Do You Need A Will?

When it comes to the topic of estate planning, most people have one question: do I need a Will? No one likes thinking or talking about death and dying, but your estate planning documents are some of the most important legal documents you will ever need, and you shouldn't wait to create one. Your Last Will & Testament not only outlines your wishes for the distribution of your property and assets, but it also details your wishes regarding the care of any minor children you may have, your wishes for your health care should you become unable to voice those decisions yourself, and even what happens to your pets after you pass away.

Many people think that Wills are just for wealthy people and that regular folks don't need a Will, but, in actuality, every person over the age of 18 needs a Will, regardless of how much wealth they have. If you have questions about your estate planning, or would like to get your Last Will & Testament created at no additional fee, our Legal Protection Subscription Plans may be right for you. Learn more about all the benefits of becoming a member, get details about getting your free Last Will & Testament when you become a member, and read on for more information about Wills and Estate Planning and why you should consider them now.

Creating a Will as soon as possible, regardless of your finances or age, ensures that your children, pets, property, money, and other assets are cared for in the manner you wish for them. If you pass away without a Will, your estate is considered "intestate," which means that the courts in your state will decide how your assets, property, and money is divided up without your input. If you have no heirs, your assets and property could go to the state. If you have children, the courts will decide how they are cared for; the same goes for pets. Having a Will means that you get to choose how your children will be cared for, who will care for your pets, and how your property and assets are distributed when the time comes.

Consider drafting a Living Will or Advanced Directive at the same time so that your wishes for your health care are known if you should become incapacitated or otherwise can't voice those decisions to health care providers.

A Will also minimizes family conflicts and alleviates stress at a difficult time. Your Will makes certain that your wishes are carried out legally and are enforceable in the state where you live.

Besides that fact that many people don't like thinking about passing away, people also avoid taking action when it comes to estate planning because they fear it will be difficult or confusing. Members of our Legal Protection Plans get a Last Will & Testament drafted by experienced, dedicated estate planning lawyers in our network of law firms across the country at no additional fee, making sure that their estate planning documents are complete, accurate, and most importantly, legally enforceable in your state's courts. Getting your estate planning documents created by our attorneys can happen in as little as five business days and all you need to do is answer a few simple questions about your estate, property, assets, and beneficiaries. You can even do this in the app and your attorney will contact you in a day or so for more details if needed. You can update your Will whenever your situation changes, too, as long as you're a member. Learn more about our Legal protection Subscription Plans for Individuals & Families, or sign up today!

Can A Will Be Changed With A Power of Attorney?

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A Power of Attorney is an important legal document that allows someone of your choosing to make decisions on your behalf if you should ever become unable to do so yourself. The type of decisions can be financial, health care related, regarding your business affairs, and more. But could someone with power of Attorney change your will? If you need legal advice regarding your estate planning or wish to have your estate planning documents - including power of attorney, living will, last will and testament, or a trust - created for you, members of our Legal Protection Subscription Plans for Individuals & Families can get these important documents created at no additional fee. Learn more about this benefit and read on for a brief overview of Power of Attorney.

When you are creating your estate planning documents, you have the option of creating a Power of Attorney. This is a document that gives someone you choose the authority to make decisions for you if you should become incapacitated or otherwise unable to make those decisions yourself. The person you choose is known as your "agent" or "attorney-in-fact," and you can give this person as much or as little power as you choose. You can give them authority over just your finances or just medical decisions, or both.

A Power of Attorney can be either "durable" or "non-durable," and the difference comes down to when your agent has power of attorney. A durable POA stays in effect if you become incapacitated while a non-durable POA is only valid while you're competent. A "Springing" power of attorney only becomes valid upon your inability to make decisions for yourself, for example, if you are incapacitated or gravely ill.

Your will is a very important document, as it makes your wishes known before you are sick or pass away, and directs what happens to your assets after you die. A Living Will - also called an Advanced Directive - allows you to make decisions about your end-of-life care in advance, in case you are unable to do so later.

