Online Divorce Papers
[http://www.onlinedivorcepapers.org] where she discusses the best ways
to deal with all aspects of uncontested divorce
A living will is designed to do much more than divide your
personal belongings amongst your closest friends and relatives. It is a
way to make sure everyone knows what you want or do not want in terms of
medical care in the event you are one day unable to speak up for
A living will is very similar to a medical power of attorney (POA), which is chosen by you personally ahead of time.
you have ever had to make a critical medical decision for yourself you
know that they are very hard to decide on. When someone is in a life
threatening situation, it is even harder for family members to agree on
what is best for the person. There is often tense disagreement and
frustration when a decision cannot be mutually reached.
will allows you to clear up the disagreement by giving definite word on
what you want for yourself. You may not be able to speak up for yourself
and say what you do or do not want in the event you become extremely
ill or get injured, but if there is a will already in place then there
will be no mistaking exactly what you want done.
A couple things
that are typically clarified in this type of document include a
determination on whether you want CPR if your heart stops beating and
whether you should be placed on life support or not if it is required.
Both of these things are excruciating for family members to decide, but
it becomes easier when they have your direct statement and know they are
carrying out your wishes.
The selection of a medical power of
attorney like a financial power of attorney is usually done along with
the will. You select this person yourself and give them the right to
speak on your behalf in medical situations, given you are unable to do
so for yourself. Their word will be taken as your own.
The internet is very helpful researching the living will or medical power of attorney. You can even find free from that offer everything from the financial power of attorney to standard wills.
A durable financial power of attorney (POA) is a document that
grants authority to someone of your choosing to handle your financial
matters. This can include paying your bills, accessing your bank
accounts and even selling or buying assets and negotiating real estate
A regular Durable POA allows the named agent to step in at
any time and doesn't require a disability to be active. For example,
your wife could sign a financial document for you while you are out
A "springing" Durable Power of Attorney on the other hand,
only gives your financial agent access to your finances when a doctor
has diagnosed you as mentally or physically unable to handle your own
affairs. In the case of a "springing" durable POA, you will be in full
control of your own financial matters while you are of sound mind and
If your family depends upon you for financial security, a
POA can allow them to continue using your assets if you should become
disabled. If you do not name a power of attorney your spouse or family
will have to get a court order to handle your finances. This will
require a judge to declare you "incompetent" and could delay paying
bills and paying for any medical care you may need.
Financial POA is only valid while you are still alive. Upon your death,
control of your financial assets will pass to your estate executor or
your trustee if you have named one.
In addition, a Durable
Financial POA will also terminate automatically if you cancel it, a
court deems it invalid, your spouse was the agent and you divorce, or if
the named agent is not available. Considering this last case, it is a
good idea to name a back-up financial agent.
is co-founder and administrative principal of Frank & Kraft, P.C.,
one of the leading law firms in Indiana in the area of estate planning
as well as business, tax and financial planning. For more information on
financial power of attorney and some other estate planning services, visit our website.
Probate is the court process that determines whether your will is legally valid. The probate court is also where your estate is officially distributed to your creditors and the beneficiaries under your will. Depending on the value and complexity of your estate, the probate process can take several months .... or it may be eligible for a simplified process.