How Estate Planning Attorneys Can Help Your Family

Planning what happens after your death can help your family dramatically. Once you're gone, there are a number of things surviving family members will have to think of from planning a service to burial arrangements. Instead of leaving it all to chance, consider working with estate planning attorneys to ensure everything is taken care of before it's needed.

A Will Ensures Assets Are Distributed And Children Are Taken Care Of

For a long time, it was thought that only wealthy people needed wills. However, everyone should have one. Many people have assets such as a car, home, savings account and more. Having this important document drawn up lets your family know what should happen with these matters after you've passed. Although you'll be gone, a professionally executed will can eliminate bickering and negative feelings among your bereaved friends and family.

If you have minor children, it's a definite must. This legal document will spell out what should happen to your children if you die. Without such, your children could find themselves in the middle of a custody battle between relatives, be placed in foster care, or end up with a relative who may be uncomfortable acting as their guardian.

A Living Will Ensures Your Medical Wishes Are Followed

A living will is a much different type of document. A living will, also known as an advanced medical directive, spells out what you want to happen in the event that you become too sick or incapacitated to make decisions for yourself. You can also appoint someone to act as your medical power of attorney, which is the person responsible for medical decisions in the event that you're unable to make them for yourself. Many states have outlined statutes that determine when an advanced medical directive goes into effect. If you're unsure about what's best for you, contact estate lawyers in your area and ask for advice.

Ask Estate Attorneys About Trusts: They're Not Just For The Wealthy

A trust fund conjures up images of wealthy young people who've never worked a day in their life, but this is a complete stereotype. Anyone with assets to pass on can create a trust for a relative. Estate planning attorneys can explain trusts in greater detail but, basically, a trust provides the deceased with the ability to determine how money is to be spent after they're gone. Trusts are the perfect solution if you want to ensure that your beneficiaries finish college before the money is distributed or if you want to space out the distributions so the beneficiary isn't provided with one large lump sum of cash.

These documents aren't the only ones that estate lawyers can help with. Make a list of your assets and then talk with estate attorneys to see which documents they recommend for your specific situation. There's no one-size-fits-all solution for estate planning. Attorneys who help with this specific type of planning for the future should be consulted before making any decision that affects your relatives.

Why a Living Trust Is Usually Made   What Is The Role Of A Probate Solicitor?   New Year's Resolution: Make or Revise Your Will   How Inheritance Claims Can Prove Very Difficult   Working With Estate and Wills Lawyers - What You Need To Know   

Left Out of a Will?

In the UK, anyone who feels they have been inadequately provided for in a Will has the right to challenge it. Regardless of whether you are a relative, a friend or simply an acquaintance of the deceased, you may want to challenge a Will because you believe that the deceased was not of sound mind when they had the document prepared, or that they were coerced into leaving their entire Estate to someone, for example. Although you will be expected to prove that this is the case in court, you may be successful in proving that the deceased actually wished for you to receive a portion of their Estate.

The claim must be made within six months from the date of Grant of Probate being issued. A Grant of Probate is a High Court document issued at the time of someone's death that establishes who has legal authority to deal with the Estate and affairs of the deceased.

If you want to make a claim and you are the surviving spouse, you must be able to argue that you have not been sufficiently provided for by your deceased husband.

Be aware however, if you intend to challenge a Will, you must be able to provide proof to substantiate your claims. It is uncommon for challenges not based on mental incapacity to be successful, so you must therefore weigh up the benefits of potentially winning your case, against the length of time it may take in order for a judgement to be made, and the stress caused by undertaking such a case.

Why a Living Trust Is Usually Made   What Is The Role Of A Probate Solicitor?   New Year's Resolution: Make or Revise Your Will   10 Top Terms Used In Wills and Will Writing   Estate Planning: Secure Your Loved Ones' Futures   An Intro Into Properties Planning   

How Do I Donate My Body to Science?

Did you know that you can donate your body to science? If you wish to do so, it is important that you set those desires out in advance in an anatomized gift declaration or other planning document that is provided by the agency you wish to favor.

Benefits

Donating your body to a medical school is a great way to help advance the field of medical sciences. Medical students and researchers use donated bodies to learn and make new discoveries. Your donation could help cure a common disease or simply allow a medical student to prepare for his or her career.