You need a will created to take care of family, children, loved ones, pets, and assets when you pass away, and a Power of Attorney is an important position that gives someone power to make decisions for you while you are still alive, whereas a will only becomes valid after you die.

One question people often have is whether or not a person with power of Attorney can make changes to a will, and the short answer is no. However, a person with Power of Attorney can still affect an Estate plan, in that someone with financial Power of Attorney will have the ability to make financial decisions, such as managing bank accounts, paying bills, managing investments, and attending to debts.

Importantly, Power of Attorney is revocable, which means that you can cancel or change it at any time, and you should consider updating your Power of Attorney on a regular basis so that it reflects your current wishes and/or circumstances. Examples might be if your marital status changes or the person you've appointed as your agent passes away or moves far away.

Getting advice from an experienced, qualified estate planning attorney is always a great idea when you're thinking about any Power of Attorney, as you will be better able to understand the law, protect your rights, and make sure that all your documents are in order. An estate planning attorney can help you with any questions you might have about your Power of Attorney as well as help you prepare and create your comprehensive estate plan that will address your unique situation and goals. Learn more about getting your will completed at no additional charge when you're a member of our Legal Protection Subscription Plans, or sign up today!

The Basics About Trusts

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One of the most important estate planning decisions that you'll make is whether or not to set up a Trust. With a Trust, you can protect your assets and ensure that your loved ones are taken care of, and, while most people know the benefits of a Trust, the process of setting one up is somewhat less well-known. Our network of estate planning attorneys available to you through our Legal Protection Subscription Plans for Individuals & Families can give you advice based on your specific situation, including setting up a Trust or getting your estate planning documents created at no additional charge. Learn more about these benefits of membership, and read on for a few tips on Trusts.

A Trust is an arrangement in which someone manages assets or property for a beneficiary. This person is known as a Trustee, and has a legal obligation to adhere to the terms of the Trust and to manage it according to those terms, as set by the settlor, or the person who creates the trust and puts property into it. Those who will benefit from the Trust are called beneficiaries.

Trusts generally fall into one of two categories: Living Trusts and Testamentary Trusts. As their names might suggest, the main difference between the two is the moment of creation. A Living Trust is created while the settlor is still living, and the terms of this document can be changed over time. Meanwhile, a Testamentary Trust is created upon the settlor's passing and the terms cannot be changed. Trustees of a Trust are appointed in the Will, and will have a legal duty to carry out your wishes exactly.

One of the first questions people ask is how much it costs to set up a Trust, and the answer is, it varies. Depending on the type of Trust you want to create, what assets and properties are going into the Trust, and whether or not you choose to use an attorney or another kind of professional to assist with the process. A simple estate going into a Living Trust that you set up yourself usually costs less than $500. A more complex estate should usually be handled by a legal professional, and depending on how complex the estate is, hiring someone to handle the creation of a complex Trust can be a few hundred to a few thousand dollars. Generally, however, setting up a Trust is not terribly expensive, and it is usually worth the money if your estate is complex or if you are unsure about any part of the process.

Though you are not required to use legal representation to establish a Trust, as mentioned above, if you are unsure about an aspect of the process, it may be best to seek out legal counsel. A lawyer can advise you based on your specific situation and help you choose what type of Trust is right for you and make sure that the necessary paperwork is prepared and handled correctly.

If you have questions about whether a Trust is right for you, our network of experienced, dedicated estate planning attorneys can guide you through the entire process of setting up your estate planning documents, including a Last Will and Testament, Advanced Directives, Living Wills, and give advice about Trusts and other estate planning essentials, critical to your specific situation, all for no additional fee for our members. Learn more about the benefits of being a member of our Legal Protection Subscription Plans and the Estate Planning Benefits, or sign up today!

The Rights of Trust Beneficiaries

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The beneficiary of a Trust has important rights and responsibilities that the Trust  should spell out clearly. If you are the beneficiary of a Trust, you should understand completely what the process is in estate planning. Many beneficiaries of Trusts feel as if they are beholden to the whims of a Trustee or executor, but the type of Trust  makes a difference as to what you may be entitled to and what your rights are. With your membership in our Legal Protection Plans for Individuals & Families, you can get advice from estate planning attorneys when you are the beneficiary of a Trust, and you can also prepare your own estate planning documents at no additional charge. Learn more about this benefit and read on for a brief overview of a few of your rights as a beneficiary.

