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Pros And Cons Of Estate Planning

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Estate planning can be defined as the process of planning proper distribution and administration of your assets after your death. It is unique to each family depending on the size, type and financial position. It is considered as a preservation of wealth for the intended beneficiaries. Estate planning is a must for everyone since it makes sure that everything you own including your home, car, bank account, etc. are handed over to the intended people smoothly.

Protection of your wealth can be achieved by various legal tools such as preparing a will, probate, giving power of attorney, life insurance or setting up a trust. Estate planning can help eliminate any uncertainties over the administration of your estate and get the most out of it by …show more content…

Will
Making a Will is a basic foundation of your Estate plan in protecting those you love. It is crucial if you and your partner are not formally married since common-law spouses do not necessarily have the same property rights as legally married spouses. For a Will to be effective, it needs to clearly indicate the executant. An executant could be any person who can facilitate the execution of the will without any hindrance.

Probate
Probate is the process of legally validating a will in a court of law. All estates need to go through a process of probate. If you have a spouse, one of the simplest strategies is to hold property jointly. If an asset is held in joint name by the spouses, it will not go through probate. Their share of the assets is transferred automatically to the survivor, if one of them dies.

Power of Attorney
A power of attorney (POA) is the next document you will want to complete in your estate plan if you were to become incapacitated due to illness or injury and unable to take your own decisions. This acts as an authorization for a person to act on your behalf in business or private affairs.

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In your estate plan, properly designating beneficiaries is equally important as choosing your beneficiaries. As inferred in the article Considerations for Choosing Your Beneficiaries, choosing additional beneficiaries to designate as alternate beneficiaries in the event a primary beneficiary predeceases you would help in avoiding unintended consequences. However, there are two additional beneficiary designations available to consider in such a situation: per stirpes and per capita. The use of per stirpes or per capita requires careful consideration because the beneficiary designations are more general in usage. Designating Beneficiaries Using Per Stirpes

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II. Short Answer Yes, Henry Robinson should petition for formal probate or file a lawsuit against Mr. Robinson. III. Statement of Facts Charles Smith executed a Last Will and Testament admitted by the probate court as his valid Will after his death.

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Answer: if someone passes away and they do not have a will, their estate will enter intestate procedures. Each state has different procedures for handling assets these assets, but the fundamentals are technically the same. Within most states a percentage of the assets (ranging from half to two thirds) will go to the deceased children, with the remaining going to the spouse. If one of the parties mentioned above are non-applicable, the assets would shift fully to the applicable party. Complication may arise is there are no children or spouse alive.

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In such case, I think they might end up going to fall under suitable person appointed by the court. I think the court should add the “significant others” on the list, but they will need to prove to the court the relationship between decedent.

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My soon to be ex-wife Maria Luisa Paredes and I Arturo Paredes have purchased a burial plot under both of our names in the year 2003. I was informed by the Garden of Angels Cemetery that in cased I died before Maria the Cemetery would need Maria’s authorization so I can be allowed to be buried in the burial plot that we buy together. All I am asking to the court is for Maria to agree in writing that she will give her authorization to the Garden Angel Cemetery for my body to be buried in our burial plot in case I die before her. I also agree to give my authorization for Maria’s body to be burry in the case that she goes before me

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“How We Listen” begins by providing us with a detailed description of Aaron Copland’s background and accomplishments, then moves on to briefly describe his views and ideas that are expressed in the rest of the passage. In the introduction, we are presented with Copland’s theory that divides the activity of listening to music (specifically the classical genre) into three categories; sensuous plane, the expressive plane, and the sheerly musical plane. The sensuous plane allows the listener to simply relax, take in, and appreciate the beauty of the music.

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I, Sydney Fikse, of sound mind delegate my sister, Carlie Fikse, as my agent if I enter a state where I am unable to make decision for myself. If my agent is unwilling or unable to serve as my agent, I appoint Whitney Johnson. I trust these two to make decision regarding my health and safety. I giver her permission to consent to or refuse any medical, surgical, or hospital health care I may need. This power of attorney is applicable is the case that I am unable to speak or soundly make decisions for myself.

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Make and keep your major health decisions with advance health care directives. While they vary by state, advance directives can carry significant importance, especially as one gets older and increasingly concerned with health care and end-of-life decisions. Typically, two basic advance directives can cover a patient’s needs: the durable power of attorney for health care and the living will. Both serve the purpose of empowering the individual concerning personal health care in the case of incapacitation by illness or injury.

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The present can change in the blink of an eye, which is why it is important to have a plan to execute if problems were to arise in the future. For example, what if one day someone got terminally ill to the point that they could not make their own health care decisions? Who determines the right plan of choice for that individual? Advanced directives can help bring order to some of the confusion and worry that may arise from these problems. Advanced directives are written statements and legal documents designed to help an individual create and ensure future medical plans, treatments, and end-of-life care (Sabatino, 2010).

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When a person passes away and leaves behind a will, usually everything goes according to the original plan set by the deceased. There could be tension between loved ones over what is being left behind, but a written will establishes who receives what and how much. The dilemma revolving around Ms. Smith 's previous and later will is interesting. The lawyer is left with a tough decision and if they act accordingly to either Kant 's categorical imperative theory or Mill 's utilitarian theory the results will be drastically different either for one person or potentially millions. However, after analyzing, applying and discussing both theories to this situation, the lawyer should find some common middle ground since both of these theories are difficult to agree with as being superior to one another.

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There are a few ways a person can pay for long-term care. Long-term care insurance is one option, however very few people purchase and maintain this type of insurance. Medicare is another option. Medicare only pays for care if skilled nursing/rehab is needed. The maximum stay at a skilled nursing facility is 100 days.

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In order to be valid, a Lasting Power of Attorney must be registered with the Public Guardian on the prescribed form. This role replaces the Enduring Power of Attorney role. Lasting Power of Attorney can be granted for two different domains of responsibility: • Financial • Health and welfare These domains of responsibility can be split between two people, or a single individual may be given Lasting Power of Attorney for both domains. Deputy appointed by Court of Protection From October 2007, a deputy appointed by the Court of Protection can make ongoing decisions about a person who lacks capacity. The Court of Protection will have defined the remit of their powers.

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Also living wills are very good because you don’t have to put the pressure of the decisions on your family

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Planning can help you to formulate ideas and to ensure that the structure of your final essay is logical and appropriate to the essay title. There is many different way of planning that I use such as drawing pictures, making lists, brainstorming, using graphic organizers. Planning is important because it make the writing easier when I plan what I’m going to talk about. Also in the article by Berkenkotter which she did study and experiment on Donald M. Murray to see how perfitonal academics and she found that planning is important process in Murray writing Strategy. “Some of the more provocative findings of this study concern the sub-processes of planning and revising that have not been observed in conventional protocols”.

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