Planning Ahead

You can leave special instructions in an anatomized gift declaration as to where you want your body donated or you can allow your personal representative to choose. It is best, however, to speak with a medical institution before you pass away. You can even make arrangements with them before hand. Doing so will save your personal representative the hassle of finding a way to carry out your wishes.

Planning ahead will also ensure that your family members will follow through on your plans. If you intend to donate your body to science, speak with your loved ones first. By explaining your reasons, they may have an easier time coming to terms with your decision.

How it Works

So how does it work? The medical institution will use your remains for up to a year. After that time they will cremate or bury your body. They may even scatter your ashes in a pre-determined location. If your family wishes, they may have your remains returned to them for burial or ash scattering.

The Rules

In order to donate your body to a medical school, it must be a whole body donation. You cannot be an organ donor first or your body may be rejected for other uses.

Your family also cannot receive payment for the use of your remains. The medical institution, however, will likely cover many of your burial or cremation expenses.

Why a Living Trust Is Usually Made   What Is The Role Of A Probate Solicitor?   New Year's Resolution: Make or Revise Your Will   How Inheritance Claims Can Prove Very Difficult   Working With Estate and Wills Lawyers - What You Need To Know   A Living Will - Your Medical Directive   

How Designate For The Care Of Your Pets In Your Last Will And Testament

Our pets are some of the most precious things in our entire lives. They provide us with unconditional love and even have a great deal of health benefits as well. What if you want to provide care and protection for your pets even after you have passed on. Well, the way that you can actually go about this is to designate that in your Last Will and Testament. When you are discussing your plans and desires for your Will with the legal professional make sure that you also mention that one of your goals is to provide a guardian who shall have the responsibility of watching after and providing for your pets. Some of the most common things that are outlined in a Will is actually for providing for the health of cats or dogs. So essentially what you can do is state that a portion of your assets shall be set aside which shall pay for any costs associated with the feeding and health costs of your desired animal.

The guardian that you appoint should be someone that you trust and someone that you know would take pride in looking after the animals. There are times when the situation comes up whereby that particular person needs to be removed because they are not performing the duties properly. As a result, what can be done is actually that in the Will it should be written that in that case there shall be a designated back-up guardian who then will take over the responsibilities of the original individual assigned to the task. This will ensure a seamless period of guardianship to provide for the care of your loved ones when you are no longer here. The process can be very simple as long as you plan carefully and have everything in writing.

Why a Living Trust Is Usually Made   What Is The Role Of A Probate Solicitor?   New Year's Resolution: Make or Revise Your Will   Special Needs Trusts - What Are They?   The Whole Story About Last Wills and Testaments   Avoid Will and Trust Litigation the Right Way   

Should You Fund Your Trust Or Make It a Beneficiary?

If you have a Revocable Living Trust you can either fund your estate assets into the Trust or name the Trust as a beneficiary. Which way you choose will depend upon the asset.

Life Insurance Policy You can fund your life insurance policy into your trust, but when do so you must use caution. Some state laws may not protect a Revocable Living Trust from creditors. In this case your life insurance money may be used to pay debts.

Funding your policy into your Trust can, however, allow your trustee quick access to funds before and after your death. If you should become mentally or physically incapacitated, your trustee may be able to borrow against the policy if it is funded into your account. These funds can be used to care for your medical and personal well-being.

Financial Holdings Most accounts that are not retirement accounts set up through your employment can be easily funded into your Trust. These accounts include your savings accounts, checking accounts, non-retirement investments, and money market accounts. You can also fund a mature certificate of deposit into your account. If you prefer, you may instead name a pay on death beneficiary for many of these accounts. You must, however, stay on top of updating all beneficiaries as needed.

If, however, an account has tax deferment status as many retirement accounts do, you may want to name your Trust as a beneficiary instead of funding it into the Living Trust. When you fund a tax deferred account such as a 401K, the income taxes will become immediately due.

Personal Items Most personal items such as housewares, jewelry and clothing can be funded into your Trust. You may also fund vehicles, but there is a chance you may have to pay taxes when the Title is transferred from you to your Trust. You also run the risk of creating a liability for the trust if the vehicle is involved in an accident.