Beneficiaries Get A Copy of the Trust or Will

Current and remainder beneficiaries have a right to receive a copy of the Trust. This document gives you information about the Trust and how it is managed and administered so that you can enforce your rights. Information generally included in a Trust includes information about assets held in the Trustee's name, contact information for all parties named in the Trust, bank account information, and Real Estate information. Familiarize yourself with the terms and details of the Trust so you know how much you should receive and when those payments are to be made.

How and When Distributions Are Made

Knowing how to claim your inheritance is important, and you are entitled to timely payment distributions as outlined in the Trust. It is also to be aware of any tax obligations that may arise from your Trust payments.

You Have A Right To An Accounting

An accounting of a Trust is a detailed report containing information regarding liabilities, distributions, income, and expenses of the trust in a certain period of time. The terms of your Trust may vary, but a yearly accounting is typical. Current beneficiaries can also request a special report containing information such as receipts, disbursements, income, bank statements, liabilities, and assets. The yearly report will contain similar information.

You Can Petition The Court To Remove A Trustee

Current beneficiaries of a Trust can ask the court to remove a Trustee if it is believed that the Trustee is not acting in the best interests of the beneficiaries. Some situations - especially involving minor children or conservatorships, when a guardian is involved - can cause disagreements and you may want legal representation in these cases.

Our network of experienced, dedicated estate planning attorneys are always available to answer your questions and give advice regarding Trusts, Wills, and other estate planning documents, and you can get your estate planning documents prepared at no additional cost when you're a member of our Legal Protection Subscription Plans for Individuals & Families. Learn more about our Legal Protection Plans, the estate planning benefits, or sign up today!

Younger Americans Are Planning For The Future

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One of the most important documents you will ever need is a will, but more than half of all Americans will pass away without one. Younger people tend to believe that they do not need to worry about a will until they are older, but having these documents in place can help if something unexpected happens, including having your wishes known to medical personnel if you should become incapacitated and unable to voice those decisions yourself. Members of our legal subscription plans get wills, living wills, trusts, and advance directives included with their membership at no additional cost, and more and more younger people are interested in making sure their final wishes are legally enforceable if needed; in fact, in the last year, the percentage of Millennials and Gen Z who have created a will has gone up from 18% to 27%. The consequences from not having a will can be overwhelming for your family. Here's what happens when you die without a will:

You Have No Control Over Your Assets

Your house, vehicles, jewelry, art, furniture, family photos, and other valuables will be divided up by your state's probate court.

You Have No Say In What Happens To Minor Children

If you are expecting or have children, it is critical that you have a legally enforceable will. If you do not have one, where your children live and who takes care of them will be decided by the state.

You Have No Say in What Happens to Your Pets

If you do not have a will that includes who should care for your pets and how they will be cared for, again, a court will decide, and that can include someone appointed by the court, and that could include a shelter.

You Have No Say in What Happens to Your Money

Without a will, the state will decide what happens to any savings you may have. Any charities that you support will probably not be considered.

If you're ready to make your will and have your decisions created into a legally-enforceable document in your state, here are a few tips to get you started:

• If you have children, decide who you want to care for them in a worst-case scenario. Who could realistically care for them? Talk with those who you think might be good candidates for taking care of your minor children and make sure that they are willing to do so.

• Where would you like your belongings to go? Who inherits your home, your vehicles, and other assets? What about family heirlooms?

• Who would be the best choice to care for your pets? What do you want to happen to your remaining money? Parents usually earmark money to care for their children, but those without kids may want to designate a favorite charity, an alma mater, or some other worthy cause.

• One thing that many people don't think about in this age of technology is what should happen to your public profiles on social media or even your computer files and hard drives. A will is a way you can designate someone you trust to take care of your digital persona if you are unable to.

