Wills & Estates:

Frequently Asked Questions:

 

Do I need a Will?
Yes, every adult person should have a will. If you do not have a will, the laws of "intestacy" apply which are set body of laws determining how your assets will be distributed. A member of your family must apply to make the decisions of how any remaining personal effects and assets should be distributed in compliance with intestacy laws. If you have any wishes as to the distribution of assets, even if only keepsakes and personal effects, or wishes as to what you want done with your remains, it is essential that you have a will to see that your wishes are carried out after your death.

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If I have a Will do I need to do Estate Planning also?
Although the basic estate planning device is the will, the estate planning will is different from the typical will. A typical will simply transfers the bulk of an estate to the surviving spouse, children and selected beneficiaries. It does not consider the estate tax implications of such transfers. A will drawn by an attorney trained in estate planning structures the same transfers to best utilize a married couple’s available federal tax credits. The will gives the executor of the estate a specific set of instructions on making the most effective distribution of the estate’s assets in compliance with both the couple’s wishes and the then existing tax code. When the individual is unmarried, estate planning is essential for the purposes of "gifting", and limiting the taxation on your estate.

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What is a "Living Will" and do I need one?
A "living will" deals with issues of how you wish to be treated should you be incapacitated and unable to make those wishes known due to your illness or incapacitation. In a living will, you instruct as to who will be responsible for making decisions for you and whether or not you wish to be put on life support systems if you are unable to fully function on your own, etc. An attorney can assist you in drawing up this standard document and can keep a copy of that will in his files should it be needed. It is a good idea to have a "living will" especially if you have strong feelings about these issues.

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