Real Estate A Living Trust is one of the best places to title your real estate because it can help your land holdings pass easily from you to your heirs upon your death. Using a Trust to bequeath land is a great way to help your property avoid probate.

Why a Living Trust Is Usually Made   What Is The Role Of A Probate Solicitor?   New Year's Resolution: Make or Revise Your Will   10 Top Terms Used In Wills and Will Writing   Estate Planning: Secure Your Loved Ones' Futures   An Intro Into Properties Planning   

Understanding No Contest Clauses

If you have a Last Will and Testament, Revocable Living Trust or an Irrevocable Trust, you have the option to include a No Contest Clause in your document. So what is a "No Contest" clause? It is a statement that says any beneficiary who challenges your estate document will be completely disinherited.

Possible Contest Points

An heir-at-law, beneficiary or beneficiary from a previous Will can issue a challenge to your Will for one of four reasons: your document was not signed according to state law, you endured strong and undue influence from someone, you were mentally disabled when you signed, or you were tricked into signing. These are valid reasons for a Will challenge, but sometimes heirs will issue a challenge simply because they are upset at being disinherited or receiving less than expected. A challenge without probable cause will likely be unsuccessful, but may succeed in slowing down the estate settlement process and costing your heirs some of their inheritance for legal fees.

Using a Clause

A No Contest Clause is a good way to deter unnecessary challenges to your estate plan. You should consider using such a clause if you feel someone may contest your Will. You should also use this type of clause if there is friction within your family that could lead to disputes during estate settlement.

If you do use a No Contest Clause, you should consider leaving something to every heir, to deter a contest. If an heir is disinherited, he or she will have nothing to lose and may feel free to issue a challenge.

Downsides

Sometimes a No Contest Clause does not work. If an heir has a legitimate reason to contest your Will a judge may allow that heir to issue a challenge without disinheriting him or her.

To make sure your document does not have a legal reason to be challenged, work with your attorney to ensure it is legally signed. You can also include a video as evidence that you are mentally stable, have created your Will on your own and that you knew what you were signing.

Why a Living Trust Is Usually Made   What Is The Role Of A Probate Solicitor?   New Year's Resolution: Make or Revise Your Will   How Inheritance Claims Can Prove Very Difficult   Working With Estate and Wills Lawyers - What You Need To Know   A Living Will - Your Medical Directive   

How To Leave A Successful Business To Your Heirs With A Last Will And Testament

So you have worked many hard years and now have created a company that is very successful in the industry. You are beginning to wind down your affairs as you have been in retirement for years. The concern that many individuals have is how can they leave their interest in a successful business operation to their heirs once they no longer are living. The main method by which this can be properly executed is through the use of a Will that will clearly designate the beneficiaries that are to receive the business interest. A Last Will and Testament is a legal document that is used in to designate beneficiaries to a specific asset that you desire to leave to that person. Once you have decided that you would like to create a Will then your next step is to have an attorney prepare it for you.

Once you have found the attorney that will prepare the Will for you then your next job is to clearly express to the professional creating your legal document the exact description of your interest in the business. You should go into detail by including such detail as to where it is located, its Federal ID number, the type of entity it is, and the approximate number of shares that you own in the corporation that you desire to leave someone.

The next step is to clearly communicate the exact person or persons that are to receive this property. If there is more than one beneficiary designated then you need to also convey the exact percentage that each person will be owning. All of these tasks are necessary so as to avoid undue litigation cost and expense should there be a dispute regarding the Will. By following these steps you can rest assured that the fruits of your hard work will be in the hands of exactly the people that you desired to have it.

Why a Living Trust Is Usually Made   What Is The Role Of A Probate Solicitor?   New Year's Resolution: Make or Revise Your Will   Estate Planning: Secure Your Loved Ones' Futures   An Intro Into Properties Planning   Avoid Will and Trust Litigation the Right Way   

Health Care Directives As Part Of Your Estate Plan

If you're like most people, the words "estate planning" bring to mind such concepts as wills, trusts, life insurance policies, and other methods of transferring wealth and assets to your heirs following your death. However, a complete estate plan should also anticipate and address decisions to be made during your life, in the event of your own terminal illness, serious injury, or incapacity. Several estate planning tools deal with such situations. What follows are brief descriptions of the estate planning tools that allow you to declare your wishes regarding major health care and medical decisions, and to appoint a trusted individual to make such decisions for you, in the event you are unable to do so yourself. Because the laws regarding these documents vary from state to state, it is beyond the scope of this article to list the specific requirements for each (see our directory for links to each state's living will forms).