• Consult with a lawyer. Handwritten or typed wills are generally not legally enforceable, so talking with a lawyer who is familiar with probate laws in your state to go over your plan and your situation is a great choice to make sure that not only are your wishes documented, but that your state will recognize them legally. As a member of our legal subscription plans, you can start creating your will the first day you're a member and have your attorney review everything in a matter of days.

Death isn't a fun topic to think about, but planning ahead for the future can alleviate stress on your family and loved ones at a difficult time. Learn more about all the benefits of membership in our legal subscription plans, or sign up today to get started on your will.

Putting Your Home In A Trust

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If you're thinking about creating your estate plan - and you should! - you've probably wondered how best to leave your assets, and how. Your assets have monetary value, of course, but some items, like your family home, probably have sentimental value, as well. One of the most important parts of the estate planning process is planning what will happen to your home, but most people aren't sure what is the best way for their specific situation. While most are familiar with Wills and how they work in general, some might be unaware of their options when it comes to the distribution of assets like a home. A growing number of homeowners are using trusts.

So, what is a trust?

A trust is a financial arrangement by which a person places their assets in the care of a third party. In estate planning, trusts can be useful for parents of underage children, where parents might set up a trust for their child's legal guardian to care for the child financially if something were to happen to the parents. Trust require, well, trust.

A trust created for assets such as your home or real estate to pass on to family members or beneficiaries has a few options. The basic categories for trusts of this type are living trusts and testamentary trusts. Living trusts take effect while you are still living, whereas testamentary trusts go into effect upon your passing. Testamentary trusts are generally stipulated in Wills and created when the Will goes into effect. This means that, like Wills, testamentary trusts can be revoked or changed at any time. Living trusts can be either revocable or not, but irrevocable trusts, as you might guess from the name, cannot be changed, altered, or revoked after they are created. Revocable trusts become irrevocable after the creator of the trust passes on.

When you're creating a trust, you will need to transfer the deed of your home or real estate into the trust's name so that the trustees can assume ownership when it's time. If this sounds complicated, it's because estate planning and trusts are complex and are best done with the help and advice of a qualified attorney.

The Pros and Cons

Trusts and the different types of trusts have benefits and drawbacks. A major benefit of a living trust is that you can usually avoid the probate process, at least in the case of revocable living trusts. Because testamentary trusts are created after death, they must go through probate, which can be a lengthy and expensive process.

A trust may also defer some estate taxes, if your estate is subject to them.

Trusts can also delay the distribution of your estate if you choose, or place stipulations for beneficiaries to qualify for inheritance. Reason you might want stipulations is if you have minor children and want them to wait to receive their inheritance until they are of age, or if you worry that a beneficiary isn't responsible enough to manage the inheritance. A trust lets you set conditions that must be met before the property or assets are disbursed.

One disadvantage of a trust is that they can be complicated to create, especially if it is more than just your home that you want to place in trust. Buying and selling assets can mean that your trust has to be updated frequently and titles have to be updated to reflect your estate and the ownership of the asset by the trust, not the individual. Trusts also do not protect your beneficiaries against any liens that might be on your assets automatically. Several factors are involved, including the time of trust, so if you pass away with taxes or judgments owed against your property, creditors may look to collect those debts from your estate, just as they would in probate.

Making an estate plan is critical for just about everyone, and crucial for parents. Knowing what will happen to the care of your children, your home, your assets, and even your health care decisions if you should become unable to make decisions for yourself is probably the most important legal decisions anyone has to make... and everyone will need to make them. Failing to make an estate plan puts the burden on family to sort out your affairs and assets, and lets probate court make decisions about how your assets are dispensed, making a difficult time even harder and possibly more expensive. Give yourself and your family the peace of mind of knowing that you've made all your own decisions and your estate is taken care of by becoming a member of our legal subscription plans today. Getting your Will and other estate planning documents is free to all subscribers and you can make as many changes as you like as long as you're a member. Learn more about estate planning or sign up today!