LIVING WILL

In the event of a serious accident or illness, your condition may prevent you from communicating your wishes to physicians or other healthcare providers about whether or not to provide life-prolonging procedures. The choice is yours - you can either direct that no life-prolonging procedures be used, or that any and all available procedures be used to keep you alive for as long as possible, regardless of your prognosis for recovery. By preparing a living will, you can declare your wishes now, while you are able to make and communicate such wishes.

If you should become incapacitated (for example in a coma), and a physician has determined that your condition is irreversible, with no possibility of recovery, then the physicians will follow the instructions in your living will. In the absence of a living will, your family or other loved ones may be required to make this decision for you. If you have failed to make your wishes known, your family might have to guess what your decision would be. This can obviously lead to tremendous stress, anxiety, and possibly even family conflict. Make your wishes known and document them in a living will before it's too late.

When preparing a living will, be sure to follow your state's laws regarding the formalities for such a document to be valid and effective. Many states specify the format to be used for a living will (for example, see the Illinois standard form for living wills). You may wish to consult an attorney for assistance in the preparation of this important document.

DO NOT RESUSCITATE ORDER

It may be necessary to have a Do Not Resuscitate Order ("DNRO") in addition to your living will. Emergency medical services personnel (such as paramedics or emergency room staff) may not be permitted or required to honor a living will, but would generally be required to honor a DNRO. Speak to your physician about obtaining a DNRO.

DURABLE POWER OF ATTORNEY FOR HEALTH CARE

You can use a durable power of attorney ("POA") for health care to appoint an attorney-in-fact (agent) to make health care decisions on your behalf, in the event that you are unable to make or communicate such decisions yourself. Whereas a living will addresses life-prolonging treatments, a health care POA also encompasses other medical treatments, as well as decisions regarding nursing home care, surgeries, etc. A health care POA may also come into play in situations in which the reversibility or irreversibility of your condition cannot be determined with certainty (in which case a living will may not be given effect). In the absence of such a document, the law would most likely allow your spouse or other close family member to make such decisions, but these individuals may not be aware of what your own wishes would be. So again, preparing a health care POA will not only ensure that your own wishes are carried out, but can also save your family from the stress and uncertainty of having to guess what your wishes would be. To ensure your agent knows and understands your wishes, you should of course discuss the contents of your health care POA with your agent.

A Health Care Advance Directive is a document that combines your living will and health care power of attorney in one document.

CONCLUSION

A comprehensive estate plan should include not only instructions about your assets to be put into effect after your death, but also one or all of the above health care directives to be followed in the event of your own incapacity, terminal illness, or serious injury.

You may prepare your own health care directives using such services as LegalZoom or Nolo Press (see below). However, you may wish to consult an attorney to answer your specific questions, or for unique or unusually complex circumstances.

Why a Living Trust Is Usually Made   What Is The Role Of A Probate Solicitor?   New Year's Resolution: Make or Revise Your Will   How Inheritance Claims Can Prove Very Difficult   

I've Been Named As Executor of a Will - What Do I Do?

Make no mistake, the Executor of a Will has an extremely important part to play in the probate process.

If you've been named Executor of a Will, then it is up to you to ensure that the instructions contained within the document are carried out and that the Estate is distributed accurately.

To help you, there are a number of tasks which must be carried out in the correct manner:

Once you're notified of the death of the individual, obtain copies of the Death Certificate and send copies to the deceased's banks, creditors and any other organisation which is either holding funds or to whom funds are owed. Locate the original Will and make copies. Find out if the deceased made any provision for their funeral, and organise the event in accordance with their wishes. Arrange with a bank to open a Personal Representative's bank account from which you can pay all fees and Inheritance Tax. Organise a probate valuation of the deceased's Estate, including their house, all of its contents, investments, stocks and shares, life policies and all other personal goods. Use a professional valuer and estate agent if you can. Make sure all the assets are documented. Speak to all those people to whom the deceased owes money and make a formal document of all their outstanding bills. Contact the Inland Revenue so that you can complete all the forms required for them to calculate Inheritance Tax liability, as well as the Probate Office, so you can complete these forms too. The Probate Office will then contact you in a number of weeks, to come in for a meeting with them. Once you have been given an amount of Inheritance Tax to pay, made sure it is paid via the Capital Taxes Office. Distribute copies of the Grant of Probate to anyone who owes money to the Estate. Distribute the proceeds of the Estate according to the Will, keeping copies of all accounts. Publish the sector 27 notices. Make sure all records are stored.

To ensure that you carry out all tasks correctly and in order, it is advisable that you work alongside a qualified, experienced probate practitioner.

Why a Living Trust Is Usually Made   What Is The Role Of A Probate Solicitor?   New Year's Resolution: Make or Revise Your Will   How Inheritance Claims Can Prove Very Difficult   Special Needs Trusts - What Are They?   The Whole Story About Last Wills and Testaments   

End Of Life Planning And Advance Directives

When a systemic problem never sees the light of day there can be no impetus toward solving it, and one of these challenges that exists in the realm of elder law involves the way that we approach the end of our lives. 75% of people die in medical centers, hospitals, or nursing homes. We all know that the costs of hospital care are high, but some 20% of people actually die in the intensive care units of hospitals at a cost that can reach as high as $10,000 a day. Remember, we are talking about people who are in the ICU because they are going to die without any chance of recovery.

In 2008 Medicare paid out $50 billion to health care providers who were treating people during the last two months of their lives. To put that into perspective this amount exceeded the budgets of Department of Homeland Security and the Department of Education. This is Medicare, but how much did private insurers pay, how much did Medicaid pay, and how much came out of the estates of the individuals who passed away? Once again, all of this money was spent for naught because the people were dying as it was being spent. Plus, dying with tubes and machines keeping you alive as long as possible is uncomfortable, and it can be argued that it is not a very dignified way to pass on.

Most people don't want to be kept alive through aggressive and intrusive medical procedures when they are in a terminal condition, and you can state your wishes in this regard by executing a living will and/or a durable medical power of attorney. With a living will you state your preferences regarding the treatments and procedures you are willing endure, and with the durable medical power of attorney you appoint someone to make medical decisions on your behalf should you become unable to make them for yourself. If you care about your legacy enough to engage in estate planning, it is important to address these end-of-life issues as well and take personal control of your own final days.

Why a Living Trust Is Usually Made   What Is The Role Of A Probate Solicitor?   New Year's Resolution: Make or Revise Your Will   How Inheritance Claims Can Prove Very Difficult   

How to Decide If You Should Make a Will

If you're over 18, you are legally entitled to make a last will and testament. Here are 10 reasons why it's a good idea to do so.

1. Are you in a long-term relationship but are not married? If so, your partner could end up penniless without a will in place.

2. Is there likely to be any disputes over your possessions in the event of your death? By not having a will, your family may be left waiting for your estate to be settled.

3. Do you like the idea of leaving some of your money to charity? Just because you do not have family, does not mean you should not make a will. You can still stipulate who benefits.

4. Do you want to avoid your estate going to the government? That's where your assets will end up without having a will.

5. Have you recently got married or had a new baby? If so, these changes could warrant a change to your existing will or the creation of a new one.

6. Have you bought new property? If so, then you need to make a will to ensure your family don't miss out on their share after you're gone.

7. Have you recently been divorced? Your ex-spouse may still get part of your assets, even if they are now living with someone else.

8. Do you want peace of mind from knowing your family won't have to pay expensive inheritance tax? A will can ensure your spouse or civil partner are considered as exempt beneficiaries.

9. Is your current will still enforceable? If you've got married since writing your will, it become null and void (the will, not the marriage).

10. Do you have children? If so, a will can help set up a trust fund for them in the event of your death and even stipulate who would raise them if you and your partner were to die.

To create your will, you are going to need a family solicitor. There are many friendly and experienced wills and probate solicitors that can help you sort everything out.

Why a Living Trust Is Usually Made   What Is The Role Of A Probate Solicitor?   New Year's Resolution: Make or Revise Your Will   How Inheritance Claims Can Prove Very Difficult   An Intro Into Properties Planning   10 Top Terms Used In Wills and Will Writing   

Medical Care Vs End-Of-Life Care

There was a 60 Minutes segment that aired in '09 that was entitled "The Cost Of Dying," and this report was very relevant to anyone who is wondering why estate planning lawyers recommend advance health care directives like living wills and durable medical powers of attorney. They covered a lot of ground during the report, but two statistics that they highlighted were really profound. For one thing, in 2008 Medicare paid out $50 billion to medical centers, hospitals, and physicians to pay bills they received for treatment of people who were living out the last two months of their lives. They went on to say that upward of 30% of the money spent "may have had no meaningful medical impact."

The other fact that many people may not be aware of is that between 18-20% of Americans who die each year pass away in the intensive care units of hospitals and medical centers. The cost for a day in an ICU can reach as much as $10,000, and it is not uncommon for people spend weeks or even months in these units, being kept alive using life support systems. A doctor that was interviewed by 60 Minutes, Ira Byock, told correspondent Steve Kroft that dying in an intensive care unit is: "...extremely expensive. It's uncomfortable. Many times they have to be sedated so that they don't reflexively pull out a tube, or sometimes their hands are restrained."

If you take the time to make out a living will and state your preferences regarding things like feeding tubes and life support systems you can be sure that your wishes are carried out. You may also want to execute a durable medical power of attorney appointing someone to make medical decisions in your behalf. These are personal decisions and there is no right or wrong, but it is important to let your preferences be known through the inclusion of the appropriate advance directives in your estate plan.

Why a Living Trust Is Usually Made   What Is The Role Of A Probate Solicitor?   New Year's Resolution: Make or Revise Your Will   How Inheritance Claims Can Prove Very Difficult   Estate Planning: Secure Your Loved Ones' Futures   

Wills - Trusts and Wills

Trusts can be created by either a will, deed or a lifetime gift. In a lifetime gift, the terms of the trust must be set out in a trust document. This will mean that the trust will then start on the date stated in the trust document. If the trust is created by a will, then the trust will begin on the date of the testator's death. Where money or assets are held by trustees on behalf of a person or group of people then this is a trust so long as it follows the following conditions: the person who has created the trust must make their intentions clear; the money or assets that are to be held on trust must be clearly defined; and the person or group of people who are to benefit from the trust must be stated clearly.

It is common for some people to use a will to create a trust for any minor children that they may have. This will mean that the executors and trustees named in your will, would be the legal owners of the property or investments and, under the provisions of the will, would have a duty to look after the property or investments on behalf of the minor children in question until the child reaches the age of 18 or whichever age has been specified in the will by the testator. In this time, the investments would be transferred to the children that are named in the will.

Another type of trust that is found to be written into a will is where the executors and trustees named in the will would hold the property or investments in trust and then pay the income to the beneficiary named in the will for their lifetime. That beneficiary is known as a life tenant. Once the beneficiary has been paid the income to the beneficiary for their life time, the capital will then be paid to other beneficiaries named in the will. These beneficiaries are known as remaindermen.

Trusts can be created by lifetime gifts of assets or money which will be pets, or otherwise known as potential exempt transfers, coming in the forms of trusts for disabled beneficiaries or untaxed because the sum given to the trustees is within the nil rate band of £325,000 and therefore it is a way of avoiding paying any inheritance tax in the long run. Therefore it is a good idea to get a hold of your insurance or pension policies if you have any to see what happens to you if you die, as there can be inheritance tax benefits if the money from the policy is paid to a discretionary trust rather than to the estate on the testator's death.

Why a Living Trust Is Usually Made   What Is The Role Of A Probate Solicitor?   New Year's Resolution: Make or Revise Your Will   How Inheritance Claims Can Prove Very Difficult   10 Top Terms Used In Wills and Will Writing   

Which Is Best, A Will Or A Living Trust?

You don't have to be wealthy to need a will in regards to your personal property. After you're gone, legal wrangling can become time consuming for family members left behind and often creates indecision and fighting amongst potential beneficiaries as your wishes may not be clear. A will is usually straightforward and simply put is a legal document that specifies how your property will be dispersed at the time of your death. It can be revoked or amended at any point in your lifetime, and can be used to appoint a guardian for any children that are not yet of legal age.

Another option to be considered is a living trust. A living trust handles property management of all assets and all of these assets are transferred to the trust. Typically, you will act as your own trustee while specifying who will act as trustee upon your death. A living trust has the added benefit of avoiding probate after you die and preventing public disclosure of all your private financial matters. A living trust does have some drawbacks. It must be maintained and any new property acquired must be transferred to the trust or it will not be under the protection of the trust. A living trust is also more expensive to initiate and must be managed. Generally a living trust is recommended if your estate exceeds a specific dollar amount, you have minor children, you're willing to manage the trust, and if you want control of when your beneficiaries receive any assets.

A simple will might be a better option if there is informal probate available where you live. Informal probate is a greatly expedited form of probate and is generally available to those whose estate is under a certain dollar amount. If you are single without children, and you don't own a business, it probably isn't necessary to set up a living trust and a simple will is sufficient. Upon your death, the executor of your estate will submit your will along with a petition to the probate court. The petition requests that the will be accepted as legal and valid and request that the executor named in the will be legally appointed. Any heirs, beneficiaries, or creditors must be notified of the submission of the will and have a specific amount of time to challenge it or submit claims against the estate.

This process does not apply to living trusts, which is why many people opt for a living trust versus a will. Each person's situation is unique and should be evaluated by an attorney who is familiar with estate law. Talk to your family and determine who will handle your affairs after your death. With everyone understanding who will handle which aspects of the estate and what to expect, the loss of a family member is a less stressful one.

Why a Living Trust Is Usually Made   What Is The Role Of A Probate Solicitor?   New Year's Resolution: Make or Revise Your Will   How Inheritance Claims Can Prove Very Difficult   A Living Will - Your Medical Directive   

Intestacy - A Strong Reason for Making a Will

Death is not the most joyful inevitability of life to contemplate but consideration of what happens to your estate upon this eventuality requires attention if you hold assets, so you can distribute them as you see fit. If you die without making a valid will (intestate) then such distribution will be legally out of your control, even if you have expressed your wishes to someone in a different form. The rules of intestacy are outlined below and if you would wish your estate to be broken up in any other way (as is likely) it is necessary for you to make a will. The apportionment of your estate will also be subject to any deductions required such as inheritance tax at 40% for estates worth over £325,000.

Intestacy rules if you have a spouse/civil partner

Firstly if you have no living children, parents, siblings or children of siblings then your spouse would receive all your estate (subject to any deductions required such as inheritance tax)

If you have children then the first £250,000 would automatically go to your spouse/civil partner, with half the remainder also going to them as a life interest, the other half being equally distributed between your children.

If you have no children but do have parents or siblings then the first £450,000 would automatically go to your spouse/civil partner, with half the remainder also going to them as a life interest, the other half going to the others in the following priority: (1) Parents, (2) Siblings, (3) Children of siblings.

Intestacy rules if you do not have a spouse/civil partner

If this is the case then your estate would pass to your relatives in the following order of priority. (1) Your children, or if deceased then their offspring; (2) surviving parents (3) Siblings, or if deceased then their offspring; (4) Remoter relatives in the following priority: (4)(a) Half-blood Siblings, (4)(b) Grandparents, (4)(c) Uncles and Aunts, 4(d) Half-blood Uncles and Aunts.

If you have no surviving spouse or other relatives then your estate shall pass to the Crown.

Not happy with the above apportionments?

Then make a will! It is likely, that if you were to apportion your estate you would not do so in the above manner, for example you may wish the beneficiaries and/or proportions to be different, e.g. providing more for relatives in need and less for those not. You may wish to provide for non-family members or organisations. And if you wish to give to charity and your estate is valued above the inheritance tax threshold then you can do so without that charity losing 40% of your generous donation to tax. Creating a will allows you to have the autonomy and flexibility, which cannot be done intestate, to distribute your estate as you see fit. For relatively little expense you can attain peace of mind that your estate and legacy will go to the people and causes which you feel most deserving. Should your opinion of this change amendments to your will are always possible up until death.

Why a Living Trust Is Usually Made   What Is The Role Of A Probate Solicitor?   New Year's Resolution: Make or Revise Your Will   How Inheritance Claims Can Prove Very Difficult   Working With Estate and Wills Lawyers - What You Need To Know